Royal Caribbean Cruises Ltd.

Note 13. Quarterly Data (unaudited)

Table

(1) Diluted earnings per share in the fourth quarter is antidilutive, therefore the amounts reported for basic and diluted earnings per share are the same.

Note 14. Subsequent Events (unaudited)
On March 9, 1998, the Company completed an offering of 6,900,000 shares of common stock at a public offering price of $56.50 per share. Of the total shares sold, 3,849,655 shares were sold by selling shareholders and the balance of 3,050,345 shares were sold by the Company. After deduction of the underwriting discount and other estimated expenses of the offering, net proceeds to the Company were approximately $165.5 million.

On March 11,1998, the Company priced a debt offering of $150.0 million of 6.75% Senior Notes due 2008 and $150.0 million of 7.25% Senior Debentures due 2018 and expects the transaction to close on March 16, 1998. Net proceeds to the Company are expected to be approximately $296.1 million.

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