Exhibit 12
CONAGRA FOODS, INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(Dollars in millions)
| Thirteen weeks ended August 28, | Fiscal Year Ended May, | |||||||||||||||||||||||
| 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations before income taxes and equity method investment earnings | $ | 122.9 | $ | 1,224.9 | $ | 1,081.5 | $ | 908.3 | $ | 649.5 | $ | 644.8 | ||||||||||||
Add/(deduct): | ||||||||||||||||||||||||
Fixed charges | 67.9 | 273.5 | 301.6 | 314.1 | 313.6 | 308.1 | ||||||||||||||||||
Distributed income of equity investees | 3.9 | 13.3 | 30.6 | 41.4 | 28.0 | 13.0 | ||||||||||||||||||
Capitalized interest | (2.0 | ) | (11.6 | ) | (12.2 | ) | (3.1 | ) | (8.2 | ) | (7.1 | ) | ||||||||||||
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Earnings available for fixed charges (a) | $ | 192.7 | $ | 1,500.1 | $ | 1,401.5 | $ | 1,260.7 | $ | 982.9 | $ | 958.8 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 54.2 | $ | 219.7 | $ | 246.0 | $ | 264.3 | $ | 262.4 | $ | 256.7 | ||||||||||||
Capitalized interest | 2.0 | 11.6 | 12.2 | 3.1 | 8.2 | 7.1 | ||||||||||||||||||
One third of rental expense(1) | 11.7 | 42.2 | 43.4 | 46.7 | 43.0 | 44.3 | ||||||||||||||||||
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Total fixed charges (b) | $ | 67.9 | $ | 273.5 | $ | 301.6 | $ | 314.1 | $ | 313.6 | $ | 308.1 | ||||||||||||
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Ratio of earnings to fixed charges (a/b) | 2.8 | 5.5 | 4.6 | 4.0 | 3.1 | 3.1 | ||||||||||||||||||
| (1) | Considered to be representative of interest factor in rental expense. |
