Conagra Brands (CAG) 10-Q 2015 Q2 Quarterly report

Exhibit 12

ConAgra Foods, Inc. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

($ in millions)

	Twenty-six weeks ended
	November 23, 2014
Earnings:
Income from continuing operations before income taxes and equity method investment earnings	$	204.7
Add (deduct):
Fixed charges	196.8
Distributed income of equity method investees	7.2
Capitalized interest	(3.1		)
Earnings available for fixed charges (a)	$	405.6
Fixed charges:
Interest expense	$	163.8
Capitalized interest	3.1
One third of rental expense (1)	29.9
Total fixed charges (b)	$	196.8
Ratio of earnings to fixed charges (a/b)	2.1

⁽¹⁾ Considered to be representative of interest factor in rental expense.