EXHIBIT 12
DARDEN RESTAURANTS, INC.
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
(Dollar amounts in millions)
(Unaudited)
Three Months Ended | Six Months Ended | ||||||||||||||
November 25, 2012 | November 27, 2011 | November 25, 2012 | November 27, 2011 | ||||||||||||
Consolidated earnings from continuing operations before income taxes | $ | 43.1 | $ | 72.5 | $ | 189.5 | $ | 219.5 | |||||||
Plus fixed charges: | |||||||||||||||
Gross interest expense(1) | 34.0 | 26.5 | 63.0 | 49.1 | |||||||||||
40% of restaurant and equipment minimum rent expense | 16.0 | 12.9 | 30.0 | 25.6 | |||||||||||
Total fixed charges | 50.0 | 39.4 | 93.0 | 74.7 | |||||||||||
Less capitalized interest | (0.9 | ) | (1.0 | ) | (1.7 | ) | (1.7 | ) | |||||||
Consolidated earnings from continuing operations before income taxes available to cover fixed charges | $ | 92.2 | $ | 110.9 | $ | 280.8 | $ | 292.5 | |||||||
Ratio of consolidated earnings from continuing operations to fixed charges | 1.8 | 2.8 | 3.0 | 3.9 |
(1) Gross interest expense includes interest recognized in connection with our unrecognized income tax benefits