EXHIBIT 12
DARDEN RESTAURANTS, INC.
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
(Dollar amounts in millions)
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||
February 24, 2013 | February 26, 2012 | February 24, 2013 | February 26, 2012 | ||||||||||||
Consolidated earnings from continuing operations before income taxes | $ | 173.2 | $ | 217.8 | $ | 362.6 | $ | 437.3 | |||||||
Plus fixed charges: | |||||||||||||||
Gross interest expense(1) | 32.7 | 29.1 | 95.8 | 78.3 | |||||||||||
40% of restaurant and equipment minimum rent expense | 16.4 | 13.6 | 46.4 | 39.2 | |||||||||||
Total fixed charges | 49.1 | 42.7 | 142.2 | 117.5 | |||||||||||
Less capitalized interest | (0.7 | ) | (1.3 | ) | (2.4 | ) | (3.0 | ) | |||||||
Consolidated earnings from continuing operations before income taxes available to cover fixed charges | $ | 221.6 | $ | 259.2 | $ | 502.4 | $ | 551.8 | |||||||
Ratio of consolidated earnings from continuing operations to fixed charges | 4.5 | 6.1 | 3.5 | 4.7 |
(1) Gross interest expense includes interest recognized in connection with our unrecognized income tax benefits