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 23, 2014 | February 24, 2013 | February 23, 2014 | February 24, 2013 | ||||||||||||
Consolidated earnings from continuing operations before income taxes | $ | 121.3 | $ | 173.2 | $ | 228.1 | $ | 362.6 | |||||||
Plus fixed charges: | |||||||||||||||
Gross interest expense(1) | 33.9 | 32.7 | 101.5 | 95.8 | |||||||||||
40% of restaurant and equipment minimum rent expense | 18.3 | 16.4 | 53.1 | 46.4 | |||||||||||
Total fixed charges | 52.2 | 49.1 | 154.6 | 142.2 | |||||||||||
Less capitalized interest | (0.6 | ) | (0.7 | ) | (2.4 | ) | (2.4 | ) | |||||||
Consolidated earnings from continuing operations before income taxes available to cover fixed charges | $ | 172.9 | $ | 221.6 | $ | 380.3 | $ | 502.4 | |||||||
Ratio of consolidated earnings from continuing operations to fixed charges | 3.3 | 4.5 | 2.5 | 3.5 |
(1) Gross interest expense includes interest recognized in connection with our unrecognized income tax benefits