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 22, 2015 | | February 23, 2014 | | February 22, 2015 | | February 23, 2014 |
Consolidated earnings from continuing operations before income taxes | $ | 147.1 |
| | $ | 89.1 |
| | $ | 48.8 |
| | $ | 140.8 |
|
Plus fixed charges: | | | | | | | |
Gross interest expense(1) | 23.7 |
| | 33.9 |
| | 169.8 |
| | 101.5 |
|
40% of restaurant and equipment minimum rent expense | 16.7 |
| | 15.0 |
| | 48.6 |
| | 43.3 |
|
Total fixed charges | 40.4 |
| | 48.9 |
| | 218.4 |
| | 144.8 |
|
Less capitalized interest | (0.2 | ) | | (0.6 | ) | | (1.1 | ) | | (2.3 | ) |
Consolidated earnings from continuing operations before income taxes available to cover fixed charges | $ | 187.3 |
| | $ | 137.4 |
| | $ | 266.1 |
| | $ | 283.3 |
|
Ratio of consolidated earnings from continuing operations to fixed charges | 4.6 |
| | 2.8 |
| | 1.2 |
| | 2.0 |
|
(1) Gross interest expense includes interest recognized in connection with our unrecognized income tax benefits