Darden Restaurants (DRI) 10-Q 2016 Q2 Quarterly report

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 29, 2015			November 23, 2014			November 29, 2015			November 23, 2014
Consolidated earnings from continuing operations before income taxes	$	24.4		$	(54.6	)	$	136.2		$	(98.3	)
Plus fixed charges:
Gross interest expense (1)	57.6			34.7			80.6			146.2
40% of restaurant and equipment minimum rent expense	20.6			16.2			37.9			31.9
Total fixed charges	78.2			50.9			118.5			178.1
Less capitalized interest	(0.1		)	(0.8		)	(0.4		)	(0.9		)
Consolidated earnings from continuing operations before income taxes available to cover fixed charges	$	102.5		$	(4.5	)	$	254.3		$	78.9
Ratio of consolidated earnings from continuing operations to fixed charges	1.3			(0.1		)	2.1			0.4

(1) Gross interest expense includes interest recognized in connection with our unrecognized income tax benefits