Attached files
EXHIBIT 12
DARDEN RESTAURANTS, INC.
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
(Dollar amounts in millions)
Fiscal Year Ended | |||||||||||||||||||
May 31, 2015 | May 25, 2014 | May 26, 2013 | May 27, 2012 | May 29, 2011 | |||||||||||||||
Consolidated earnings from continuing operations before income taxes | $ | 175.3 | $ | 174.6 | $ | 274.0 | $ | 355.1 | $ | 341.1 | |||||||||
Plus fixed charges: | |||||||||||||||||||
Gross interest expense(1) | 194.2 | 137.5 | 129.8 | 106.4 | 97.5 | ||||||||||||||
40% of restaurant and equipment minimum rent expense | 66.8 | 58.6 | 50.3 | 40.2 | 36.4 | ||||||||||||||
Total fixed charges | 261.0 | 196.1 | 180.1 | 146.6 | 133.9 | ||||||||||||||
Less capitalized interest | (1.3 | ) | (2.6 | ) | (2.9 | ) | (3.4 | ) | (2.6 | ) | |||||||||
Consolidated earnings from continuing operations before income taxes available to cover fixed charges | $ | 435.0 | $ | 368.1 | $ | 451.2 | $ | 498.3 | $ | 472.4 | |||||||||
Ratio of consolidated earnings from continuing operations to fixed charges | 1.7 | 1.9 | 2.5 | 3.4 | 3.5 |
(1) Gross interest expense includes interest recognized in connection with our unrecognized income tax benefits