EX-12 9 exhibit12fy02.txt EXHIBIT12 RATIO OF CONSO. EARNINGS - FIXED CHRGS EXHIBIT 12 DARDEN RESTAURANTS, INC. COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES (Dollar Amounts in Thousands)
Fiscal Year Ended ----------------------------------------------------------------------------------------------------------------------- May 26, May 27, May 28, May 30, May 31, 2002 2001 2000 1999 1998 ----------------------------------------------------------------------------------------------------------------------- Consolidated Earnings from Operations before Income Taxes (1)................. $ 363,309 $ 301,218 $ 273,907 $ 215,875 $ 153,672 Plus Fixed Charges: Gross Interest Expense.................. 41,493 35,196 24,999 21,015 21,527 40% of Restaurant and Equipment Minimum Rent Expense................ 20,600 19,352 18,834 18,914 17,042 ----------- --------- ------------ ---------- ---------- Total Fixed Charges........... $ 62,093 $ 54,548 $ 43,833 $ 39,929 $ 38,569 Less Capitalized Interest.................. (3,653) (3,671) (1,910) (593) (1,018) ----------- --------- ------------ ---------- ---------- Consolidated Earnings from Operations before Income Taxes Available to Cover Fixed Charges..................... $ 421,749 $ 352,095 $ 315,830 $ 255,211 $ 191,223 =========== ========= ============ ========== ========== Ratio of Consolidated Earnings to Fixed Charges (1)............................. 6.79 6.45 7.21 6.39 4.96 =========== ========= ============= ========== ========== ----------------------------------------------------------------------------------------------------------------------- (1) The computation of the Company's ratio of consolidated earnings to fixed charges, before restructuring and asset impairment net credit, is as follows:
Fiscal Year Ended ---------------------------------------------------------------------------------------------------------------------- May 26, May 27, May 28, May 30, May 31, 2002 2001 2000 1999 1998 ---------------------------------------------------------------------------------------------------------------------- Consolidated Earnings from Operations, before Restructuring and Asset Impairment Net Credit and Income Taxes .................................. $ 360,741 $ 301,218 $ 267,976 $ 207,414 $ 153,672 =========== =========== =========== =========== =========== Ratio of Consolidated Earnings, before Restructuring and Asset Impairment Net Credit, to Fixed Charges.................. 6.75 6.45 7.07 6.18 4.96 =========== =========== =========== =========== =========== ----------------------------------------------------------------------------------------------------------------------