EX-12 8 exhibit12_earningsratio.txt EXHIBIT 12 - RATIO OF EARNINGS EXHIBIT 12 ---------- DARDEN RESTAURANTS, INC. COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES (Dollar Amounts in Thousands)
Fiscal Year Ended ---------------------------------------------------------------------------------------------------------------------- May 25, May 26, May 27, May 28, May 30, 2003 2002 2001 2000 1999 ---------------------------------------------------------------------------------------------------------------------- Consolidated Earnings from Operations before Income Taxes .................... $347,748 $363,309 $301,218 $273,907 $215,875 Plus Fixed Charges: Gross Interest Expense.................. 47,566 41,493 35,196 24,999 21,015 40% of Restaurant and Equipment Minimum Rent Expense................ 21,536 20,600 19,352 18,834 18,914 --------- ------------ ------------ ----------- ------------ Total Fixed Charges........... $69,102 $62,093 $54,548 $43,833 $39,929 Less Capitalized Interest.................. (3,470) (3,653) (3,671) (1,910) (593) --------- ------------ ------------ ----------- ------------ Consolidated Earnings from Operations before Income Taxes Available to Cover Fixed Charges..................... $413,380 $421,749 $352,095 $315,830 $255,211 ========= ============ ============ =========== ============ Ratio of Consolidated Earnings to Fixed Charges ................................ 5.98 6.79 6.45 7.21 6.39 ========= ============ ============ =========== ============ ----------------------------------------------------------------------------------------------------------------------