EX-12 3 exhibit_12.txt RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES EXHIBIT 12 DARDEN RESTAURANTS, INC. COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES (Dollar Amounts in Thousands)
Fiscal Year Ended ----------------------------------------------------------------------------------------------------------------------- May 30, May 25, May 26, May 27, May 28, 2004 2003 2002 2001 2000 ----------------------------------------------------------------------------------------------------------------------- Consolidated Earnings from Operations before Income Taxes .................... $339,998 $347,748 $363,309 $301,218 $273,907 Plus Fixed Charges: Gross Interest Expense.................. 47,710 47,566 41,493 35,196 24,999 40% of Restaurant and Equipment Minimum Rent Expense................ 22,608 21,536 20,600 19,352 18,834 --------- ----------- ------------ ------------ ----------- Total Fixed Charges........... $70,318 $69,102 $62,093 $54,548 $43,833 Less Capitalized Interest.................. (3,500) (3,470) (3,653) (3,671) (1,910) --------- ----------- ------------ ------------ ----------- Consolidated Earnings from Operations before Income Taxes Available to Cover Fixed Charges..................... $406,816 $413,380 $421,749 $352,095 $315,830 ========= =========== ============ ============ =========== Ratio of Consolidated Earnings to Fixed Charges ................................ 5.79 5.98 6.79 6.45 7.21 ========= =========== ============ ============ =========== -----------------------------------------------------------------------------------------------------------------------