EX-12 11 drify1510-kex12.htm COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES DRI FY15 10-K Ex12


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