EX-12 4 ex12q2fy15.htm COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES Ex 12 Q2 FY15


EXHIBIT 12


DARDEN RESTAURANTS, INC.
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
(Dollar amounts in millions)
(Unaudited)

 
Three Months Ended
 
Six Months Ended
 
November 23,
2014
 
November 24,
2013
 
November 23,
2014
 
November 24,
2013
Consolidated earnings from continuing operations before income taxes
$
(54.6
)
 
$
1.8

 
$
(98.3
)
 
$
51.7

Plus fixed charges:
 
 
 
 
 
 
 
   Gross interest expense(1)
34.7

 
33.8

 
146.2

 
67.6

   40% of restaurant and equipment minimum rent expense
16.2

 
14.5

 
31.9

 
28.2

       Total fixed charges
50.9

 
48.3

 
178.1

 
95.8

Less capitalized interest
(0.8
)
 
(0.7
)
 
(0.9
)
 
(1.7
)
Consolidated earnings from continuing operations before income taxes available to cover fixed charges
$
(4.5
)
 
$
49.4

 
$
78.9

 
$
145.8

Ratio of consolidated earnings from continuing operations to fixed charges
(0.1
)
 
1.0

 
0.4

 
1.5

                                                                              
(1) Gross interest expense includes interest recognized in connection with our unrecognized income tax benefits