EX-12 2 ex12q3fy17.htm COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES Exhibit


EXHIBIT 12


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

 
Three Months Ended
 
Nine Months Ended
 
February 26,
2017
 
February 28,
2016
 
February 26,
2017
 
February 28,
2016
Consolidated earnings from continuing operations before income taxes
$
220.2

 
$
138.1

 
$
478.6

 
$
274.3

Plus fixed charges:
 
 
 
 
 
 
 
   Gross interest expense (1)
10.2

 
83.4

 
30.7

 
164.0

   40% of restaurant and equipment minimum rent expense
28.8

 
27.9

 
84.8

 
65.8

       Total fixed charges
39.0

 
111.3

 
115.5

 
229.8

Less capitalized interest
(0.6
)
 
(0.1
)
 
(1.2
)
 
(0.5
)
Consolidated earnings from continuing operations before income taxes available to cover fixed charges
$
258.6

 
$
249.3

 
$
592.9

 
$
503.6

Ratio of consolidated earnings from continuing operations to fixed charges
6.6

 
2.2

 
5.1

 
2.2

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