WOW, Thank you all for the info. And FISH, you were right about being on different pages!!
Gryd3, Yes, I typed it wrong..Meant to type V over I*R like the ohms law triangle.
Fish, Yes Iwas refering to subtracting the Vf first.
12v.psu, diode Vf 3.2v, @350ma . So, 12 - 3.2 = 8.8.. So 8.8 / 3.2 =...