Pat lamb dry with a paper towel, season with salt and pepper.
Mix together olive oil, garlic, rosemary and thyme in a small bowl.
Rub herb mixture all over lamb. Allow lamb to sit at room temperature for an hour. If you plan on cooking it later, keep in the fridge until one hour before you start cooking.
Preheat oven to 450 degrees F. Roast for 10 minutes. Without opening oven door, reduce heat to 300 degrees. Roast for another 10-20 minutes, or until lamb reaches desired temperature (see above for temperature chart). Use a meat thermometer to determine when lamb is cooked to desired temperature.
1 rack usually has 7-8 bones. Plan on 2-4 chops per person. Increase number of racks depending on how many servings you need.