EX-12 6 a2218585zex-12.htm EX-12
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Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
   Year Ended December 31,  
 
   2013   2012   2011   2010   2009  

Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes

     375.4     290.1     248.0     188.4     121.5  

Less undistributed earnings of equity method investments

     (30.7 )   (27.6 )   (25.4 )   (20.6 )   (13.8 )

Plus distributed earnings of equity method investments

     10.8     23.6     9.2     9.9     21.3  

Plus amortization of capitalized interest

     0.8     0.8     0.8     0.8     0.8  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

    356.3     286.9     232.6     178.5     129.8  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Plus:

                                

Fixed charges:

                                

Other interest expense (includes amortization of deferred financing costs)

     47.9     46.8     44.1     48.4     54.5  

Debt discount amortization

     —     —     1.7     8.6     13.0  

Floor plan interest expense

     43.6     38.3     26.8     32.6     32.9  

Capitalized interest

     1.3     0.6     0.7     0.5     0.9  

Interest factor in rental expense

     59.8     56.5     53.9     50.9     49.7  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

     152.6     142.2     127.2     141.0     151.0  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Less:

                                

Capitalized interest

     1.3     0.6     0.7     0.5     0.9  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings

     507.6     428.5     359.1     319.0     279.9  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

     3.3     3.0     2.8     2.3     1.9  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES