EX-12 4 a2223139zex-12.htm EX-12

Exhibit 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Year Ended December 31,

 

 

 

2014

 

2013

 

2012

 

2011

 

2010

 

Income from continuing operations before income taxes

 

462.0

 

374.2

 

290.8

 

244.8

 

184.7

 

Less undistributed earnings of equity method investments

 

(40.8

)

(30.7

)

(27.6

)

(25.5

)

(20.6

)

Plus distributed earnings of equity method investments

 

15.5

 

10.8

 

23.6

 

9.2

 

9.9

 

Plus amortization of capitalized interest

 

0.8

 

0.8

 

0.8

 

0.8

 

0.8

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

437.5

 

355.1

 

287.6

 

229.3

 

174.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Other interest expense (includes amortization of deferred financing costs)

 

52.8

 

45.2

 

46.1

 

44.0

 

48.4

 

Debt discount amortization

 

 

 

 

1.7

 

8.6

 

Floor plan interest expense

 

46.1

 

43.1

 

38.0

 

26.6

 

32.4

 

Capitalized interest

 

0.8

 

0.7

 

0.6

 

0.7

 

0.5

 

Interest factor in rental expense

 

62.8

 

57.0

 

55.4

 

53.1

 

50.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

162.5

 

146.0

 

140.1

 

126.1

 

140.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

0.8

 

0.7

 

0.6

 

0.7

 

0.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

599.2

 

500.4

 

427.1

 

354.7

 

314.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

3.7

 

3.4

 

3.0

 

2.8

 

2.2