EX-12 3 a12-27860_1ex12.htm EX-12

Exhibit 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Year Ended December 31,

 

 

 

2012

 

2011

 

2010

 

2009

 

2008

 

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

 

289.0

 

247.9

 

185.6

 

120.3

 

(552.6

)

Less undistributed earnings of equity method investments

 

(27.6

)

(25.5

)

(20.6

)

(13.8

)

(16.5

)

Plus distributed earnings of equity method investments

 

23.6

 

9.2

 

9.9

 

21.3

 

3.5

 

Plus amortization of capitalized interest

 

0.8

 

0.8

 

0.8

 

0.8

 

0.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

285.8

 

232.4

 

175.7

 

128.6

 

(564.8

)

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Other interest expense (includes amortization of deferred financing costs)

 

46.9

 

44.3

 

48.5

 

54.7

 

53.5

 

Debt discount amortization

 

 

1.7

 

8.6

 

13.0

 

14.0

 

Floor plan interest expense

 

38.8

 

27.2

 

32.8

 

33.3

 

59.7

 

Capitalized interest

 

0.7

 

0.7

 

0.5

 

0.9

 

4.8

 

Interest factor in rental expense

 

57.2

 

54.6

 

52.1

 

50.3

 

49.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

143.6

 

128.5

 

142.5

 

152.2

 

181.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

0.7

 

0.7

 

0.5

 

0.9

 

4.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

428.7

 

360.2

 

317.7

 

279.9

 

(388.5

)

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

3.0

 

2.8

 

2.2

 

1.8

(a)

 

 


(a)         In the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $569.6 million due to a non-cash impairment charge of $643.5 million.