EX-12.1 3 exhibit121.htm STATEMENT RE COMPUTATION OF RATIOS Exhibit 12.1
Exhibit 12.1

Group 1 Automotive, Inc.
Ratios of Earnings to Fixed Charges
(Dollars in thousands, unaudited)


 
 
For the year ended December 31,
 
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings:
 
 
 
 
 
 
 
 
 
 
Pretax income
 
$
160,735

 
$
132,094

 
$
80,904

 
$
54,851

 
$
(77,176
)
Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
84,395

 
78,429

 
79,342

 
81,370

 
109,069

Less:
 
 
 
 
 
 
 
 
 
 
Capitalized interest
 
(689
)
 
(635
)
 
(131
)
 
(233
)
 
(1,000
)
Total Earnings
 
$
244,441

 
$
209,888

 
$
160,115

 
$
135,988

 
$
30,893

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
69,261

 
$
61,409

 
$
61,327

 
$
61,420

 
$
83,160

Estimated interest within rent expense
 
14,445

 
16,385

 
17,884

 
19,717

 
24,909

Capitalized interest
 
689

 
635

 
131

 
233

 
1,000

Total Fixed Charges
 
$
84,395

 
$
78,429

 
$
79,342

 
$
81,370

 
$
109,069

Ratio of Earnings to Fixed Charges
 
2.9

 
2.7

 
2.0

 
1.7

 
*0.3


*
Due to a shortfall of $78,176 from losses incurred during 2008, the 2008 ratio of earnings to fixed charges was less than one-to-one coverage.