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 |