EX-12.1 4 ex121ratioofearningstofixe.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Exhibit 12.1
AutoNation, Inc.
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
($ in millions)

|  | Year Ended December 31,
Earnings |  | 2013 |  | 2012 |  | 2011 |  | 2010 |  | 2009
Income from continuing operations before income taxes |  | $ | 604.4 |  |  | $ | 516.8 |  |  | $ | 461.3 |  |  | $ | 381.7 |  |  | $ | 342.7 |
Adjustment to exclude earnings from equity method investees |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.1 | )
Fixed charges |  | 159.4 |  |  | 149.7 |  |  | 128.8 |  |  | 120.0 |  |  | 103.7 |
Distributions from equity method investees |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.3 |
Interest capitalized |  | (0.7 | ) |  | (0.6 | ) |  | (1.0 | ) |  | (1.2 | ) |  | (0.1 | )
Earnings, as defined |  | $ | 763.1 |  |  | $ | 665.9 |  |  | $ | 589.1 |  |  | $ | 500.5 |  |  | $ | 447.5 |
Fixed Charges |  |  |  |  |  |  |  |  |  |
Floorplan interest expense (a) |  | $ | 53.4 |  |  | $ | 45.5 |  |  | $ | 42.7 |  |  | $ | 42.8 |  |  | $ | 37.4 |
Other interest expense (b) |  | 88.6 |  |  | 87.2 |  |  | 66.5 |  |  | 56.6 |  |  | 42.6 |
Capitalized interest costs |  | 0.7 |  |  | 0.6 |  |  | 1.0 |  |  | 1.2 |  |  | 0.1 |
Interest component of rent expense |  | 16.7 |  |  | 16.4 |  |  | 18.6 |  |  | 19.4 |  |  | 23.6 |
Total fixed charges |  | $ | 159.4 |  |  | $ | 149.7 |  |  | $ | 128.8 |  |  | $ | 120.0 |  |  | $ | 103.7 |
Ratio of earnings to fixed charges |  | 4.8 |  |  | 4.4 |  |  | 4.6 |  |  | 4.2 |  |  | 4.3 |

(a) | Includes floorplan interest expense associated with discontinued operations.

(b) | Includes amortization of debt issuance costs and other interest expense associated with discontinued operations.