EX-12 5 c11550exv12.htm EXHIBIT 12 Exhibit 12
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                         
    Year Ended December 31,  
    2010     2009     2008     2007     2006  
Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes
    170.2       129.0       (517.2 )     183.0       190.3  
Less undistributed earnings of equity method investments
    (20.6 )     (13.8 )     (16.5 )     (4.1 )     (8.2 )
Plus distributed earnings of equity method investments
    9.9       21.3       3.5       6.2       0.3  
Plus amortization of capitalized interest
    0.8       0.8       0.8       0.6       0.5  
 
                             
 
                                       
 
    160.3       137.3       (529.4 )     185.7       182.9  
 
                             
Plus:
                                       
Fixed charges:
                                       
Other interest expense (includes amortization of deferred financing costs)
    49.3       55.2       54.5       55.3       48.4  
Debt discount amortization
    8.6       13.0       14.0       12.9       11.1  
Floor plan interest expense
    35.0       35.6       64.2       73.1       58.2  
Capitalized interest
    0.5       0.9       4.8       5.5       7.1  
Interest factor in rental expense
    55.9       53.8       52.8       49.6       43.2  
 
                             
 
                                       
Total fixed charges
    149.3       158.5       190.3       196.4       168.0  
 
                             
 
                                       
Less:
                                       
Capitalized interest
    0.5       0.9       4.8       5.5       7.1  
 
                             
 
                                       
Earnings
    309.1       294.9       (343.9 )     376.6       343.8  
 
                             
 
                                       
Ratio of earnings to fixed charges
    2.1       1.9       (a)     1.9       2.0  
 
                             
     
(a)  
In the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $534.2 million due to a non-cash impairment charge of $643.5 million.