EX-12 2 d263679dex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended December 31,  
     2011     2010     2009     2008     2007  

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

     248.4        189.3        123.2        (555.3     177.8   

Less undistributed earnings of equity method investments

     (25.5     (20.6     (13.8     (16.5     (4.1

Plus distributed earnings of equity method investments

     9.2        9.9        21.3        3.5        6.2   

Plus amortization of capitalized interest

     0.8        0.8        0.8        0.8        0.6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     232.9        179.4        131.5        (567.5     180.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Plus:

          

Fixed charges:

          

Other interest expense (includes amortization of deferred financing costs)

     45.0        49.2        55.1        54.3        55.2   

Debt discount amortization

     1.7        8.6        13.0        14.0        13.0   

Floor plan interest expense

     28.5        33.8        34.1        61.7        70.5   

Capitalized interest

     0.7        0.5        0.9        4.8        5.5   

Interest factor in rental expense

     56.5        53.9        51.9        50.8        48.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

     132.4        146.0        155.0        185.6        192.2   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less:

          

Capitalized interest

     0.7        0.5        0.9        4.8        5.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

     364.6        324.9        285.6        (386.7     367.2   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     2.8        2.2        1.8        (2.1 )(a)      1.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) In the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $572.3 million due to a non-cash impairment charge of $643.5 million.