EX-12 5 ex12.htm EXHIBIT 12 ex12.htm
EXHIBIT 12
 
RATIO OF EARNINGS TO COMBINED FIXED CHARGES

The following table shows the ratio of earnings to combined fixed charges for us and our consolidated subsidiaries for the dates indicated.

(Dollars in Thousands)
   
Year Ended December 31,
  
   
2012
    
2011
    
2010
    
2009
    
2008
  
Earnings
                              
Income (loss) from continuing operations before income taxes
   $ 128,457     $ 88,270     $ 22,212     $ 11,578     $ (322,182 )
Fixed charges
     27,381       26,866       29,401       30,947       45,357  
Amortization of capitalized interest
     276       270       268       256       224  
Capitalized interest
     (294 )     (163 )     -       (916 )     (1,661 )
Total earnings
   $ 155,820     $ 115,243     $ 51,881     $ 41,865     $ (278,262 )
                                         
Fixed Charges
                                        
Floor plan interest expense
   $ 12,816     $ 10,364     $ 10,155     $ 10,581     $ 19,838  
Other interest expense (1)
     9,621       12,878       14,523       13,845       17,539  
Capitalized interest costs
     294       163       -       916       1,661  
Interest component of rent expense
     4,650       3,461       4,723       5,605       6,319  
Total fixed charges
   $ 27,381     $ 26,866     $ 29,401     $ 30,947     $ 45,357  
                                         
Ratio of earnings to fixed charges
     5.7 x     4.3 x     1.8 x     1.4 x     (323,619 )(2)

(1)
Other interest expense includes amortization of debt issuance costs
(2) 
Reflects deficiency of earnings available to cover fixed charges. Because of the deficiency, ratio information is not provided.

For purposes of these ratios, “earnings” consist of income from continuing operations before income taxes and fixed charges, and “fixed charges” consist of interest expense on indebtedness and the interest component of rental expense, and amortization of debt discount and issuance expenses.

We did not have any preferred stock outstanding for the periods presented above, and therefore the ratios of earnings to combined fixed charges and preferred stock dividends would be the same as the ratios of earnings to combined fixed charges presented above.