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,
	2013			2012			2011			2010		2009
Earnings
Income from continuing operations before income taxes	$	165,788		$	128,457		$	88,270		$	22,212	$	11,578
Fixed charges		25,820			27,381			26,866			29,401		30,947
Amortization of capitalized interest		280			276			270			268		256
Capitalized interest		(85	)		(294	)		(163	)		-		(916	)
Total earnings	$	191,803		$	155,820		$	115,243		$	51,881	$	41,865
Fixed Charges
Floor plan interest expense	$	12,373		$	12,816		$	10,364		$	10,155	$	10,581
Other interest expense (1)		8,350			9,621			12,878			14,523		13,845
Capitalized interest costs		85			294			163			-		916
Interest component of rent expense		5,012			4,650			3,461			4,723		5,605
Total fixed charges	$	25,820		$	27,381		$	26,866		$	29,401	$	30,947
Ratio of earnings to fixed charges	7.4x			5.7x			4.3x			1.8x		1.4x

(1) Other interest expense includes amortization of debt issuance costs

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.