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,
	2016			2015			2014			2013			2012
Earnings
Income from continuing operations before income taxes	$	283,523		$	262,704		$	210,495		$	165,788		$	128,457
Fixed charges		54,068			46,413			29,797			25,820			27,381
Amortization of capitalized interest		297			287			280			276			270
Capitalized interest		(414	)		(407	)		(85	)		(294	)		(163	)
Total earnings		337,474			240,172			191,803			155,820			115,243
Fixed Charges
Floor plan interest expense		25,531			19,534			13,861			12,373			12,816
Other interest expense (1)		23,207			19,491			10,742			8,350			9,621
Capitalized interest costs		414			450			407			85			294
Interest component of rent expense		4,916			6,938			4,787			5,012			4,650
Total fixed charges		54,068			46,413			29,797			25,820			27,381
Ratio of earnings to fixed charges	6.2x			8.1x			7.4x			5.7x			4.3x

(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.