EX-12 2 cacc-20141231xex12.htm EXHIBIT 12 CACC-2014.12.31-EX 12


EXHIBIT 12

CREDIT ACCEPTANCE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
For the Years Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
 
(In millions, except ratios)
Earnings Available for Fixed Charges
 
 
 
 
 
 
 
 
 
Income before provision for income taxes
$
420.9

 
$
398.2

 
$
343.1

 
$
296.4

 
$
253.5

Add fixed charges included in earnings:
 
 
 
 
 
 
 
 
 
Interest expense
56.7

 
65.0

 
63.4

 
57.2

 
47.8

Interest element of rentals
0.5

 
0.4

 
0.3

 
0.3

 
0.3

Total fixed charges (1)
$
57.2

 
$
65.4

 
$
63.7

 
$
57.5

 
$
48.1

 
 
 
 
 
 
 
 
 
 
Total earnings available for fixed charges
$
478.1

 
$
463.6

 
$
406.8

 
$
353.9

 
$
301.6

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
8.4

 
7.1

 
6.4

 
6.2

 
6.3

 
 
 
 
 
 
 
 
 
 
(1) “Fixed charges” are defined as interest on borrowings (whether expensed or capitalized) and the portion of rental and operating lease expenses applicable to interest.