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New words:
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Filing tables
Filing exhibits
- 10-K Annual report
- 4.1.2 Amended and Restated Supplemental Indenture Regarding Our 3.5% Senior Subordinated Convertible Notes Due 2026
- 4.2.2 Amended and Restated Supplemental Indenture Regarding 7.75% Senior Subordinated Notes Due 2016
- 10.4 Form of Dealership Agreement with BMW (GB) Limited
- 10.8 Distributor Agreement Dated October 31, 2006 Between Smart GMBH and Smart USA Distributor LLC
- 10.9 Amended and Restated Penske Automotive Group, Inc. 2002 Equity Compensation Plan
- 10.11 Amended and Restated Penske Automotive Group, Inc. Non-employee Director Compensation Plan
- 10.12 Penske Automotive Group, Inc. Management Incentive Plan
- 12 Computation of Ratio of Earnings to Fixed Charges
- 21 Subsidiary List
- 23.1 Consent of Deloitte & Touche LLP
- 23.2 Consent of KPMG Audit PLC
- 31.1 Rule 13(A)-14(A)/15(D)-14(A) Certification
- 31.2 Rule 13(A)-14(A)/15(D)-14(A) Certification
- 32 Section 1350 Certifications
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Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Income from continuing operations before taxes and minority interests | $ | 197.1 | $ | 203.3 | $ | 188.8 | $ | 176.4 | $ | 131.9 | ||||||||||
Less undistributed earnings of equity method investments | (4.1 | ) | (8.2 | ) | (4.3 | ) | (5.8 | ) | (0.4 | ) | ||||||||||
Plus distributed earnings of equity method investments | 6.2 | 0.3 | — | 1.3 | — | |||||||||||||||
Plus amortization of capitalized interest | 0.6 | 0.5 | 0.3 | 0.2 | 0.2 | |||||||||||||||
$ | 199.8 | $ | 195.9 | $ | 184.8 | $ | 172.1 | $ | 131.7 | |||||||||||
Plus: | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Other interest expense (includes amortization of deferred financing costs) | $ | 56.2 | $ | 49.2 | $ | 49.0 | $ | 42.9 | $ | 42.4 | ||||||||||
Floorplan interest expense | 74.7 | 59.8 | 46.3 | 40.9 | 36.0 | |||||||||||||||
Capitalized interest | 5.5 | 7.1 | 4.0 | 2.9 | 2.3 | |||||||||||||||
Interest factor in rental expense | 50.2 | 43.7 | 35.3 | 27.6 | 22.9 | |||||||||||||||
Total fixed charges | $ | 186.6 | $ | 159.8 | $ | 134.6 | $ | 114.3 | $ | 103.6 | ||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | $ | 5.5 | $ | 7.1 | $ | 4.0 | $ | 2.9 | $ | 2.3 | ||||||||||
Earnings | $ | 380.9 | $ | 348.6 | $ | 315.4 | $ | 283.5 | $ | 233.0 | ||||||||||
Ratio of earnings to fixed charges | 2.0 | 2.2 | 2.3 | 2.5 | 2.2 | |||||||||||||||