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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||
Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes | 375.4 | 290.1 | 248.0 | 188.4 | 121.5 | |||||||||||
Less undistributed earnings of equity method investments | (30.7 | ) | (27.6 | ) | (25.4 | ) | (20.6 | ) | (13.8 | ) | ||||||
Plus distributed earnings of equity method investments | 10.8 | 23.6 | 9.2 | 9.9 | 21.3 | |||||||||||
Plus amortization of capitalized interest | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | |||||||||||
| | | | | | | | | | | | | | | | |
356.3 | 286.9 | 232.6 | 178.5 | 129.8 | ||||||||||||
| | | | | | | | | | | | | | | | |
Plus: | ||||||||||||||||
Fixed charges: | ||||||||||||||||
Other interest expense (includes amortization of deferred financing costs) | 47.9 | 46.8 | 44.1 | 48.4 | 54.5 | |||||||||||
Debt discount amortization | — | — | 1.7 | 8.6 | 13.0 | |||||||||||
Floor plan interest expense | 43.6 | 38.3 | 26.8 | 32.6 | 32.9 | |||||||||||
Capitalized interest | 1.3 | 0.6 | 0.7 | 0.5 | 0.9 | |||||||||||
Interest factor in rental expense | 59.8 | 56.5 | 53.9 | 50.9 | 49.7 | |||||||||||
| | | | | | | | | | | | | | | | |
Total fixed charges | 152.6 | 142.2 | 127.2 | 141.0 | 151.0 | |||||||||||
| | | | | | | | | | | | | | | | |
Less: | ||||||||||||||||
Capitalized interest | 1.3 | 0.6 | 0.7 | 0.5 | 0.9 | |||||||||||
| | | | | | | | | | | | | | | | |
Earnings | 507.6 | 428.5 | 359.1 | 319.0 | 279.9 | |||||||||||
| | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges | 3.3 | 3.0 | 2.8 | 2.3 | 1.9 | |||||||||||
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES