Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Three Months Ended |
| Nine Months Ended |
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| September 30, |
| September 30, |
| Year Ended December 31, |
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| 2012 |
| 2011 |
| 2012 |
| 2011 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
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Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes |
| $ | 56.8 |
| 70.2 |
| 210.8 |
| 182.2 |
| 247.5 |
| 187.1 |
| 122.2 |
| (557.1 | ) | 176.4 |
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Less undistributed earnings of equity method investments |
| $ | (8.8 | ) | (9.6 | ) | (21.4 | ) | (17.5 | ) | (25.5 | ) | (20.6 | ) | (13.8 | ) | (16.5 | ) | (4.1 | ) |
Plus distributed earnings of equity method investments |
| $ | 2.9 |
| — |
| 15.9 |
| 8.5 |
| 9.2 |
| 9.9 |
| 21.3 |
| 3.5 |
| 6.2 |
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Plus amortization of capitalized interest |
| $ | 0.2 |
| 0.2 |
| 0.6 |
| 0.6 |
| 0.8 |
| 0.8 |
| 0.8 |
| 0.8 |
| 0.6 |
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| $ | 51.1 |
| 60.8 |
| 205.9 |
| 173.8 |
| 232.0 |
| 177.2 |
| 130.5 |
| (569.3 | ) | 179.1 |
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Plus: |
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Fixed charges: |
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Other interest expense (includes amortization of deferred financing costs) |
| $ | 11.7 |
| 11.2 |
| 35.5 |
| 32.9 |
| 44.6 |
| 48.9 |
| 55.1 |
| 54.3 |
| 55.2 |
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Debt discount amortization |
| $ | — |
| — |
| — |
| 1.7 |
| 1.7 |
| 8.6 |
| 13.0 |
| 14.0 |
| 13.0 |
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Floor plan interest expense |
| $ | 10.1 |
| 6.8 |
| 29.7 |
| 20.7 |
| 27.8 |
| 33.3 |
| 33.9 |
| 61.3 |
| 69.9 |
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Capitalized interest |
| $ | 0.1 |
| 0.2 |
| 0.5 |
| 0.4 |
| 0.7 |
| 0.5 |
| 0.9 |
| 4.8 |
| 5.5 |
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Interest factor in rental expense |
| $ | 14.7 |
| 14.0 |
| 43.8 |
| 41.8 |
| 55.9 |
| 53.4 |
| 51.7 |
| 50.6 |
| 47.8 |
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Total fixed charges |
| $ | 36.6 |
| 32.2 |
| 109.5 |
| 97.5 |
| 130.7 |
| 144.7 |
| 154.6 |
| 185.0 |
| 191.4 |
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Less: |
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Capitalized interest |
| $ | 0.1 |
| 0.2 |
| 0.5 |
| 0.4 |
| 0.7 |
| 0.5 |
| 0.9 |
| 4.8 |
| 5.5 |
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Earnings |
| $ | 87.6 |
| 92.8 |
| 314.9 |
| 270.9 |
| 362.0 |
| 321.4 |
| 284.2 |
| (389.1 | ) | 365.0 |
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Ratio of earnings to fixed charges (a) |
| 2.4 |
| 2.9 |
| 2.9 |
| 2.8 |
| 2.8 |
| 2.2 |
| 1.8 |
| (2.1 | ) | 1.9 |
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(a) In the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $389.1 million due to a non-cash impairment charge of $643.5 million.