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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| 2013 |
| 2012 |
| 2013 |
| 2012 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes |
| $ | 98.0 |
| 57.3 |
| 283.2 |
| 211.9 |
| 288.4 |
| 247.9 |
| 185.4 |
| 119.5 |
| (553.1 | ) |
Less undistributed earnings of equity method investments |
| $ | (11.2 | ) | (8.8 | ) | (22.5 | ) | (21.4 | ) | (27.6 | ) | (25.5 | ) | (20.6 | ) | (13.8 | ) | (16.5 | ) |
Plus distributed earnings of equity method investments |
| $ | 3.0 |
| 2.9 |
| 7.1 |
| 15.9 |
| 23.6 |
| 9.2 |
| 9.9 |
| 21.3 |
| 3.5 |
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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 |
| 0.8 |
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| $ | 90.0 |
| 51.6 |
| 268.4 |
| 207.0 |
| 285.2 |
| 232.4 |
| 175.5 |
| 127.8 |
| (565.3 | ) |
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Plus: |
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Fixed charges: |
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Other interest expense (includes amortization of deferred financing costs) |
| $ | 12.4 |
| 11.6 |
| 36.2 |
| 35.2 |
| 46.8 |
| 44.1 |
| 48.4 |
| 54.6 |
| 53.3 |
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Debt discount amortization |
| $ | — |
| — |
| — |
| — |
| — |
| 1.7 |
| 8.6 |
| 13.0 |
| 14.0 |
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Floor plan interest expense |
| $ | 10.8 |
| 10.0 |
| 32.0 |
| 29.3 |
| 38.9 |
| 27.3 |
| 33.0 |
| 33.5 |
| 60.2 |
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Capitalized interest |
| $ | 0.2 |
| 0.1 |
| 0.5 |
| 0.5 |
| 0.6 |
| 0.7 |
| 0.5 |
| 0.9 |
| 4.8 |
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Interest factor in rental expense |
| $ | 15.1 |
| 14.3 |
| 44.6 |
| 42.7 |
| 57.2 |
| 54.6 |
| 52.1 |
| 50.4 |
| 49.2 |
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Total fixed charges |
| $ | 38.5 |
| 36.0 |
| 113.3 |
| 107.7 |
| 143.5 |
| 128.4 |
| 142.6 |
| 152.4 |
| 181.5 |
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Less: |
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Capitalized interest |
| $ | 0.2 |
| 0.1 |
| 0.5 |
| 0.5 |
| 0.6 |
| 0.7 |
| 0.5 |
| 0.9 |
| 4.8 |
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Earnings |
| $ | 128.3 |
| 87.5 |
| 381.2 |
| 314.2 |
| 428.1 |
| 360.1 |
| 317.6 |
| 279.3 |
| (388.6 | ) |
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Ratio of earnings to fixed charges (a) |
| 3.3 |
| 2.4 |
| 3.4 |
| 2.9 |
| 3.0 |
| 2.8 |
| 2.2 |
| 1.8 |
| — |
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(a) In the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $570.1 million due to a non-cash impairment charge of $643.5 million.