Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
| Three Months Ended |
|
|
|
|
|
|
|
|
|
|
| |||
|
| March 31, |
| Year Ended December 31, |
| |||||||||||
|
| 2014 |
| 2013 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| |
Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes |
| $ | 100.6 |
| 85.9 |
| 372.6 |
| 287.7 |
| 245.2 |
| 185.7 |
| 119.6 |
|
Less undistributed earnings of equity method investments |
| $ | (5.1 | ) | (2.3 | ) | (30.7 | ) | (27.6 | ) | (25.4 | ) | (20.6 | ) | (13.8 | ) |
Plus distributed earnings of equity method investments |
| $ | — |
| 0.3 |
| 10.8 |
| 23.6 |
| 9.2 |
| 9.9 |
| 21.3 |
|
Plus amortization of capitalized interest |
| $ | 0.2 |
| 0.2 |
| 0.8 |
| 0.8 |
| 0.8 |
| 0.8 |
| 0.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| $ | 95.7 |
| 84.1 |
| 353.5 |
| 284.5 |
| 229.8 |
| 175.8 |
| 127.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other interest expense (includes amortization of deferred financing costs) |
| $ | 13.1 |
| 11.5 |
| 47.7 |
| 46.6 |
| 44.1 |
| 48.4 |
| 54.5 |
|
Debt discount amortization |
| $ | — |
| — |
| — |
| — |
| 1.7 |
| 8.6 |
| 13.0 |
|
Floor plan interest expense |
| $ | 11.1 |
| 10.1 |
| 43.3 |
| 38.1 |
| 26.6 |
| 32.4 |
| 32.7 |
|
Capitalized interest |
| $ | 0.2 |
| 0.1 |
| 1.3 |
| 0.6 |
| 0.7 |
| 0.5 |
| 0.9 |
|
Interest factor in rental expense |
| $ | 15.8 |
| 14.4 |
| 59.1 |
| 55.9 |
| 53.2 |
| 50.3 |
| 49.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total fixed charges |
| $ | 40.2 |
| 36.1 |
| 151.4 |
| 141.2 |
| 126.3 |
| 140.2 |
| 150.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Capitalized interest |
| $ | 0.2 |
| 0.1 |
| 1.3 |
| 0.6 |
| 0.7 |
| 0.5 |
| 0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings |
| $ | 135.7 |
| 120.1 |
| 503.6 |
| 425.1 |
| 355.4 |
| 315.5 |
| 277.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Ratio of earnings to fixed charges |
| 3.4 |
| 3.3 |
| 3.3 |
| 3.0 |
| 2.8 |
| 2.3 |
| 1.8 |
|