Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
| Three Months Ended |
| Six Months Ended |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| June 30, |
| June 30, |
| Year Ended December 31, |
| ||||||||||||||
|
| 2014 |
| 2013 |
| 2014 |
| 2013 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| ||
Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes |
| $ | 122.4 |
| 98.4 |
| $ | 223.0 |
| 184.3 |
| 372.6 |
| 287.7 |
| 245.2 |
| 185.7 |
| 119.6 |
|
Less undistributed earnings of equity method investments |
| $ | (10.9 | ) | (8.9 | ) | $ | (16.0 | ) | (11.2 | ) | (30.7 | ) | (27.6 | ) | (25.4 | ) | (20.6 | ) | (13.8 | ) |
Plus distributed earnings of equity method investments |
| $ | 5.0 |
| 3.8 |
| $ | 5.0 |
| 4.1 |
| 10.8 |
| 23.6 |
| 9.2 |
| 9.9 |
| 21.3 |
|
Plus amortization of capitalized interest |
| $ | 0.2 |
| 0.2 |
| $ | 0.4 |
| 0.4 |
| 0.8 |
| 0.8 |
| 0.8 |
| 0.8 |
| 0.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| $ | 116.7 |
| 93.5 |
| $ | 212.4 |
| 177.6 |
| 353.5 |
| 284.5 |
| 229.8 |
| 175.8 |
| 127.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Other interest expense (includes amortization of deferred financing costs) |
| $ | 13.1 |
| 11.9 |
| $ | 26.2 |
| 23.4 |
| 47.7 |
| 46.6 |
| 44.1 |
| 48.4 |
| 54.5 |
|
Debt discount amortization |
| $ | — |
| — |
| $ | — |
| — |
| — |
| — |
| 1.7 |
| 8.6 |
| 13.0 |
|
Floor plan interest expense |
| $ | 11.6 |
| 10.7 |
| $ | 22.7 |
| 20.8 |
| 43.3 |
| 38.1 |
| 26.6 |
| 32.4 |
| 32.7 |
|
Capitalized interest |
| $ | 0.2 |
| 0.1 |
| $ | 0.4 |
| 0.3 |
| 1.3 |
| 0.6 |
| 0.7 |
| 0.5 |
| 0.9 |
|
Interest factor in rental expense |
| $ | 16.4 |
| 14.5 |
| $ | 32.2 |
| 28.9 |
| 59.1 |
| 55.9 |
| 53.2 |
| 50.3 |
| 49.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total fixed charges |
| $ | 41.3 |
| 37.2 |
| $ | 81.5 |
| 73.4 |
| 151.4 |
| 141.2 |
| 126.3 |
| 140.2 |
| 150.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Capitalized interest |
| $ | 0.2 |
| 0.1 |
| $ | 0.4 |
| 0.3 |
| 1.3 |
| 0.6 |
| 0.7 |
| 0.5 |
| 0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Earnings |
| $ | 157.8 |
| 130.6 |
| $ | 293.5 |
| 250.7 |
| 503.6 |
| 425.1 |
| 355.4 |
| 315.5 |
| 277.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Ratio of earnings to fixed charges |
| 3.8 |
| 3.5 |
| 3.6 |
| 3.4 |
| 3.3 |
| 3.0 |
| 2.8 |
| 2.3 |
| 1.8 |
| ||