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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| 2014 |
| 2013 |
| 2014 |
| 2013 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
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Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes |
| $ | 116.2 |
| 97.6 |
| $ | 339.2 |
| 281.9 |
| 372.6 |
| 287.7 |
| 245.2 |
| 185.7 |
| 119.6 |
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Less undistributed earnings of equity method investments |
| $ | (12.7 | ) | (11.2 | ) | $ | (28.7 | ) | (22.4 | ) | (30.7 | ) | (27.6 | ) | (25.4 | ) | (20.6 | ) | (13.8 | ) |
Plus distributed earnings of equity method investments |
| $ | 4.3 |
| 3.0 |
| $ | 9.3 |
| 7.1 |
| 10.8 |
| 23.6 |
| 9.2 |
| 9.9 |
| 21.3 |
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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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| $ | 108.0 |
| 89.6 |
| $ | 320.4 |
| 267.2 |
| 353.5 |
| 284.5 |
| 229.8 |
| 175.8 |
| 127.9 |
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Plus: |
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Fixed charges: |
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Other interest expense (includes amortization of deferred financing costs) |
| $ | 13.3 |
| 12.3 |
| $ | 39.5 |
| 35.7 |
| 47.7 |
| 46.6 |
| 44.1 |
| 48.4 |
| 54.5 |
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Debt discount amortization |
| $ | — |
| — |
| $ | — |
| — |
| — |
| — |
| 1.7 |
| 8.6 |
| 13.0 |
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Floor plan interest expense |
| $ | 11.2 |
| 10.6 |
| $ | 33.9 |
| 31.4 |
| 43.3 |
| 38.1 |
| 26.6 |
| 32.4 |
| 32.7 |
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Capitalized interest |
| $ | 0.2 |
| 0.2 |
| $ | 0.5 |
| 0.5 |
| 1.3 |
| 0.6 |
| 0.7 |
| 0.5 |
| 0.9 |
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Interest factor in rental expense |
| $ | 16.2 |
| 14.8 |
| $ | 48.4 |
| 43.6 |
| 59.1 |
| 55.9 |
| 53.2 |
| 50.3 |
| 49.1 |
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Total fixed charges |
| $ | 40.9 |
| 37.9 |
| $ | 122.3 |
| 111.2 |
| 151.4 |
| 141.2 |
| 126.3 |
| 140.2 |
| 150.2 |
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Less: |
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Capitalized interest |
| $ | 0.2 |
| 0.2 |
| $ | 0.5 |
| 0.5 |
| 1.3 |
| 0.6 |
| 0.7 |
| 0.5 |
| 0.9 |
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Earnings |
| $ | 148.7 |
| 127.3 |
| $ | 442.2 |
| 377.9 |
| 503.6 |
| 425.1 |
| 355.4 |
| 315.5 |
| 277.2 |
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Ratio of earnings to fixed charges |
| 3.6 |
| 3.4 |
| 3.6 |
| 3.4 |
| 3.3 |
| 3.0 |
| 2.8 |
| 2.3 |
| 1.8 |
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