Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Three Months Ended |
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| March 31, |
| Year Ended December 31, |
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| 2015 |
| 2014 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
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Income from continuing operations before income taxes |
| $ | 115.9 |
| 102.3 |
| 462.0 |
| 374.2 |
| 290.8 |
| 244.8 |
| 184.7 |
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Less undistributed earnings of equity method investments |
| $ | (6.7 | ) | (5.1 | ) | (40.8 | ) | (30.7 | ) | (27.6 | ) | (25.5 | ) | (20.6 | ) |
Plus distributed earnings of equity method investments |
| $ | 4.3 |
| 3.0 |
| 15.5 |
| 10.8 |
| 23.6 |
| 9.2 |
| 9.9 |
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Plus amortization of capitalized interest |
| $ | 0.2 |
| 0.2 |
| 0.8 |
| 0.8 |
| 0.8 |
| 0.8 |
| 0.8 |
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Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes |
| $ | 113.7 |
| 100.4 |
| 437.5 |
| 355.1 |
| 287.6 |
| 229.3 |
| 174.8 |
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Plus: |
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Fixed charges: |
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Other interest expense (includes amortization of deferred financing costs) |
| $ | 16.3 |
| 12.4 |
| 52.8 |
| 45.2 |
| 46.1 |
| 44.0 |
| 48.4 |
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Debt discount amortization |
| $ | — |
| — |
| — |
| — |
| — |
| 1.7 |
| 8.6 |
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Floor plan interest expense |
| $ | 10.1 |
| 11.1 |
| 46.1 |
| 43.1 |
| 38.0 |
| 26.6 |
| 32.4 |
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Capitalized interest |
| $ | 0.2 |
| 0.2 |
| 0.8 |
| 0.7 |
| 0.6 |
| 0.7 |
| 0.5 |
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Interest factor in rental expense |
| $ | 16.2 |
| 14.8 |
| 62.8 |
| 57.0 |
| 55.4 |
| 53.1 |
| 50.2 |
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Total fixed charges |
| $ | 42.8 |
| 38.5 |
| 162.5 |
| 146.0 |
| 140.1 |
| 126.1 |
| 140.1 |
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Less: |
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Capitalized interest |
| $ | 0.2 |
| 0.2 |
| 0.8 |
| 0.7 |
| 0.6 |
| 0.7 |
| 0.5 |
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Earnings |
| $ | 156.3 |
| 138.7 |
| 599.2 |
| 500.4 |
| 427.1 |
| 354.7 |
| 314.4 |
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Ratio of earnings to fixed charges |
| 3.7 |
| 3.6 |
| 3.7 |
| 3.4 |
| 3.0 |
| 2.8 |
| 2.2 |
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