Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes | 248.4 | 189.3 | 123.2 | (555.3 | ) | 177.8 | ||||||||||||||
Less undistributed earnings of equity method investments | (25.5 | ) | (20.6 | ) | (13.8 | ) | (16.5 | ) | (4.1 | ) | ||||||||||
Plus distributed earnings of equity method investments | 9.2 | 9.9 | 21.3 | 3.5 | 6.2 | |||||||||||||||
Plus amortization of capitalized interest | 0.8 | 0.8 | 0.8 | 0.8 | 0.6 | |||||||||||||||
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232.9 | 179.4 | 131.5 | (567.5 | ) | 180.5 | |||||||||||||||
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Plus: | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Other interest expense (includes amortization of deferred financing costs) | 45.0 | 49.2 | 55.1 | 54.3 | 55.2 | |||||||||||||||
Debt discount amortization | 1.7 | 8.6 | 13.0 | 14.0 | 13.0 | |||||||||||||||
Floor plan interest expense | 28.5 | 33.8 | 34.1 | 61.7 | 70.5 | |||||||||||||||
Capitalized interest | 0.7 | 0.5 | 0.9 | 4.8 | 5.5 | |||||||||||||||
Interest factor in rental expense | 56.5 | 53.9 | 51.9 | 50.8 | 48.0 | |||||||||||||||
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Total fixed charges | 132.4 | 146.0 | 155.0 | 185.6 | 192.2 | |||||||||||||||
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Less: | ||||||||||||||||||||
Capitalized interest | 0.7 | 0.5 | 0.9 | 4.8 | 5.5 | |||||||||||||||
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Earnings | 364.6 | 324.9 | 285.6 | (386.7 | ) | 367.2 | ||||||||||||||
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Ratio of earnings to fixed charges | 2.8 | 2.2 | 1.8 | (2.1 | )(a) | 1.9 | ||||||||||||||
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(a) | In the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $572.3 million due to a non-cash impairment charge of $643.5 million. |