Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended | ||||||||||||||||||||||||||||
March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes | $ | 77.1 | 52.2 | 248.6 | 188.8 | 123.2 | (555.3 | ) | 177.8 | |||||||||||||||||||
Less undistributed earnings of equity method investments | $ | (4.4 | ) | — | (25.5 | ) | (20.6 | ) | (13.8 | ) | (16.5 | ) | (4.1 | ) | ||||||||||||||
Plus distributed earnings of equity method investments | $ | 10.9 | 8.1 | 9.2 | 9.9 | 21.3 | 3.5 | 6.2 | ||||||||||||||||||||
Plus amortization of capitalized interest | $ | 0.2 | 0.2 | 0.8 | 0.8 | 0.8 | 0.8 | 0.6 | ||||||||||||||||||||
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$ | 83.8 | 60.5 | 233.1 | 178.9 | 131.5 | (567.5 | ) | 180.5 | ||||||||||||||||||||
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Plus: | ||||||||||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Other interest expense (includes amortization of deferred financing costs) | $ | 12.2 | 11.3 | 44.6 | 48.9 | 55.1 | 54.3 | 55.2 | ||||||||||||||||||||
Debt discount amortization | $ | — | 1.7 | 1.7 | 8.6 | 13.0 | 14.0 | 13.0 | ||||||||||||||||||||
Floor plan interest expense | $ | 9.7 | 6.9 | 28.1 | 33.6 | 34.1 | 61.7 | 70.5 | ||||||||||||||||||||
Capitalized interest | $ | 0.2 | — | 0.7 | 0.5 | 0.9 | 4.8 | 5.5 | ||||||||||||||||||||
Interest factor in rental expense | $ | 14.6 | 13.9 | 56.1 | 53.6 | 51.9 | 50.8 | 48.0 | ||||||||||||||||||||
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Total fixed charges | $ | 36.7 | 33.8 | 131.2 | 145.2 | 155.0 | 185.6 | 192.2 | ||||||||||||||||||||
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Less: | ||||||||||||||||||||||||||||
Capitalized interest | $ | 0.2 | — | 0.7 | 0.5 | 0.9 | 4.8 | 5.5 | ||||||||||||||||||||
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Earnings | $ | 120.3 | 94.3 | 363.6 | 323.6 | 285.6 | (386.7 | ) | 367.2 | |||||||||||||||||||
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Ratio of earnings to fixed charges (a) | 3.3 | 2.8 | 2.8 | 2.2 | 1.8 | — | 1.9 | |||||||||||||||||||||
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(a) | In the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $534.2 million due to a non-cash impairment charge of $643.5 million. |