Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months | Six Months | Year Ended December 31, | ||||||||||||||||||||||
2006 | 2005 | 2006 | 2005 | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Income from continuing operations | $ | 56.9 | $ | 49.9 | $ | 97.7 | $ | 87.6 | $ | 188.8 | $ | 179.8 | $ | 130.4 | $ | 90.0 | $ | 54.0 | ||||||
Plus: | ||||||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Other Interest expense (includes amortization of deferred financing costs) | $ | 11.5 | $ | 12.3 | $ | 23.5 | $ | 23.7 | $ | 49.3 | $ | 42.9 | $ | 42.7 | $ | 38.2 | $ | 34.7 | ||||||
Floorplan interest expense | $ | 17.2 | $ | 13.1 | $ | 32.1 | $ | 25.4 | $ | 50.7 | $ | 43.8 | $ | 38.1 | $ | 29.4 | $ | 29.4 | ||||||
Capitalized interest | $ | 1.5 | $ | 0.9 | $ | 2.6 | $ | 1.9 | $ | 4.0 | $ | 2.8 | $ | 2.2 | $ | 2.2 | $ | 1.5 | ||||||
Interest factor in rental expense | $ | 11.4 | $ | 9.5 | $ | 22.3 | $ | 18.4 | $ | 37.9 | $ | 29.9 | $ | 24.1 | $ | 17.6 | $ | 11.6 | ||||||
Preferred stock dividends | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 10.5 | $ | 14.7 | ||||||
Total fixed charges | $ | 41.6 | $ | 35.8 | $ | 80.5 | $ | 69.4 | $ | 141.9 | $ | 119.4 | $ | 107.1 | $ | 97.9 | $ | 91.9 | ||||||
Less: | ||||||||||||||||||||||||
Capitalized interest | $ | 1.5 | $ | 0.9 | $ | 2.6 | $ | 1.9 | $ | 4.0 | $ | 2.8 | $ | 2.2 | $ | 2.2 | $ | 1.5 | ||||||
Preferred dividends | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 10.5 | $ | 14.7 | ||||||
Earnings | $ | 97.0 | $ | 84.8 | $ | 175.6 | $ | 155.1 | $ | 326.7 | $ | 296.4 | $ | 235.3 | $ | 175.2 | $ | 129.7 | ||||||
Ratio of earnings to fixed charges | 2.3 | 2.4 | 2.2 | 2.2 | 2.3 | 2.5 | 2.2 | 1.8 | 1.4 |