Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES |
| Three Months | Nine Months | |||||||||||||||||||||||
| Ended September 30, | Ended September 30, | Year Ended December 31, | ||||||||||||||||||||||
| 2006 | 2005 | 2006 | 2005 | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
| Income from continuing operations | ||||||||||||||||||||||||
| before taxes and minority interests | $ | 57.6 | $ | 53.8 | $ | 157.4 | $ | 142.8 | $ | 193.0 | $ | 182.1 | $ | 130.7 | $ | 88.7 | $ | 54.9 | ||||||
| Less undistributed earnings of equity | ||||||||||||||||||||||||
| method investments | $ | (2.4) | $ | (0.8) | $ | (5.5) | $ | (2.6) | $ | (4.1) | $ | (1.7) | $ | (0.4) | $ | (1.4) | $ | (2.4) | ||||||
| Plus distributed earnings of equity | ||||||||||||||||||||||||
| method investments | $ | - | $ | - | $ | 0.3 | $ | - | $ | - | $ | - | $ | - | $ | 2.6 | $ | 1.4 | ||||||
| Plus amortization of capitalized interest | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | $ | 0.3 | $ | 0.2 | $ | 0.1 | $ | 0.1 | $ | 0.04 | ||||||
| $ | 55.3 | $ | 53.0 | $ | 152.4 | $ | 140.3 | $ | 189.2 | $ | 180.6 | $ | 130.5 | $ | 89.9 | $ | 54.0 | |||||||
| Plus: | ||||||||||||||||||||||||
| Fixed charges: | ||||||||||||||||||||||||
| Other Interest expense (includes | ||||||||||||||||||||||||
| amortization of deferred financing costs) | $ | 11.1 | $ | 12.2 | $ | 34.6 | $ | 35.7 | $ | 49.0 | $ | 42.6 | $ | 42.7 | $ | 38.2 | $ | 34.7 | ||||||
| Floorplan interest expense | $ | 16.7 | $ | 11.9 | $ | 49.1 | $ | 37.5 | $ | 50.9 | $ | 43.7 | $ | 38.1 | $ | 29.4 | $ | 29.4 | ||||||
| Capitalized interest | $ | 2.1 | $ | 1.2 | $ | 4.6 | $ | 3.1 | $ | 4.1 | $ | 2.8 | $ | 2.2 | $ | 2.2 | $ | 1.5 | ||||||
| Interest factor in rental expense | $ | 11.4 | $ | 9.3 | $ | 33.9 | $ | 27.7 | $ | 37.8 | $ | 29.7 | $ | 24.1 | $ | 17.6 | $ | 11.6 | ||||||
| Preferred stock dividends | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 10.5 | $ | 14.7 | ||||||
| Total fixed charges | $ | 41.3 | $ | 34.6 | $ | 122.2 | $ | 103.9 | $ | 141.9 | $ | 118.9 | $ | 107.1 | $ | 97.9 | $ | 91.9 | ||||||
| Less: | ||||||||||||||||||||||||
| Capitalized interest | $ | 2.1 | $ | 1.2 | $ | 4.6 | $ | 3.1 | $ | 4.1 | $ | 2.8 | $ | 2.2 | $ | 2.2 | $ | 1.5 | ||||||
| Preferred dividends | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 10.5 | $ | 14.7 | ||||||
| Earnings | $ | 94.5 | $ | 86.4 | $ | 270.0 | $ | 241.2 | $ | 326.9 | $ | 296.7 | $ | 235.3 | $ | 175.1 | $ | 129.7 | ||||||
| Ratio of earnings to fixed charges | 2.3 | 2.5 | 2.2 | 2.3 | 2.3 | 2.5 | 2.2 | 1.8 | 1.4 | |||||||||||||||