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Content analysis
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H.S. freshman Avg
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Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Year Ended December 31, |
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| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
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Income from continuing operations before income taxes |
| $ | 508.1 |
| $ | 491.9 |
| $ | 457.9 |
| $ | 371.8 |
| $ | 290.4 |
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Less undistributed earnings of equity method investments |
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| (69.5) |
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| (39.3) |
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| (40.8) |
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| (30.7) |
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| (27.6) |
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Plus distributed earnings of equity method investments |
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| 23.2 |
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| 16.1 |
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| 15.5 |
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| 10.8 |
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| 23.6 |
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Plus amortization of capitalized interest |
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| 0.8 |
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| 0.8 |
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| 0.8 |
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| 0.8 |
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| 0.8 |
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Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes |
| $ | 462.6 |
| $ | 469.5 |
| $ | 433.4 |
| $ | 352.7 |
| $ | 287.2 |
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Plus: |
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Fixed charges: |
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Other interest expense (includes amortization of debt issuance costs) |
| $ | 85.4 |
| $ | 69.4 |
| $ | 52.8 |
| $ | 45.3 |
| $ | 46.1 |
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Floor plan interest expense |
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| 50.9 |
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| 44.5 |
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| 46.5 |
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| 43.5 |
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| 38.3 |
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Capitalized interest |
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| 1.6 |
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| 0.8 |
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| 0.8 |
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| 0.7 |
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| 0.6 |
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Interest factor in rental expense |
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| 68.2 |
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| 66.6 |
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| 63.1 |
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| 57.3 |
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| 55.7 |
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Total fixed charges |
| $ | 206.1 |
| $ | 181.3 |
| $ | 163.2 |
| $ | 146.8 |
| $ | 140.7 |
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Less: |
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Capitalized interest |
| $ | 1.6 |
| $ | 0.8 |
| $ | 0.8 |
| $ | 0.7 |
| $ | 0.6 |
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Earnings |
| $ | 667.1 |
| $ | 650.0 |
| $ | 595.8 |
| $ | 498.8 |
| $ | 427.3 |
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Ratio of earnings to fixed charges |
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| 3.2 |
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| 3.6 |
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| 3.7 |
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| 3.4 |
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| 3.0 |
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