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Exhibit 12.1
SONIC AUTOMOTIVE, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
|
| Year Ended December 31, |
| |||||||||||||||||
|
| 2016 |
|
| 2015 |
|
| 2014 |
|
| 2013 |
|
| 2012 |
| |||||
|
| (In thousands) |
| |||||||||||||||||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, including floor plan interest (1) |
| $ | 78,694 |
|
| $ | 73,539 |
|
| $ | 73,805 |
|
| $ | 79,842 |
|
| $ | 83,626 |
|
Capitalized interest |
|
| 2,750 |
|
|
| 1,912 |
|
|
| 1,921 |
|
|
| 2,484 |
|
|
| 1,198 |
|
Rent expense (interest factor) |
|
| 24,634 |
|
|
| 24,514 |
|
|
| 24,569 |
|
|
| 24,659 |
|
|
| 25,495 |
|
Total fixed charges |
|
| 106,078 |
|
|
| 99,965 |
|
|
| 100,295 |
|
|
| 106,985 |
|
|
| 110,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes and cumulative effect of change in accounting principle |
|
| 155,212 |
|
|
| 145,156 |
|
|
| 161,727 |
|
|
| 129,021 |
|
|
| 141,233 |
|
Add: Fixed charges |
|
| 106,078 |
|
|
| 99,965 |
|
|
| 100,295 |
|
|
| 106,985 |
|
|
| 110,319 |
|
Less: Capitalized interest |
|
| (2,750 | ) |
|
| (1,912 | ) |
|
| (1,921 | ) |
|
| (2,484 | ) |
|
| (1,198 | ) |
Income from continuing operations before income taxes and cumulative effect of change in accounting principle & fixed charges |
| $ | 258,540 |
|
| $ | 243,209 |
|
| $ | 260,101 |
|
| $ | 233,522 |
|
| $ | 250,354 |
|
Ratio of earnings to fixed charges |
| 2.4 x |
|
| 2.4 x |
|
| 2.6 x |
|
| 2.2 x |
|
| 2.3 x |
|
(1) Includes interest expense associated with discontinued operations.