EXHIBIT 12.1
ASBURY AUTOMOTIVE GROUP, INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
| | FOR THE YEARS ENDED DECEMBER 31, | |
| | 1999 | | 2000 | | 2001 | | 2002 | | 2003 | |
| | | | | | | | | | | |
EARNINGS COMPUTATION: | | | | | | | | | | | |
| | | | | | | | | | | |
Income from continuing operations before net losses from unconsolidated affiliates, income taxes, minority interest, and extraordinary losses | | $ | 34,563 | | $ | 39,674 | | $ | 46,789 | | $ | 83,728 | | 41,066 | |
| | | | | | | | | | | |
Fixed charges | | 51,543 | | 83,695 | | 83,074 | | 70,903 | | 76,057 | |
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Capitalized interest | | — | | — | | (779 | ) | (866 | ) | (785 | ) |
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Net losses from unconsolidated affiliates | | (616 | ) | (6,066 | ) | (3,248 | ) | (100 | ) | — | |
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Earnings for purposes of computation | | $ | 85,490 | | $ | 117,303 | | $ | 125,836 | | $ | 153,665 | | $ | 116,338 | |
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FIXED CHARGES COMPUTATION: | | | | | | | | | | | |
| | | | | | | | | | | |
Interest expense | | 45,357 | | 75,752 | | 70,546 | | 56,283 | | $ | 59,038 | |
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Amortization deferred financing fees | | 716 | | 564 | | 3,568 | | 4,548 | | 5,333 | |
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Interest component of rent expense | | 5,470 | | 7,379 | | 8,181 | | 9,206 | | 10,901 | |
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Capitalized interest | | — | | — | | 779 | | 866 | | 785 | |
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Fixed charges for purposes of computation | | $ | 51,543 | | $ | 83,695 | | $ | 83,074 | | $ | 70,903 | | $ | 76,057 | |
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RATIO OF EARNINGS TO FIXED CHARGES | | 1.66x | | 1.40x | | 1.51x | | 2.17x | | 1.53x | |
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