Exhibit 12.1
ASBURY AUTOMOTIVE GROUP, INC.
COMPUTATION OF FINANCIAL RATIOS
(in millions, except ratios)
Ratio of earnings to fixed charges | For the Nine Months Ended September 30, | For the Year Ended December 31, | ||||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
EARNINGS COMPUTATION: | ||||||||||||||||||||||||
Income from continuing operations | $ | 100.1 | $ | 101.1 | $ | 83.3 | $ | 46.5 | $ | 35.4 | $ | 23.5 | ||||||||||||
Income tax expense | 63.4 | 64.2 | 50.0 | 28.7 | 22.1 | 14.0 | ||||||||||||||||||
Fixed charges | 42.6 | 59.4 | 57.9 | 60.1 | 58.0 | 58.9 | ||||||||||||||||||
Amortization of capitalized interest | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | ||||||||||||||||||
Capitalized interest | (0.7 | ) | (1.3 | ) | (0.9 | ) | (0.4 | ) | (0.5 | ) | (0.4 | ) | ||||||||||||
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Earnings for purposes of computation | $ | 205.6 | $ | 223.6 | $ | 190.5 | $ | 135.1 | $ | 115.1 | $ | 96.1 | ||||||||||||
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FIXED CHARGES COMPUTATION: | ||||||||||||||||||||||||
Interest expense | $ | 27.3 | $ | 37.5 | $ | 34.4 | $ | 38.1 | $ | 34.6 | $ | 34.1 | ||||||||||||
Floor plan interest expense | 8.5 | 11.6 | 10.7 | 8.9 | 8.7 | 10.0 | ||||||||||||||||||
Amortization of deferred financing fees | 1.7 | 2.4 | 2.5 | 2.7 | 2.6 | 3.1 | ||||||||||||||||||
Swap interest expense | 1.5 | 2.5 | 5.0 | 5.5 | 6.6 | 6.6 | ||||||||||||||||||
Interest component of rent expense | 2.9 | 4.1 | 4.4 | 4.5 | 5.0 | 4.7 | ||||||||||||||||||
Capitalized interest | 0.7 | 1.3 | 0.9 | 0.4 | 0.5 | 0.4 | ||||||||||||||||||
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Fixed charges for purposes of computation | $ | 42.6 | $ | 59.4 | $ | 57.9 | $ | 60.1 | $ | 58.0 | $ | 58.9 | ||||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES | 4.83 | x | 3.76 | x | 3.29 | x | 2.25 | x | 1.98 | x | 1.63 | x | ||||||||||||
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