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 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Capitalized interest |
| — |
| — |
| (779 | ) | (866 | ) | (785 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net losses from unconsolidated affiliates |
| (616 | ) | (6,066 | ) | (3,248 | ) | (100 | ) | — |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings for purposes of computation |
| $ | 85,490 |
| $ | 117,303 |
| $ | 125,836 |
| $ | 153,665 |
| $ | 116,338 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
FIXED CHARGES COMPUTATION: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense |
| 45,357 |
| 75,752 |
| 70,546 |
| 56,283 |
| $ | 59,038 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Amortization deferred financing fees |
| 716 |
| 564 |
| 3,568 |
| 4,548 |
| 5,333 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest component of rent expense |
| 5,470 |
| 7,379 |
| 8,181 |
| 9,206 |
| 10,901 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Capitalized interest |
| — |
| — |
| 779 |
| 866 |
| 785 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed charges for purposes of computation |
| $ | 51,543 |
| $ | 83,695 |
| $ | 83,074 |
| $ | 70,903 |
| $ | 76,057 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
RATIO OF EARNINGS TO FIXED CHARGES |
| 1.66x |
| 1.40x |
| 1.51x |
| 2.17x |
| 1.53x |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||