Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
| Income from continuing operations before taxes and minority interests | $ | 200.6 | $ | 189.8 | $ | 177.0 | $ | 124.9 | $ | 82.0 | ||||||||||
| Less undistributed earnings of equity method investments | (8.2 | ) | (4.3 | ) | (5.8 | ) | (0.4 | ) | (1.4 | ) | ||||||||||
| Plus distributed earnings of equity method investments | 0.3 | — | 1.3 | — | 2.6 | |||||||||||||||
| Plus amortization of capitalized interest | 0.5 | 0.3 | 0.2 | 0.2 | 0.1 | |||||||||||||||
| $ | 193.2 | $ | 185.8 | $ | 172.7 | $ | 124.7 | $ | 83.3 | |||||||||||
| Plus: | ||||||||||||||||||||
| Fixed charges: | ||||||||||||||||||||
| Other interest expense (includes amortization of deferred financing costs) | $ | 49.2 | $ | 49.0 | $ | 42.9 | $ | 42.4 | $ | 38.0 | ||||||||||
| Floorplan interest expense | 61.6 | 47.1 | 40.9 | 35.8 | 27.4 | |||||||||||||||
| Capitalized interest | 7.1 | 4.0 | 2.9 | 2.3 | 2.2 | |||||||||||||||
| Interest factor in rental expense | 44.6 | 36.2 | 28.2 | 22.6 | 16.5 | |||||||||||||||
| Preferred stock dividends | — | — | — | — | 10.5 | |||||||||||||||
| Total fixed charges | $ | 162.5 | $ | 136.3 | $ | 114.9 | $ | 103.1 | $ | 94.6 | ||||||||||
| Less: | ||||||||||||||||||||
| Capitalized interest | $ | 7.1 | $ | 4.0 | $ | 2.9 | $ | 2.3 | $ | 2.2 | ||||||||||
| Preferred dividends | — | — | — | — | 10.5 | |||||||||||||||
| Earnings | $ | 348.6 | $ | 318.2 | $ | 284.7 | $ | 225.5 | $ | 165.2 | ||||||||||
| Ratio of earnings to fixed charges | 2.1 | 2.3 | 2.5 | 2.2 | 1.7 | |||||||||||||||