Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Year Ended December 31, |
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| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes |
| 289.0 |
| 247.9 |
| 185.6 |
| 120.3 |
| (552.6 | ) |
Less undistributed earnings of equity method investments |
| (27.6 | ) | (25.5 | ) | (20.6 | ) | (13.8 | ) | (16.5 | ) |
Plus distributed earnings of equity method investments |
| 23.6 |
| 9.2 |
| 9.9 |
| 21.3 |
| 3.5 |
|
Plus amortization of capitalized interest |
| 0.8 |
| 0.8 |
| 0.8 |
| 0.8 |
| 0.8 |
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| 285.8 |
| 232.4 |
| 175.7 |
| 128.6 |
| (564.8 | ) |
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Plus: |
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Fixed charges: |
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Other interest expense (includes amortization of deferred financing costs) |
| 46.9 |
| 44.3 |
| 48.5 |
| 54.7 |
| 53.5 |
|
Debt discount amortization |
| — |
| 1.7 |
| 8.6 |
| 13.0 |
| 14.0 |
|
Floor plan interest expense |
| 38.8 |
| 27.2 |
| 32.8 |
| 33.3 |
| 59.7 |
|
Capitalized interest |
| 0.7 |
| 0.7 |
| 0.5 |
| 0.9 |
| 4.8 |
|
Interest factor in rental expense |
| 57.2 |
| 54.6 |
| 52.1 |
| 50.3 |
| 49.1 |
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Total fixed charges |
| 143.6 |
| 128.5 |
| 142.5 |
| 152.2 |
| 181.1 |
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Less: |
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Capitalized interest |
| 0.7 |
| 0.7 |
| 0.5 |
| 0.9 |
| 4.8 |
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Earnings |
| 428.7 |
| 360.2 |
| 317.7 |
| 279.9 |
| (388.5 | ) |
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Ratio of earnings to fixed charges |
| 3.0 |
| 2.8 |
| 2.2 |
| 1.8 |
| — | (a) |
(a) In the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $569.6 million due to a non-cash impairment charge of $643.5 million.
