Exhibit 12.1
AMERICREDIT CORP.
STATEMENT RE COMPUTATION OF RATIOS
(dollars in thousands)
Years Ended June 30, | ||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||
COMPUTATION OF EARNINGS: | ||||||||||||||||
Income before income taxes | $ | (92,179 | ) | $ | 532,067 | $ | 485,235 | $ | 452,399 | $ | 365,116 | |||||
Fixed charges | 833,382 | 686,358 | 425,180 | 269,146 | 261,137 | |||||||||||
$ | 741,203 | $ | 1,218,425 | $ | 910,415 | $ | 721,545 | $ | 626,253 | |||||||
COMPUTATION OF FIXED CHARGES: | ||||||||||||||||
Fixed charges: (a) | ||||||||||||||||
Interest expense (b) | $ | 827,219 | $ | 680,825 | $ | 419,360 | $ | 264,276 | $ | 251,963 | ||||||
Implicit interest in rent | 6,163 | 5,533 | 5,820 | 4,870 | 9,174 | |||||||||||
$ | 833,382 | $ | 686,358 | $ | 425,180 | $ | 269,146 | $ | 261,137 | |||||||
RATIO OF EARNINGS TO FIXED CHARGES | (c | ) | 1.8x | 2.1x | 2.7x | 2.4x | ||||||||||
(a) | For purposes of such computation, the term “fixed charges” represents interest expense, including amortization of debt issuance costs, and a portion of rentals representative of an implicit interest factor for such rentals. |
(b) | For the year ended June 30, 2008, interest expense excludes $10.2 million of non-cash amortization of warrants. |
(c) | As a result of the $212.6 million pre-tax write-off of goodwill, the amount of the coverage deficiency for the year ended June 30, 2008, was approximately $92.2 million. |