Credit Acceptance (CACC) 10-K2016 FY Annual report

Filed: 10 Feb 17, 12:00am

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EXHIBIT 12

CREDIT ACCEPTANCE CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



(In millions, except ratios)	For the Years Ended December 31,
	2016		2015		2014		2013		2012

Earnings Available for Fixed Charges
Income before provision for income taxes	$	531.2	$	474.5	$	420.9	$	398.2	$	343.1
Add fixed charges included in earnings:
Interest expense	97.7		76.0		56.7		65.0		63.4
Interest element of rentals	0.5		0.5		0.5		0.4		0.3
Total fixed charges (1)	$	98.2	$	76.5	$	57.2	$	65.4	$	63.7

Total earnings available for fixed charges	$	629.4	$	551.0	$	478.1	$	463.6	$	406.8

Ratio of earnings to fixed charges	6.4		7.2		8.4		7.1		6.4

(1) “Fixed charges” are defined as interest on borrowings (whether expensed or capitalized) and the portion of rental and operating lease expenses applicable to interest.