Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - PENSKE AUTOMOTIVE GROUP, INC. | c96591e10vk.htm |
| EX-32 - EXHIBIT 32 - PENSKE AUTOMOTIVE GROUP, INC. | c96591exv32.htm |
| EX-21 - EXHIBIT 21 - PENSKE AUTOMOTIVE GROUP, INC. | c96591exv21.htm |
| EX-23.2 - EXHIBIT 23.2 - PENSKE AUTOMOTIVE GROUP, INC. | c96591exv23w2.htm |
| EX-31.2 - EXHIBIT 31.2 - PENSKE AUTOMOTIVE GROUP, INC. | c96591exv31w2.htm |
| EX-23.1 - EXHIBIT 23.1 - PENSKE AUTOMOTIVE GROUP, INC. | c96591exv23w1.htm |
| EX-31.1 - EXHIBIT 31.1 - PENSKE AUTOMOTIVE GROUP, INC. | c96591exv31w1.htm |
| EX-10.10 - EXHIBIT 10.10 - PENSKE AUTOMOTIVE GROUP, INC. | c96591exv10w10.htm |
| EX-4.1.2 - EXHIBIT 4.1.2 - PENSKE AUTOMOTIVE GROUP, INC. | c96591exv4w1w2.htm |
| EX-4.2.2 - EXHIBIT 4.2.2 - PENSKE AUTOMOTIVE GROUP, INC. | c96591exv4w2w2.htm |
| EX-10.12 - EXHIBIT 10.12 - PENSKE AUTOMOTIVE GROUP, INC. | c96591exv10w12.htm |
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Income (loss) from continuing operations before taxes |
$ | 129.4 | $ | (517.2 | ) | $ | 183.0 | $ | 190.3 | $ | 185.9 | |||||||||
Less undistributed earnings of equity method investments |
(13.8 | ) | (16.5 | ) | (4.1 | ) | (8.2 | ) | (4.3 | ) | ||||||||||
Plus distributed earnings of equity method investments |
21.3 | 3.5 | 6.2 | 0.3 | — | |||||||||||||||
Plus amortization of capitalized interest |
0.8 | 0.8 | 0.6 | 0.5 | 0.3 | |||||||||||||||
| $ | 137.7 | $ | (529.4 | ) | $ | 185.7 | $ | 182.9 | $ | 181.9 | ||||||||||
Plus: |
||||||||||||||||||||
Fixed charges: |
||||||||||||||||||||
Other interest expense (includes amortization of
deferred financing costs) |
$ | 55.2 | $ | 54.5 | $ | 55.3 | $ | 48.4 | $ | 48.5 | ||||||||||
Debt discount amortization |
13.0 | 14.0 | 12.9 | 11.1 | — | |||||||||||||||
Floor plan interest expense |
35.7 | 64.2 | 73.1 | 58.2 | 45.2 | |||||||||||||||
Capitalized interest |
0.9 | 4.8 | 5.5 | 7.1 | 4.0 | |||||||||||||||
Interest factor in rental expense |
54.5 | 52.8 | 49.6 | 43.2 | 34.8 | |||||||||||||||
Total fixed charges |
$ | 159.3 | $ | 190.3 | $ | 196.4 | $ | 168.0 | $ | 132.5 | ||||||||||
Less: |
||||||||||||||||||||
Capitalized interest |
$ | 0.9 | $ | 4.8 | $ | 5.5 | $ | 7.1 | $ | 4.0 | ||||||||||
Earnings |
$ | 296.1 | $ | (343.9 | ) | $ | 376.6 | $ | 343.8 | $ | 310.4 | |||||||||
Ratio of earnings to fixed charges |
1.9 | — | (a) | 1.9 | 2.0 | 2.3 | ||||||||||||||
| (a) | In the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $534.2 million due to a non-cash impairment charge of $643.5 million. |