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EX-32 - EX-32 - PENSKE AUTOMOTIVE GROUP, INC.a14-19713_1ex32.htm
EX-4.1 - EX-4.1 - PENSKE AUTOMOTIVE GROUP, INC.a14-19713_1ex4d1.htm
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EXCEL - IDEA: XBRL DOCUMENT - PENSKE AUTOMOTIVE GROUP, INC.Financial_Report.xls
10-Q - 10-Q - PENSKE AUTOMOTIVE GROUP, INC.a14-19713_110q.htm

Exhibit 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

September 30,

 

Year Ended December 31,

 

 

 

2014

 

2013

 

2014

 

2013

 

2013

 

2012

 

2011

 

2010

 

2009

 

Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes

 

$

116.2

 

97.6

 

$

339.2

 

281.9

 

372.6

 

287.7

 

245.2

 

185.7

 

119.6

 

Less undistributed earnings of equity method investments

 

$

(12.7

)

(11.2

)

$

(28.7

)

(22.4

)

(30.7

)

(27.6

)

(25.4

)

(20.6

)

(13.8

)

Plus distributed earnings of equity method investments

 

$

4.3

 

3.0

 

$

9.3

 

7.1

 

10.8

 

23.6

 

9.2

 

9.9

 

21.3

 

Plus amortization of capitalized interest

 

$

0.2

 

0.2

 

$

0.6

 

0.6

 

0.8

 

0.8

 

0.8

 

0.8

 

0.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

108.0

 

89.6

 

$

320.4

 

267.2

 

353.5

 

284.5

 

229.8

 

175.8

 

127.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other interest expense (includes amortization of deferred financing costs)

 

$

13.3

 

12.3

 

$

39.5

 

35.7

 

47.7

 

46.6

 

44.1

 

48.4

 

54.5

 

Debt discount amortization

 

$

 

 

$

 

 

 

 

1.7

 

8.6

 

13.0

 

Floor plan interest expense

 

$

11.2

 

10.6

 

$

33.9

 

31.4

 

43.3

 

38.1

 

26.6

 

32.4

 

32.7

 

Capitalized interest

 

$

0.2

 

0.2

 

$

0.5

 

0.5

 

1.3

 

0.6

 

0.7

 

0.5

 

0.9

 

Interest factor in rental expense

 

$

16.2

 

14.8

 

$

48.4

 

43.6

 

59.1

 

55.9

 

53.2

 

50.3

 

49.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

40.9

 

37.9

 

$

122.3

 

111.2

 

151.4

 

141.2

 

126.3

 

140.2

 

150.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

$

0.2

 

0.2

 

$

0.5

 

0.5

 

1.3

 

0.6

 

0.7

 

0.5

 

0.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

$

148.7

 

127.3

 

$

442.2

 

377.9

 

503.6

 

425.1

 

355.4

 

315.5

 

277.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

3.6

 

3.4

 

3.6

 

3.4

 

3.3

 

3.0

 

2.8

 

2.3

 

1.8