Attached files
file | filename |
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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 |
EX-31.2 - EX-31.2 - PENSKE AUTOMOTIVE GROUP, INC. | a14-19713_1ex31d2.htm |
EX-31.1 - EX-31.1 - PENSKE AUTOMOTIVE GROUP, INC. | a14-19713_1ex31d1.htm |
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
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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Year Ended December 31, |
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2014 |
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2013 |
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2014 |
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2013 |
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2013 |
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2012 |
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2011 |
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2010 |
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2009 |
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Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes |
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$ |
116.2 |
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97.6 |
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$ |
339.2 |
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281.9 |
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372.6 |
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287.7 |
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245.2 |
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185.7 |
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119.6 |
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Less undistributed earnings of equity method investments |
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$ |
(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 |
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$ |
4.3 |
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3.0 |
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$ |
9.3 |
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7.1 |
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10.8 |
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23.6 |
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9.2 |
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9.9 |
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21.3 |
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Plus amortization of capitalized interest |
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$ |
0.2 |
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0.2 |
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$ |
0.6 |
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0.6 |
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0.8 |
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0.8 |
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0.8 |
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0.8 |
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0.8 |
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$ |
108.0 |
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89.6 |
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$ |
320.4 |
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267.2 |
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353.5 |
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284.5 |
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229.8 |
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175.8 |
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127.9 |
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Plus: |
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Fixed charges: |
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Other interest expense (includes amortization of deferred financing costs) |
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$ |
13.3 |
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12.3 |
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$ |
39.5 |
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35.7 |
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47.7 |
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46.6 |
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44.1 |
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48.4 |
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54.5 |
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Debt discount amortization |
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$ |
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$ |
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1.7 |
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8.6 |
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13.0 |
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Floor plan interest expense |
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$ |
11.2 |
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10.6 |
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$ |
33.9 |
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31.4 |
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43.3 |
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38.1 |
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26.6 |
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32.4 |
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32.7 |
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Capitalized interest |
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$ |
0.2 |
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0.2 |
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$ |
0.5 |
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0.5 |
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1.3 |
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0.6 |
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0.7 |
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0.5 |
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0.9 |
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Interest factor in rental expense |
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$ |
16.2 |
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14.8 |
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$ |
48.4 |
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43.6 |
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59.1 |
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55.9 |
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53.2 |
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50.3 |
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49.1 |
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Total fixed charges |
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$ |
40.9 |
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37.9 |
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$ |
122.3 |
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111.2 |
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151.4 |
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141.2 |
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126.3 |
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140.2 |
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150.2 |
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Less: |
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Capitalized interest |
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$ |
0.2 |
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0.2 |
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$ |
0.5 |
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0.5 |
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1.3 |
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0.6 |
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0.7 |
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0.5 |
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0.9 |
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Earnings |
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$ |
148.7 |
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127.3 |
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$ |
442.2 |
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377.9 |
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503.6 |
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425.1 |
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355.4 |
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315.5 |
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277.2 |
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Ratio of earnings to fixed charges |
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3.6 |
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3.4 |
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3.6 |
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3.4 |
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3.3 |
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3.0 |
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2.8 |
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2.3 |
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1.8 |
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