LITHIA MOTORS INC - FORM 10-K - EX-12 - EXHIBIT 12 - March 2, 2015

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EXHIBIT 12

 

 

RATIO OF EARNINGS TO COMBINED FIXED CHARGES

 

The following table shows the ratio of earnings to combined fixed charges for us and our consolidated subsidiaries for the dates indicated.

 

(Dollars in Thousands)

   

Year Ended December 31,

  
   

2014

    

2013

    

2012

    

2011

    

2010

  

Earnings

                                        

Income from continuing operations before income taxes

   $ 210,495     $ 165,788     $ 128,457     $ 88,270     $ 22,212  

Fixed charges

     29,797       25,820       27,381       26,866       29,401  

Amortization of capitalized interest

     287       280       276       270       268  

Capitalized interest

     (407 )     (85 )     (294 )     (163 )     -  

Total earnings

   $ 240,172     $ 191,803     $ 155,820     $ 115,243     $ 51,881  
                                         

Fixed Charges

                                        

Floor plan interest expense

   $ 13,861     $ 12,373     $ 12,816     $ 10,364     $ 10,155  

Other interest expense (1)

     10,742       8,350       9,621       12,878       14,523  

Capitalized interest costs

     407       85       294       163       -  

Interest component of rent expense

     4,787       5,012       4,650       3,461       4,723  

Total fixed charges

   $ 29,797     $ 25,820     $ 27,381     $ 26,866     $ 29,401  
                                         

Ratio of earnings to fixed charges

  

8.1x

    

7.4x

    

5.7x

    

4.3x

    

1.8x

  

 

(1) Other interest expense includes amortization of debt issuance costs

 

For purposes of these ratios, “earnings” consist of income from continuing operations before income taxes and fixed charges, and “fixed charges” consist of interest expense on indebtedness and the interest component of rental expense, and amortization of debt discount and issuance expenses.

 

We did not have any preferred stock outstanding for the periods presented above, and therefore the ratios of earnings to combined fixed charges and preferred stock dividends would be the same as the ratios of earnings to combined fixed charges presented above.

 

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