Attached files
file | filename |
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EX-32 - EX-32 - PENSKE AUTOMOTIVE GROUP, INC. | a15-11882_1ex32.htm |
EX-31.1 - EX-31.1 - PENSKE AUTOMOTIVE GROUP, INC. | a15-11882_1ex31d1.htm |
EX-31.2 - EX-31.2 - PENSKE AUTOMOTIVE GROUP, INC. | a15-11882_1ex31d2.htm |
10-Q - 10-Q - PENSKE AUTOMOTIVE GROUP, INC. | a15-11882_110q.htm |
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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Year Ended December 31, |
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2015 |
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2014 |
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2015 |
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2014 |
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2014 |
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2013 |
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2012 |
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2011 |
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2010 |
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Income from continuing operations before income taxes |
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$ |
143.7 |
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122.7 |
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$ |
259.6 |
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225.0 |
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$ |
462.0 |
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374.2 |
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290.8 |
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244.8 |
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184.7 |
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Less undistributed earnings of equity method investments |
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$ |
(12.0 |
) |
(10.9 |
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$ |
(18.7 |
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(16.0 |
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$ |
(40.8 |
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(30.7 |
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(27.6 |
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(25.5 |
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(20.6 |
) |
Plus distributed earnings of equity method investments |
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$ |
5.7 |
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5.0 |
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$ |
5.9 |
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5.0 |
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$ |
15.5 |
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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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Plus amortization of capitalized interest |
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$ |
0.2 |
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0.2 |
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$ |
0.4 |
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0.4 |
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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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Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes |
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$ |
137.6 |
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117.0 |
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$ |
247.2 |
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214.4 |
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$ |
437.5 |
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355.1 |
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287.6 |
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229.3 |
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174.8 |
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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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$ |
16.4 |
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12.4 |
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$ |
32.7 |
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24.8 |
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$ |
52.8 |
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45.2 |
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46.1 |
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44.0 |
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48.4 |
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Debt discount amortization |
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$ |
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$ |
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$ |
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1.7 |
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8.6 |
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Floor plan interest expense |
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$ |
11.0 |
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11.6 |
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$ |
21.1 |
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22.7 |
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$ |
46.1 |
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43.1 |
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38.0 |
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26.6 |
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32.4 |
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Capitalized interest |
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$ |
0.1 |
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0.2 |
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$ |
0.3 |
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0.4 |
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$ |
0.8 |
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0.7 |
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0.6 |
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0.7 |
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0.5 |
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Interest factor in rental expense |
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$ |
16.2 |
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15.8 |
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$ |
32.6 |
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31.1 |
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$ |
62.8 |
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57.0 |
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55.4 |
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53.1 |
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50.2 |
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Total fixed charges |
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$ |
43.7 |
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40.0 |
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$ |
86.7 |
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79.0 |
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$ |
162.5 |
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146.0 |
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140.1 |
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126.1 |
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140.1 |
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Less: |
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Capitalized interest |
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$ |
0.1 |
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0.2 |
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$ |
0.3 |
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0.4 |
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$ |
0.8 |
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0.7 |
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0.6 |
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0.7 |
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0.5 |
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Earnings |
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$ |
181.2 |
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156.8 |
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$ |
333.6 |
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293.0 |
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$ |
599.2 |
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500.4 |
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427.1 |
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354.7 |
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314.4 |
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Ratio of earnings to fixed charges |
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4.1 |
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3.9 |
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3.8 |
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3.7 |
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3.7 |
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3.4 |
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3.0 |
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2.8 |
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2.2 |
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