Attached files
file | filename |
---|---|
10-Q - 10-Q - PENSKE AUTOMOTIVE GROUP, INC. | a15-17816_110q.htm |
EX-32 - EX-32 - PENSKE AUTOMOTIVE GROUP, INC. | a15-17816_1ex32.htm |
EX-31.1 - EX-31.1 - PENSKE AUTOMOTIVE GROUP, INC. | a15-17816_1ex31d1.htm |
EX-31.2 - EX-31.2 - PENSKE AUTOMOTIVE GROUP, INC. | a15-17816_1ex31d2.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, |
| |||||||||||||||
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
|
2010 |
| |||
Income from continuing operations before income taxes |
|
$ |
129.3 |
|
117.0 |
|
$ |
388.4 |
|
339.8 |
|
$ |
457.9 |
|
372.8 |
|
290.4 |
|
244.3 |
|
182.7 |
|
Less undistributed earnings of equity method investments |
|
$ |
(11.0 |
) |
(12.7 |
) |
$ |
(29.7 |
) |
(28.7 |
) |
$ |
(40.8 |
) |
(30.7 |
) |
(27.6 |
) |
(25.5 |
) |
(20.6 |
) |
Plus distributed earnings of equity method investments |
|
$ |
4.3 |
|
4.3 |
|
$ |
10.7 |
|
9.3 |
|
$ |
15.5 |
|
10.8 |
|
23.6 |
|
9.2 |
|
9.9 |
|
Plus amortization of capitalized interest |
|
$ |
0.2 |
|
0.2 |
|
$ |
0.6 |
|
0.6 |
|
$ |
0.8 |
|
0.8 |
|
0.8 |
|
0.8 |
|
0.8 |
|
Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes |
|
$ |
122.8 |
|
108.8 |
|
$ |
370.0 |
|
321.0 |
|
$ |
433.4 |
|
353.7 |
|
287.2 |
|
228.8 |
|
172.8 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Other interest expense (includes amortization of deferred financing costs) |
|
$ |
16.3 |
|
12.4 |
|
$ |
49.0 |
|
37.2 |
|
$ |
52.8 |
|
45.3 |
|
46.1 |
|
44.0 |
|
48.4 |
|
Debt discount amortization |
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
|
|
|
|
|
|
1.7 |
|
8.6 |
|
Floor plan interest expense |
|
$ |
11.4 |
|
11.3 |
|
$ |
32.7 |
|
34.1 |
|
$ |
46.5 |
|
43.5 |
|
38.3 |
|
26.9 |
|
32.5 |
|
Capitalized interest |
|
$ |
0.2 |
|
0.2 |
|
$ |
0.5 |
|
0.5 |
|
$ |
0.8 |
|
0.7 |
|
0.6 |
|
0.7 |
|
0.5 |
|
Interest factor in rental expense |
|
$ |
16.7 |
|
15.7 |
|
$ |
49.5 |
|
46.9 |
|
$ |
63.1 |
|
57.3 |
|
55.7 |
|
53.4 |
|
50.8 |
|
Total fixed charges |
|
$ |
44.6 |
|
39.6 |
|
$ |
131.7 |
|
118.7 |
|
$ |
163.2 |
|
146.8 |
|
140.7 |
|
126.7 |
|
140.8 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Capitalized interest |
|
$ |
0.2 |
|
0.2 |
|
$ |
0.5 |
|
0.5 |
|
$ |
0.8 |
|
0.7 |
|
0.6 |
|
0.7 |
|
0.5 |
|
Earnings |
|
$ |
167.2 |
|
148.2 |
|
$ |
501.2 |
|
439.2 |
|
$ |
595.8 |
|
499.8 |
|
427.3 |
|
354.8 |
|
313.1 |
|
Ratio of earnings to fixed charges |
|
3.7 |
|
3.7 |
|
3.8 |
|
3.7 |
|
3.7 |
|
3.4 |
|
3.0 |
|
2.8 |
|
2.2 |
|