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10-Q - 10-Q - PENSKE AUTOMOTIVE GROUP, INC.pag-20160331x10q.htm
EX-4.2 - EX-4.2 - PENSKE AUTOMOTIVE GROUP, INC.pag-20160331ex427151a99.htm
EX-32 - EX-32 - PENSKE AUTOMOTIVE GROUP, INC.pag-20160331xex32.htm
EX-31.2 - EX-31.2 - PENSKE AUTOMOTIVE GROUP, INC.pag-20160331ex3128975c0.htm
EX-31.1 - EX-31.1 - PENSKE AUTOMOTIVE GROUP, INC.pag-20160331ex3116b1cdc.htm
EX-4.1 - EX-4.1 - PENSKE AUTOMOTIVE GROUP, INC.pag-20160331ex4106572e6.htm

Exhibit 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

Year ended December 31,

 

 

   

2016

  

2015

  

2015

  

2014

  

2013

  

2012

  

2011

 

Income from continuing operations before income taxes

 

$

119.6

 

$

115.6

 

$

491.9

 

$

457.9

 

$

371.8

 

$

290.4

 

$

244.3

 

Less undistributed earnings of equity method investments

 

 

(5.5)

 

 

(6.7)

 

 

(39.3)

 

 

(40.8)

 

 

(30.7)

 

 

(27.6)

 

 

(25.5)

 

Plus distributed earnings of equity method investments

 

 

0.9

 

 

0.2

 

 

16.1

 

 

15.5

 

 

10.8

 

 

23.6

 

 

9.2

 

Plus amortization of capitalized interest

 

 

0.2

 

 

0.2

 

 

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

 

$

115.2

 

$

109.3

 

$

469.5

 

$

433.4

 

$

352.7

 

$

287.2

 

$

228.8

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other interest expense (includes amortization of deferred financing costs)

 

$

17.2

 

$

16.3

 

$

69.4

 

$

52.8

 

$

45.3

 

$

46.1

 

$

44.0

 

Debt discount amortization

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1.7

 

Floor plan interest expense

 

 

12.8

 

 

10.3

 

 

44.5

 

 

46.5

 

 

43.5

 

 

38.3

 

 

26.9

 

Capitalized interest

 

 

0.4

 

 

0.2

 

 

0.8

 

 

0.8

 

 

0.7

 

 

0.6

 

 

0.7

 

Interest factor in rental expense

 

 

17.0

 

 

16.5

 

 

66.6

 

 

63.1

 

 

57.3

 

 

55.7

 

 

53.4

 

Total fixed charges

 

$

47.4

 

$

43.3

 

$

181.3

 

$

163.2

 

$

146.8

 

$

140.7

 

$

126.7

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

$

0.4

 

$

0.2

 

$

0.8

 

$

0.8

 

$

0.7

 

$

0.6

 

$

0.7

 

Earnings

 

$

162.2

 

$

152.4

 

$

650.0

 

$

595.8

 

$

498.8

 

$

427.3

 

$

354.8

 

Ratio of earnings to fixed charges

 

 

3.4

 

 

3.5

 

 

3.6

 

 

3.7

 

 

3.4

 

 

3.0

 

 

2.8