Attached files
| file | filename |
|---|---|
| EX-23.2 - EX-23.2 - PENSKE AUTOMOTIVE GROUP, INC. | pag-20161231ex2324923b6.htm |
| EX-32 - EX-32 - PENSKE AUTOMOTIVE GROUP, INC. | pag-20161231xex32.htm |
| EX-31.2 - EX-31.2 - PENSKE AUTOMOTIVE GROUP, INC. | pag-20161231ex312605ba9.htm |
| EX-31.1 - EX-31.1 - PENSKE AUTOMOTIVE GROUP, INC. | pag-20161231ex3114ae63b.htm |
| EX-23.4 - EX-23.4 - PENSKE AUTOMOTIVE GROUP, INC. | pag-20161231ex2345701dc.htm |
| EX-23.3 - EX-23.3 - PENSKE AUTOMOTIVE GROUP, INC. | pag-20161231ex23397ef22.htm |
| EX-23.1 - EX-23.1 - PENSKE AUTOMOTIVE GROUP, INC. | pag-20161231ex231da1491.htm |
| EX-21 - EX-21 - PENSKE AUTOMOTIVE GROUP, INC. | pag-20161231ex210167c5d.htm |
| 10-K - 10-K - PENSKE AUTOMOTIVE GROUP, INC. | pag-20161231x10k.htm |
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Year Ended December 31, |
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2016 |
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2015 |
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2014 |
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2013 |
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2012 |
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|||||
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Income from continuing operations before income taxes |
|
$ |
508.1 |
|
$ |
491.9 |
|
$ |
457.9 |
|
$ |
371.8 |
|
$ |
290.4 |
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|
Less undistributed earnings of equity method investments |
|
|
(69.5) |
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|
(39.3) |
|
|
(40.8) |
|
|
(30.7) |
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|
(27.6) |
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Plus distributed earnings of equity method investments |
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|
23.2 |
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|
16.1 |
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|
15.5 |
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|
10.8 |
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|
23.6 |
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Plus amortization of capitalized interest |
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|
0.8 |
|
|
0.8 |
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|
0.8 |
|
|
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 |
|
$ |
462.6 |
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$ |
469.5 |
|
$ |
433.4 |
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$ |
352.7 |
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$ |
287.2 |
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Plus: |
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|
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|
|
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|
|
|
|
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|
|
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Fixed charges: |
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|
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Other interest expense (includes amortization of debt issuance costs) |
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$ |
85.4 |
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$ |
69.4 |
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$ |
52.8 |
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$ |
45.3 |
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$ |
46.1 |
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Floor plan interest expense |
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|
50.9 |
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|
44.5 |
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|
46.5 |
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|
43.5 |
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|
38.3 |
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Capitalized interest |
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|
1.6 |
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|
0.8 |
|
|
0.8 |
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|
0.7 |
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|
0.6 |
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Interest factor in rental expense |
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|
68.2 |
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|
66.6 |
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|
63.1 |
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|
57.3 |
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55.7 |
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Total fixed charges |
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$ |
206.1 |
|
$ |
181.3 |
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$ |
163.2 |
|
$ |
146.8 |
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$ |
140.7 |
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Less: |
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Capitalized interest |
|
$ |
1.6 |
|
$ |
0.8 |
|
$ |
0.8 |
|
$ |
0.7 |
|
$ |
0.6 |
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Earnings |
|
$ |
667.1 |
|
$ |
650.0 |
|
$ |
595.8 |
|
$ |
498.8 |
|
$ |
427.3 |
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Ratio of earnings to fixed charges |
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|
3.2 |
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|
3.6 |
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|
3.7 |
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|
3.4 |
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|
3.0 |
|