Attached files
file | filename |
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10-Q - 10-Q - PENSKE AUTOMOTIVE GROUP, INC. | pag-20180331x10q.htm |
EX-32 - EX-32 - PENSKE AUTOMOTIVE GROUP, INC. | pag-20180331xex32.htm |
EX-31.2 - EX-31.2 - PENSKE AUTOMOTIVE GROUP, INC. | pag-20180331ex3124b7fd1.htm |
EX-31.1 - EX-31.1 - PENSKE AUTOMOTIVE GROUP, INC. | pag-20180331ex3110d35ee.htm |
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Three Months Ended |
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March 31, |
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Year Ended December 31, |
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2018 |
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2017 |
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2017 |
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2016 |
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2015 |
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2014 |
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2013 |
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Income from continuing operations before income taxes |
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$ |
144.3 |
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$ |
124.7 |
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$ |
548.2 |
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$ |
508.1 |
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$ |
491.9 |
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$ |
457.9 |
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$ |
371.8 |
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Less undistributed earnings of equity method investments |
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(17.3) |
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(13.2) |
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(107.6) |
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(69.5) |
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(39.3) |
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(40.8) |
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(30.7) |
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Plus distributed earnings of equity method investments |
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1.9 |
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1.6 |
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54.6 |
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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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Plus amortization of capitalized interest |
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0.2 |
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0.2 |
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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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$ |
129.1 |
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$ |
113.3 |
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$ |
496.0 |
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$ |
462.6 |
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$ |
469.5 |
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$ |
433.4 |
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$ |
352.7 |
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Plus: |
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Fixed charges: |
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Other interest expense (includes amortization of debt issuance costs) |
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$ |
29.8 |
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$ |
25.0 |
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$ |
107.4 |
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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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Floor plan interest expense |
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18.9 |
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13.7 |
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63.4 |
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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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Capitalized interest |
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0.3 |
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0.3 |
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1.6 |
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1.6 |
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0.8 |
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0.8 |
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0.7 |
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Interest factor in rental expense |
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19.1 |
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17.6 |
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74.4 |
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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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Total fixed charges |
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$ |
68.1 |
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$ |
56.6 |
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$ |
246.8 |
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$ |
206.1 |
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$ |
181.3 |
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$ |
163.2 |
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$ |
146.8 |
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Less: |
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Capitalized interest |
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$ |
0.3 |
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$ |
0.3 |
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$ |
1.6 |
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$ |
1.6 |
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$ |
0.8 |
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$ |
0.8 |
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$ |
0.7 |
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Earnings |
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$ |
196.9 |
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$ |
169.6 |
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$ |
741.2 |
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$ |
667.1 |
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$ |
650.0 |
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$ |
595.8 |
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$ |
498.8 |
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Ratio of earnings to fixed charges |
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2.9 |
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3.0 |
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3.0 |
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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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