Attached files
EXHIBIT 12.1
AMERICREDIT CORP.
STATEMENT RE COMPUTATION OF RATIOS
(dollars in thousands)
Years Ended June 30, | |||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||
COMPUTATION OF EARNINGS: |
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Income (loss) before income taxes |
$ | 353,439 | $ | (147 | ) | $ | (113,641 | ) | $ | 516,292 | $ | 485,235 | |||||
Fixed charges |
459,570 | 686,668 | 854,844 | 702,133 | 425,180 | ||||||||||||
$ | 813,009 | $ | 686,521 | $ | 741,203 | $ | 1,218,425 | $ | 910,415 | ||||||||
COMPUTATION OF FIXED CHARGES: |
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Fixed charges: (a) |
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Interest expense (b) |
$ | 455,254 | $ | 681,459 | $ | 848,681 | $ | 696,600 | $ | 419,360 | |||||||
Implicit interest in rent |
4,316 | 5,209 | 6,163 | 5,533 | 5,820 | ||||||||||||
$ | 459,570 | $ | 686,668 | $ | 854,844 | $ | 702,133 | $ | 425,180 | ||||||||
RATIO OF EARNINGS TO FIXED CHARGES |
1.8X | (c) | (d) | 1.7x | 2.1x | ||||||||||||
(a) | For purposes of such computation, the term fixed charges represents interest expense, including amortization of debt issuance costs, and a portion of rentals representative of an implicit interest factor for such rentals. |
(b) | For the years ended June 30, 2010, 2009 and 2008, respectively interest expense excludes $2.0 million, $45.1 million and $10.2 million of non-cash amortization of warrant costs. |
(c) | The amount of the coverage deficiency for the year ended June 30, 2009, was approximately $0.1 million. |
(d) | As a result of the $212.6 million pre-tax write-off of goodwill, the amount of the coverage deficiency for the year ended June 30, 2008, was approximately $113.6 million. |