Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - PENSKE AUTOMOTIVE GROUP, INC. | c06213e10vq.htm |
| EX-32 - EXHIBIT 32 - PENSKE AUTOMOTIVE GROUP, INC. | c06213exv32.htm |
| EX-4.1 - EXHIBIT 4.1 - PENSKE AUTOMOTIVE GROUP, INC. | c06213exv4w1.htm |
| EX-10.1 - EXHIBIT 10.1 - PENSKE AUTOMOTIVE GROUP, INC. | c06213exv10w1.htm |
| EX-31.2 - EXHIBIT 31.2 - PENSKE AUTOMOTIVE GROUP, INC. | c06213exv31w2.htm |
| EX-31.1 - EXHIBIT 31.1 - PENSKE AUTOMOTIVE GROUP, INC. | c06213exv31w1.htm |
| EXCEL - IDEA: XBRL DOCUMENT - PENSKE AUTOMOTIVE GROUP, INC. | Financial_Report.xls |
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||
| September 30, | September 30, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||||||||
Income from continuing operations
before
undistributed earnings of equity
method
investments, amortization of
capitalized
interest, and taxes |
$ | 46.6 | 43.0 | 124.8 | 99.3 | 129.0 | (517.2 | ) | 183.0 | 190.3 | 185.9 | |||||||||||||||||||||||||
Less undistributed earnings of equity
method investments |
$ | (7.4 | ) | (7.5 | ) | (11.7 | ) | (11.7 | ) | (13.8 | ) | (16.5 | ) | (4.1 | ) | (8.2 | ) | (4.3 | ) | |||||||||||||||||
Plus distributed earnings of equity
method investments |
$ | 0.3 | 0.5 | 9.7 | 21.3 | 21.3 | 3.5 | 6.2 | 0.3 | — | ||||||||||||||||||||||||||
Plus amortization of capitalized
interest |
$ | 0.2 | 0.2 | 0.6 | 0.6 | 0.8 | 0.8 | 0.6 | 0.5 | 0.3 | ||||||||||||||||||||||||||
| $ | 39.7 | 36.2 | 123.4 | 109.5 | 137.3 | (529.4 | ) | 185.7 | 182.9 | 181.9 | ||||||||||||||||||||||||||
Plus: |
||||||||||||||||||||||||||||||||||||
Fixed charges: |
||||||||||||||||||||||||||||||||||||
Other interest expense (includes
amortization of deferred financing
costs) |
$ | 12.2 | 13.5 | 37.5 | 41.7 | 55.2 | 54.5 | 55.3 | 48.4 | 48.5 | ||||||||||||||||||||||||||
Debt discount amortization |
$ | 1.6 | 3.1 | 7.0 | 9.9 | 13.0 | 14.0 | 12.9 | 11.1 | — | ||||||||||||||||||||||||||
Floor plan interest expense |
$ | 9.0 | 9.1 | 25.9 | 27.5 | 35.6 | 64.2 | 73.1 | 58.2 | 45.2 | ||||||||||||||||||||||||||
Capitalized interest |
$ | 0.1 | 0.1 | 0.4 | 0.7 | 0.9 | 4.8 | 5.5 | 7.1 | 4.0 | ||||||||||||||||||||||||||
Interest factor in rental expense |
$ | 13.9 | 13.5 | 41.2 | 40.1 | 54.3 | 52.8 | 49.6 | 43.2 | 34.8 | ||||||||||||||||||||||||||
Total fixed charges |
$ | 36.8 | 39.3 | 112.0 | 119.9 | 159.0 | 190.3 | 196.4 | 168.0 | 132.5 | ||||||||||||||||||||||||||
Less: |
||||||||||||||||||||||||||||||||||||
Capitalized interest |
$ | 0.1 | 0.1 | 0.4 | 0.7 | 0.9 | 4.8 | 5.5 | 7.1 | 4.0 | ||||||||||||||||||||||||||
Earnings |
$ | 76.4 | 75.4 | 235.0 | 228.7 | 295.4 | (343.9 | ) | 376.6 | 343.8 | 310.4 | |||||||||||||||||||||||||
Ratio of earnings to fixed charges |
2.1 | 1.9 | 2.1 | 1.9 | 1.9 | — | (a) | 1.9 | 2.0 | 2.3 | ||||||||||||||||||||||||||
| (a) | In the year ended December 31, 2008, earnings were insufficient to cover fixed charges by
$534.2 million due to a non-cash impairment charge of $643.5 million. |