Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - PENSKE AUTOMOTIVE GROUP, INC. | c15549e10vq.htm |
| EX-32 - EX-32 - PENSKE AUTOMOTIVE GROUP, INC. | c15549exv32.htm |
| EX-4.1 - EX-4.1 - PENSKE AUTOMOTIVE GROUP, INC. | c15549exv4w1.htm |
| EX-4.2 - EX-4.2 - PENSKE AUTOMOTIVE GROUP, INC. | c15549exv4w2.htm |
| EX-31.1 - EX-31.1 - PENSKE AUTOMOTIVE GROUP, INC. | c15549exv31w1.htm |
| EX-31.2 - EX-31.2 - PENSKE AUTOMOTIVE GROUP, INC. | c15549exv31w2.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 | ||||||||||||||||||||||||||||
| March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||
Income from continuing operations before
undistributed earnings of equity method
investments, amortization of capitalized
interest, and taxes |
$ | 52.2 | 38.3 | 192.0 | 127.9 | (554.0 | ) | 183.0 | 190.3 | |||||||||||||||||||
Less undistributed earnings of equity
method investments |
$ | — | 0.4 | (20.6 | ) | (13.8 | ) | (16.5 | ) | (4.1 | ) | (8.2 | ) | |||||||||||||||
Plus distributed earnings of equity
method investments |
$ | 8.1 | 8.8 | 9.9 | 21.3 | 3.5 | 6.2 | 0.3 | ||||||||||||||||||||
Plus amortization of capitalized interest |
$ | 0.2 | 0.2 | 0.8 | 0.8 | 0.8 | 0.6 | 0.5 | ||||||||||||||||||||
| $ | 60.5 | 47.7 | 182.1 | 136.2 | (566.2 | ) | 185.7 | 182.9 | ||||||||||||||||||||
Plus: |
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Fixed charges: |
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Other interest expense (includes
amortization of deferred financing costs) |
$ | 11.4 | 12.7 | 49.3 | 55.2 | 54.5 | 55.3 | 48.4 | ||||||||||||||||||||
Debt discount amortization |
$ | 1.7 | 2.9 | 8.6 | 13.0 | 14.0 | 12.9 | 11.1 | ||||||||||||||||||||
Floor plan interest expense |
$ | 7.2 | 8.9 | 34.4 | 34.8 | 63.5 | 73.1 | 58.2 | ||||||||||||||||||||
Capitalized interest |
$ | — | 0.1 | 0.5 | 0.9 | 4.8 | 5.5 | 7.1 | ||||||||||||||||||||
Interest factor in rental expense |
$ | 14.4 | 13.5 | 55.6 | 53.6 | 52.6 | 49.6 | 43.2 | ||||||||||||||||||||
Total fixed charges |
$ | 34.7 | 38.1 | 148.4 | 157.5 | 189.4 | 196.4 | 168.0 | ||||||||||||||||||||
Less: |
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Capitalized interest |
$ | 0.1 | 0.1 | 0.5 | 0.9 | 4.8 | 5.5 | 7.1 | ||||||||||||||||||||
Earnings |
$ | 95.1 | 85.7 | 330.0 | 292.8 | (381.6 | ) | 376.6 | 343.8 | |||||||||||||||||||
Ratio of earnings to fixed charges (a) |
2.7 | 2.2 | 2.2 | 1.9 | — | 1.9 | 2.0 | |||||||||||||||||||||
| (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. |