Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - PENSKE AUTOMOTIVE GROUP, INC. | a15-6891_110q.htm |
| EX-4.2 - EX-4.2 - PENSKE AUTOMOTIVE GROUP, INC. | a15-6891_1ex4d2.htm |
| EX-4.1 - EX-4.1 - PENSKE AUTOMOTIVE GROUP, INC. | a15-6891_1ex4d1.htm |
| EX-10.3 - EX-10.3 - PENSKE AUTOMOTIVE GROUP, INC. | a15-6891_1ex10d3.htm |
| EX-10.1 - EX-10.1 - PENSKE AUTOMOTIVE GROUP, INC. | a15-6891_1ex10d1.htm |
| EX-10.2 - EX-10.2 - PENSKE AUTOMOTIVE GROUP, INC. | a15-6891_1ex10d2.htm |
| EX-31.2 - EX-31.2 - PENSKE AUTOMOTIVE GROUP, INC. | a15-6891_1ex31d2.htm |
| EX-31.1 - EX-31.1 - PENSKE AUTOMOTIVE GROUP, INC. | a15-6891_1ex31d1.htm |
| EX-10.4 - EX-10.4 - PENSKE AUTOMOTIVE GROUP, INC. | a15-6891_1ex10d4.htm |
| EX-32 - EX-32 - PENSKE AUTOMOTIVE GROUP, INC. | a15-6891_1ex32.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, |
| |||||||||||
|
|
|
2015 |
|
2014 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
|
2010 |
| |
|
Income from continuing operations before income taxes |
|
$ |
115.9 |
|
102.3 |
|
462.0 |
|
374.2 |
|
290.8 |
|
244.8 |
|
184.7 |
|
|
Less undistributed earnings of equity method investments |
|
$ |
(6.7 |
) |
(5.1 |
) |
(40.8 |
) |
(30.7 |
) |
(27.6 |
) |
(25.5 |
) |
(20.6 |
) |
|
Plus distributed earnings of equity method investments |
|
$ |
4.3 |
|
3.0 |
|
15.5 |
|
10.8 |
|
23.6 |
|
9.2 |
|
9.9 |
|
|
Plus amortization of capitalized interest |
|
$ |
0.2 |
|
0.2 |
|
0.8 |
|
0.8 |
|
0.8 |
|
0.8 |
|
0.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Income from continuing operations before undistributed earnings of equity method investments, amortization of capitalized interest, and taxes |
|
$ |
113.7 |
|
100.4 |
|
437.5 |
|
355.1 |
|
287.6 |
|
229.3 |
|
174.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Other interest expense (includes amortization of deferred financing costs) |
|
$ |
16.3 |
|
12.4 |
|
52.8 |
|
45.2 |
|
46.1 |
|
44.0 |
|
48.4 |
|
|
Debt discount amortization |
|
$ |
— |
|
— |
|
— |
|
— |
|
— |
|
1.7 |
|
8.6 |
|
|
Floor plan interest expense |
|
$ |
10.1 |
|
11.1 |
|
46.1 |
|
43.1 |
|
38.0 |
|
26.6 |
|
32.4 |
|
|
Capitalized interest |
|
$ |
0.2 |
|
0.2 |
|
0.8 |
|
0.7 |
|
0.6 |
|
0.7 |
|
0.5 |
|
|
Interest factor in rental expense |
|
$ |
16.2 |
|
14.8 |
|
62.8 |
|
57.0 |
|
55.4 |
|
53.1 |
|
50.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total fixed charges |
|
$ |
42.8 |
|
38.5 |
|
162.5 |
|
146.0 |
|
140.1 |
|
126.1 |
|
140.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Capitalized interest |
|
$ |
0.2 |
|
0.2 |
|
0.8 |
|
0.7 |
|
0.6 |
|
0.7 |
|
0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Earnings |
|
$ |
156.3 |
|
138.7 |
|
599.2 |
|
500.4 |
|
427.1 |
|
354.7 |
|
314.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Ratio of earnings to fixed charges |
|
3.7 |
|
3.6 |
|
3.7 |
|
3.4 |
|
3.0 |
|
2.8 |
|
2.2 |
| |