Attached files
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Year ended December 31, |
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2015 |
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2014 |
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2013 |
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2012 |
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2011 |
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Income from continuing operations before income taxes |
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$ |
491.9 |
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$ |
457.9 |
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$ |
371.8 |
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$ |
290.4 |
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$ |
244.3 |
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Less undistributed earnings of equity method investments |
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(39.3) |
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(40.8) |
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(30.7) |
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(27.6) |
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(25.5) |
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Plus distributed earnings of equity method investments |
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16.1 |
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15.5 |
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10.8 |
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23.6 |
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9.2 |
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Plus amortization of capitalized interest |
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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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$ |
469.5 |
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$ |
433.4 |
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$ |
352.7 |
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$ |
287.2 |
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$ |
228.8 |
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Plus: |
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Fixed charges: |
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Other interest expense (includes amortization of deferred financing costs) |
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$ |
69.4 |
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$ |
52.8 |
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$ |
45.3 |
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$ |
46.1 |
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$ |
44.0 |
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Debt discount amortization |
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— |
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— |
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— |
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— |
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1.7 |
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Floor plan interest expense |
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44.5 |
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46.5 |
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43.5 |
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38.3 |
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26.9 |
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Capitalized interest |
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0.8 |
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0.8 |
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0.7 |
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0.6 |
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0.7 |
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Interest factor in rental expense |
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66.6 |
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63.1 |
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57.3 |
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55.7 |
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53.4 |
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Total fixed charges |
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$ |
181.3 |
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$ |
163.2 |
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$ |
146.8 |
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$ |
140.7 |
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$ |
126.7 |
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Less: |
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Capitalized interest |
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$ |
0.8 |
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$ |
0.8 |
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$ |
0.7 |
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$ |
0.6 |
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$ |
0.7 |
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Earnings |
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$ |
650.0 |
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$ |
595.8 |
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$ |
498.8 |
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$ |
427.3 |
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$ |
354.8 |
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Ratio of earnings to fixed charges |
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3.6 |
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3.7 |
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3.4 |
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3.0 |
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2.8 |
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