Attached files
file | filename |
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EX-32 - EX-32 - PENSKE AUTOMOTIVE GROUP, INC. | pag-20160930xex32.htm |
EX-31.2 - EX-31.2 - PENSKE AUTOMOTIVE GROUP, INC. | pag-20160930ex312cdb2fe.htm |
EX-31.1 - EX-31.1 - PENSKE AUTOMOTIVE GROUP, INC. | pag-20160930ex3116110d7.htm |
10-Q - 10-Q - PENSKE AUTOMOTIVE GROUP, INC. | pag-20160930x10q.htm |
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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Year Ended December 31, |
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2016 |
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2015 |
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2016 |
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2015 |
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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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$ |
130.1 |
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$ |
129.3 |
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$ |
393.2 |
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$ |
388.4 |
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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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(25.6) |
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(11.0) |
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(43.1) |
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(29.7) |
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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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4.0 |
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4.3 |
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9.6 |
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10.7 |
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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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0.2 |
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0.2 |
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0.6 |
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0.6 |
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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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$ |
108.7 |
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$ |
122.8 |
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$ |
360.3 |
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$ |
370.0 |
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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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$ |
25.1 |
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$ |
16.3 |
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$ |
61.8 |
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$ |
49.0 |
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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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— |
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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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11.9 |
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11.4 |
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37.8 |
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32.7 |
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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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0.4 |
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0.2 |
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1.1 |
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0.5 |
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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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16.8 |
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16.7 |
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50.9 |
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49.4 |
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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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$ |
54.2 |
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$ |
44.6 |
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$ |
151.6 |
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$ |
131.6 |
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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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$ |
0.4 |
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$ |
0.2 |
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$ |
1.1 |
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$ |
0.5 |
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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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$ |
162.5 |
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$ |
167.2 |
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$ |
510.8 |
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$ |
501.1 |
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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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3.0 |
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3.7 |
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3.4 |
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3.8 |
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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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