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SEC Filings

10-K
PENSKE AUTOMOTIVE GROUP, INC. filed this Form 10-K on 02/24/2017
Entire Document
 
pag_Ex12

Exhibit 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

  

2016

  

2015

  

2014

  

2013

  

2012

 

Income from continuing operations before income taxes

 

$

508.1

 

$

491.9

 

$

457.9

 

$

371.8

 

$

290.4

 

Less undistributed earnings of equity method investments

 

 

(69.5)

 

 

(39.3)

 

 

(40.8)

 

 

(30.7)

 

 

(27.6)

 

Plus distributed earnings of equity method investments

 

 

23.2

 

 

16.1

 

 

15.5

 

 

10.8

 

 

23.6

 

Plus amortization of capitalized interest

 

 

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

 

$

462.6

 

$

469.5

 

$

433.4

 

$

352.7

 

$

287.2

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other interest expense (includes amortization of debt issuance costs)

 

$

85.4

 

$

69.4

 

$

52.8

 

$

45.3

 

$

46.1

 

Floor plan interest expense

 

 

50.9

 

 

44.5

 

 

46.5

 

 

43.5

 

 

38.3

 

Capitalized interest

 

 

1.6

 

 

0.8

 

 

0.8

 

 

0.7

 

 

0.6

 

Interest factor in rental expense

 

 

68.2

 

 

66.6

 

 

63.1

 

 

57.3

 

 

55.7

 

Total fixed charges

 

$

206.1

 

$

181.3

 

$

163.2

 

$

146.8

 

$

140.7

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

$

1.6

 

$

0.8

 

$

0.8

 

$

0.7

 

$

0.6

 

Earnings

 

$

667.1

 

$

650.0

 

$

595.8

 

$

498.8

 

$

427.3

 

Ratio of earnings to fixed charges

 

 

3.2

 

 

3.6

 

 

3.7

 

 

3.4

 

 

3.0