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SEC Filings

10-Q
PENSKE AUTOMOTIVE GROUP, INC. filed this Form 10-Q on 10/26/2017
Entire Document
 
pag_Ex12

Exhibit 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

September 30,

 

Year Ended December 31,

 

 

   

2017

   

2016

   

2017

  

2016

  

2016

  

2015

  

2014

  

2013

  

2012

 

Income from continuing operations before income taxes

 

$

138.9

 

$

130.1

 

$

420.5

 

$

393.2

 

$

508.1

 

$

491.9

 

$

457.9

 

$

371.8

 

$

290.4

 

Less undistributed earnings of equity method investments

 

 

(30.9)

 

 

(25.6)

 

 

(70.9)

 

 

(43.1)

 

 

(69.5)

 

 

(39.3)

 

 

(40.8)

 

 

(30.7)

 

 

(27.6)

 

Plus distributed earnings of equity method investments

 

 

11.9

 

 

4.0

 

 

31.2

 

 

9.6

 

 

23.2

 

 

16.1

 

 

15.5

 

 

10.8

 

 

23.6

 

Plus amortization of capitalized interest

 

 

0.2

 

 

0.2

 

 

0.6

 

 

0.6

 

 

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

 

$

120.1

 

$

108.7

 

$

381.4

 

$

360.3

 

$

462.6

 

$

469.5

 

$

433.4

 

$

352.7

 

$

287.2

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other interest expense (includes amortization of debt issuance costs)

 

$

27.8

 

$

25.1

 

$

79.2

 

$

61.8

 

$

85.4

 

$

69.4

 

$

52.8

 

$

45.3

 

$

46.1

 

Floor plan interest expense

 

 

16.4

 

 

11.9

 

 

45.6

 

 

37.8

 

 

50.9

 

 

44.5

 

 

46.5

 

 

43.5

 

 

38.3

 

Capitalized interest

 

 

0.4

 

 

0.4

 

 

1.0

 

 

1.1

 

 

1.6

 

 

0.8

 

 

0.8

 

 

0.7

 

 

0.6

 

Interest factor in rental expense

 

 

19.6

 

 

16.8

 

 

55.5

 

 

50.9

 

 

68.2

 

 

66.6

 

 

63.1

 

 

57.3

 

 

55.7

 

Total fixed charges

 

$

64.2

 

$

54.2

 

$

181.3

 

$

151.6

 

$

206.1

 

$

181.3

 

$

163.2

 

$

146.8

 

$

140.7

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

$

0.4

 

$

0.4

 

$

1.0

 

$

1.1

 

$

1.6

 

$

0.8

 

$

0.8

 

$

0.7

 

$

0.6

 

Earnings

 

$

183.9

 

$

162.5

 

$

561.7

 

$

510.8

 

$

667.1

 

$

650.0

 

$

595.8

 

$

498.8

 

$

427.3

 

Ratio of earnings to fixed charges

 

 

2.9

 

 

3.0

 

 

3.1

 

 

3.4

 

 

3.2

 

 

3.6

 

 

3.7

 

 

3.4

 

 

3.0