AutoNation 2011 Annual Report Download - page 110
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Exhibit 12.1
Income (loss) from continuing operations before income taxes
$461.3
$381.3
$349.2
$(1,401.5)
$450.8
Adjustment to exclude earnings from equity method investees
—
—
(0.1)
(0.7)
(0.8)
Fixed charges
128.8
120.0
103.7
201.1
273.7
Distributions from equity method investees
—
—
1.3
0.3
1.0
Interest capitalized
(1.0)
(1.2)
(0.1)
(0.8)
(0.9)
Earnings, as defined
$589.1
$500.1
$454.0
$ (1,201.6)
$723.8
Floorplan interest expense (a)
$42.7
$42.8
$37.4
$ 89.3
$ 135.8
Other interest expense (b)
66.5
56.6
42.6
89.4
114.1
Capitalized interest costs
1.0
1.2
0.1 0.8 0.9
Interest component of rent expense
18.6
19.4
23.6
21.6
22.9
Total fixed charges
$ 128.8
$120.0
$103.7
$201.1
$273.7
(a) Includes floorplan interest expense associated with discontinued operations.
(b) Includes amortization of debt issuance costs and other interest expense associated with discontinued operations.
(c) In the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $1.40 billion due to non-cash impairment charges of $1.74
billion.