Exhibit 12.1
SONIC AUTOMOTIVE, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||
(In thousands) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Fixed charges: |
||||||||||||||||||||
Interest expense, including floor plan interest (1) |
$ | 83,626 | $ | 90,894 | $ | 100,990 | $ | 114,221 | $ | 121,057 | ||||||||||
Capitalized interest |
1,198 | 2,290 | 2,330 | 702 | 1,543 | |||||||||||||||
Rent expense (interest factor) |
25,495 | 27,942 | 28,962 | 29,541 | 29,660 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total fixed charges |
110,319 | 121,126 | 132,282 | 144,464 | 152,260 | |||||||||||||||
Income from continuing operations before income taxes and cumulative effect of change in accounting principle |
141,233 | 133,262 | 83,092 | 32,537 | (755,754 | ) | ||||||||||||||
Add: Fixed charges |
110,319 | 121,126 | 132,282 | 144,464 | 152,260 | |||||||||||||||
Less: Capitalized interest |
(1,198 | ) | (2,290 | ) | (2,330 | ) | (702 | ) | (1,543 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income from continuing operations before income taxes and cumulative effect of change in accounting principle & fixed charges |
$ | 250,354 | $ | 252,098 | $ | 213,044 | $ | 176,299 | $ | (605,037 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratio of earnings to fixed charges |
2.3 x | 2.1 x | 1.6 x | 1.2 x | (757,297 | ) (2) |
(1) | Includes interest expense associated with discontinued operations. |
(2) | Reflects deficiency of earnings available to cover fixed charges. Because of this deficiency, ratio information is not provided. |