Exhibit 12.1
SONIC AUTOMOTIVE, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
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Year Ended December 31, |
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2014 |
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2013 |
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2012 |
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2011 |
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2010 |
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(In thousands) |
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Fixed charges: |
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Interest expense, including floor plan interest (1) |
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$ |
73,805 |
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$ |
79,842 |
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$ |
83,626 |
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$ |
90,894 |
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$ |
100,990 |
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Capitalized interest |
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1,921 |
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2,484 |
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1,198 |
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2,290 |
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2,330 |
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Rent expense (interest factor) |
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24,569 |
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24,659 |
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25,495 |
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27,942 |
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28,962 |
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Total fixed charges |
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100,295 |
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106,985 |
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110,319 |
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121,126 |
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132,282 |
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Income from continuing operations before income taxes and cumulative effect of change in accounting principle |
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161,727 |
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129,021 |
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141,233 |
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133,262 |
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83,092 |
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Add: Fixed charges |
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100,295 |
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106,985 |
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110,319 |
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121,126 |
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132,282 |
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Less: Capitalized interest |
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(1,921 |
) |
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(2,484 |
) |
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(1,198 |
) |
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(2,290 |
) |
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(2,330 |
) |
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Income from continuing operations before income taxes and cumulative effect of change in accounting principle & fixed charges |
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$ |
260,101 |
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$ |
233,522 |
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$ |
250,354 |
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$ |
252,098 |
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$ |
213,044 |
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Ratio of earnings to fixed charges |
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2.6 x |
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2.2 x |
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2.3 x |
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2.1 x |
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1.6 x |
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(1) Includes interest expense associated with discontinued operations.