Exhibit 12.1
SONIC AUTOMOTIVE, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
|
|
|
Year Ended December 31, |
|
|||||||||||||||||
|
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|||||
|
|
|
(In thousands) |
|
|||||||||||||||||
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, including floor plan interest (1) |
|
$ |
73,539 |
|
|
$ |
73,805 |
|
|
$ |
79,842 |
|
|
$ |
83,626 |
|
|
$ |
90,894 |
|
|
Capitalized interest |
|
|
1,912 |
|
|
|
1,921 |
|
|
|
2,484 |
|
|
|
1,198 |
|
|
|
2,290 |
|
|
Rent expense (interest factor) |
|
|
24,514 |
|
|
|
24,569 |
|
|
|
24,659 |
|
|
|
25,495 |
|
|
|
27,942 |
|
|
Total fixed charges |
|
|
99,965 |
|
|
|
100,295 |
|
|
|
106,985 |
|
|
|
110,319 |
|
|
|
121,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes and cumulative effect of change in accounting principle |
|
|
145,156 |
|
|
|
161,727 |
|
|
|
129,021 |
|
|
|
141,233 |
|
|
|
133,262 |
|
|
Add: Fixed charges |
|
|
99,965 |
|
|
|
100,295 |
|
|
|
106,985 |
|
|
|
110,319 |
|
|
|
121,126 |
|
|
Less: Capitalized interest |
|
|
(1,912 |
) |
|
|
(1,921 |
) |
|
|
(2,484 |
) |
|
|
(1,198 |
) |
|
|
(2,290 |
) |
|
Income from continuing operations before income taxes and cumulative effect of change in accounting principle & fixed charges |
|
$ |
243,209 |
|
|
$ |
260,101 |
|
|
$ |
233,522 |
|
|
$ |
250,354 |
|
|
$ |
252,098 |
|
|
Ratio of earnings to fixed charges |
|
2.4 x |
|
|
2.6 x |
|
|
2.2 x |
|
|
2.3 x |
|
|
2.1 x |
|
|||||
(1) Includes interest expense associated with discontinued operations.