EX-12.B 3 dex12b.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

PACCAR FINANCIAL CORP. - FORM 10-Q

EXHIBIT 12(b)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

PURSUANT TO THE SUPPORT AGREEMENT

BETWEEN THE COMPANY AND PACCAR

(Millions of Dollars)

 

     Six months ended
June 30		  
     2011      2010  

FIXED CHARGES

      

Interest expense

    $ 32.2       $ 48.5   

Facility and equipment rental

      1.0         1.1   
  

 

 

     

 

 

  
     

TOTAL FIXED CHARGES

    $ 33.2       $ 49.6   
  

 

 

     

 

 

  
     

EARNINGS

      

Income before taxes

    $ 49.8       $ 23.2   

Depreciation

      68.5         68.1   
  

 

 

     

 

 

  
     118.3         91.3   
     

FIXED CHARGES

      33.2         49.6   
  

 

 

     

 

 

  
     

EARNINGS AS DEFINED

    $ 151.5       $ 140.9   
  

 

 

     

 

 

  
     

RATIO OF EARNINGS TO FIXED CHARGES

      4.56X         2.84X