EX-12.(A) 2 d401400dex12a.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(a)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

PURSUANT TO SEC REPORTING REQUIREMENTS (1)

(Millions of Dollars)

 

     Nine Months Ended
September 30		  
     2012     2011  

FIXED CHARGES

     

Interest expense

    $ 43.8      $ 47.5   

Portion of rentals deemed interest

      1.2        1.2   
  

 

 

    

 

 

  

TOTAL FIXED CHARGES

    $ 45.0      $ 48.7   
  

 

 

    

 

 

  

EARNINGS

     

Income before income taxes

    $ 101.7      $ 80.3   

Fixed charges

      45.0        48.7   
  

 

 

    

 

 

  

EARNINGS AS DEFINED

    $ 146.7      $ 129.0   
  

 

 

    

 

 

  

RATIO OF EARNINGS TO FIXED CHARGES

      3.26 X      2.65 X 
  

 

 

    

 

 

  

(1) The method of computing the ratio of earnings to fixed charges shown above complies with SEC reporting requirements but differs from the method called for in the Support Agreement between the Company and PACCAR as shown in Exhibit 12(b).