PACCAR FINANCIAL CORP - FORM 10-Q - EX-12.(A) - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - May 5, 2010

Attached files

file filename
10-Q - FORM 10-Q - PACCAR FINANCIAL CORPd10q.htm
EX-31.(B) - SECTION 302 CERTIFICATION - PACCAR FINANCIAL CORPdex31b.htm
EX-31.(A) - SECTION 302 CERTIFICATION - PACCAR FINANCIAL CORPdex31a.htm
EX-32.(A) - SECTION 906 CERTIFICATION - PACCAR FINANCIAL CORPdex32a.htm
EX-12.(B) - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - PACCAR FINANCIAL CORPdex12b.htm

EXHIBIT 12(a)

FORM 10-Q

PACCAR FINANCIAL CORP.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

PURSUANT TO SEC REPORTING REQUIREMENTS (1)

(Millions of Dollars)

 

     Three months  ended
March 31
     2010      2009

FIXED CHARGES

        

Interest expense

    $ 24.9      $ 34.2

Portion of rentals deemed interest

      .4        .4
               
       

TOTAL FIXED CHARGES

    $ 25.3      $ 34.6
               
       

EARNINGS

        

Income before income taxes

    $ 8.0      $ 17.3

Fixed charges

      25.3        34.6
               
       

EARNINGS AS DEFINED

    $ 33.3      $ 51.9
               
       

RATIO OF EARNINGS TO FIXED CHARGES

      1.32X        1.50X
               

 

(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).

PACCAR FINANCIAL CORP Reports