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Previous: PACCAR FINANCIAL CORP, 10-Q, EX-2, 2000-08-11 |
Next: PACCAR FINANCIAL CORP, 10-Q, EX-12.2, 2000-08-11 |
<PAGE>
EXHIBIT 12.1
PACCAR Financial Corp.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PURSUANT TO SEC REPORTING REQUIREMENTS
(Thousands of Dollars)
<TABLE>
<CAPTION>
Six Months Ended
June 30
2000 1999
-------------------------
<S> <C> <C>
FIXED CHARGES
Interest expense $ 94,443 $ 69,313
Portion of rentals deemed interest 535 482
-------------------------
TOTAL FIXED CHARGES $ 94,978 $ 69,795
=========================
EARNINGS
Income before taxes $ 29,576 $ 29,312
Fixed charges 94,978 69,795
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EARNINGS AS DEFINED $ 124,554 $ 99,107
==========================
RATIO OF EARNINGS TO FIXED CHARGES 1.31x 1.42x
</TABLE>
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. See Exhibit 12.2.
-12-
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