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EXHIBIT 12.2
FORM 10-Q
PACCAR FINANCIAL CORP.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PURSUANT TO THE SUPPORT AGREEMENT
BETWEEN THE COMPANY AND PACCAR
(Millions of Dollars)
|
| Three Months Ended |
| ||||
|
| 2003 |
| 2002 |
| ||
|
|
|
|
|
| ||
FIXED CHARGES |
|
|
|
|
| ||
Interest expense |
| $ | 22.8 |
| $ | 31.8 |
|
Facility and equipment rental |
| .5 |
| .4 |
| ||
|
|
|
|
|
| ||
TOTAL FIXED CHARGES |
| $ | 23.3 |
| $ | 32.2 |
|
|
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|
|
|
| ||
EARNINGS |
|
|
|
|
| ||
Income before taxes |
| $ | 17.0 |
| $ | 3.6 |
|
Depreciation |
| 5.8 |
| 3.0 |
| ||
|
|
|
|
|
| ||
|
| 22.8 |
| 6.6 |
| ||
Fixed charges |
| 23.3 |
| 32.2 |
| ||
|
|
|
|
|
| ||
EARNINGS AS DEFINED |
| $ | 46.1 |
| $ | 38.8 |
|
|
|
|
|
|
| ||
RATIO OF EARNINGS TO FIXED CHARGES |
| 1.98 | x | 1.21 | x | ||