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EXHIBIT 12(a)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PURSUANT TO SEC REPORTING REQUIREMENTS (1)
(Millions of Dollars)
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| Nine Months Ended |
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| September 30 |
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| 2008 |
| 2007 |
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FIXED CHARGES |
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Interest expense |
| $ | 122.4 |
| $ | 150.2 |
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Portion of rentals deemed interest |
| 1.3 |
| 1.2 |
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TOTAL FIXED CHARGES |
| $ | 123.7 |
| $ | 151.4 |
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EARNINGS |
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Income before income taxes |
| $ | 51.4 |
| $ | 103.3 |
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Fixed charges |
| 123.7 |
| 151.4 |
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EARNINGS AS DEFINED |
| $ | 175.1 |
| $ | 254.7 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 1.42X |
| 1.68X |
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(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).