Paccar Financial 10-Q2012 Q1 Quarterly report

Filed: 10 May 12, 12:00am

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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)


	Three Months Ended March 31
	2012		2011
FIXED CHARGES
Interest expense	$	14.7	$	16.8
Portion of rentals deemed interest		.4		.4


TOTAL FIXED CHARGES	$	15.1	$	17.2


EARNINGS
Income before income taxes	$	31.8	$	23.5
Fixed charges		15.1		17.2


EARNINGS AS DEFINED	$	46.9	$	40.7


RATIO OF EARNINGS TO FIXED CHARGES		3.11X		2.37X

(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).

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