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EXHIBIT 12.1
PACCAR Financial Corp.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PURSUANT TO SEC REPORTING REQUIREMENTS
(Thousands of Dollars)
Three Months Ended
March 31
1994 1993
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FIXED CHARGES
Interest expense $12,981 $11,180
Portion of rentals deemed interest 56 50
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TOTAL FIXED CHARGES $13,037 $11,230
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EARNINGS
Income before taxes $ 9,294 $ 7,114
Fixed charges 13,037 11,230
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EARNINGS AS DEFINED $22,331 $18,344
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RATIO OF EARNINGS TO FIXED CHARGES 1.71X 1.63X
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 Inc. See Exhibit 12.2.
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