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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)
Six Months Ended
June 30
1994 1993
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FIXED CHARGES
Interest expense $27,948 $22,182
Portion of rentals deemed interest 113 106
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TOTAL FIXED CHARGES $28,061 $22,288
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EARNINGS
Income before taxes $19,990 $14,498
Fixed charges 28,061 22,288
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EARNINGS AS DEFINED $48,051 $36,786
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RATIO OF EARNINGS TO FIXED CHARGES 1.71X 1.65X
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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