EX-12.1 3 ex-12_1.txt EXHIBIT 12.1 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 2000 1999 ------------------------- FIXED CHARGES Interest expense $ 94,443 $ 69,313 Portion of rentals deemed interest 535 482 ------------------------- TOTAL FIXED CHARGES $ 94,978 $ 69,795 ========================= EARNINGS Income before taxes $ 29,576 $ 29,312 Fixed charges 94,978 69,795 ------------------------- EARNINGS AS DEFINED $ 124,554 $ 99,107 ========================== RATIO OF EARNINGS TO FIXED CHARGES 1.31x 1.42x
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. See Exhibit 12.2. -12-