EX-12.1 2 a05-7295_1ex12d1.htm EX-12.1

Exhibit 12.1

 

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

PURSUANT TO SEC REPORTING REQUIREMENTS (1)

(Millions of Dollars)

 

 

 

Three Months Ended

 

 

 

March 31

 

 

 

2005

 

2004

 

 

 

 

 

 

 

FIXED CHARGES

 

 

 

 

 

Interest expense

 

$

20.1

 

$

15.9

 

Portion of rentals deemed interest

 

.4

 

.3

 

 

 

 

 

 

 

TOTAL FIXED CHARGES

 

$

20.5

 

$

16.2

 

 

 

 

 

 

 

EARNINGS

 

 

 

 

 

Income before income taxes

 

$

29.6

 

$

24.4

 

Fixed charges

 

20.5

 

16.2

 

 

 

 

 

 

 

EARNINGS AS DEFINED

 

$

50.1

 

$

40.6

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

2.44

X

2.51

X

 

(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 12.2.