EX-12.2 3 a05-7295_1ex12d2.htm EX-12.2

Exhibit 12.2

 

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

PURSUANT TO THE SUPPORT AGREEMENT

BETWEEN THE COMPANY AND PACCAR

(Millions of Dollars)

 

 

 

Three Months Ended

 

 

 

March 31

 

 

 

2005

 

2004

 

 

 

 

 

 

 

FIXED CHARGES

 

 

 

 

 

Interest expense

 

$

20.1

 

$

15.9

 

Facility and equipment rental

 

.5

 

.4

 

 

 

 

 

 

 

TOTAL FIXED CHARGES

 

$

20.6

 

$

16.3

 

 

 

 

 

 

 

EARNINGS

 

 

 

 

 

Income before taxes

 

$

29.6

 

$

24.4

 

Depreciation

 

15.7

 

9.6

 

 

 

 

 

 

 

 

 

45.3

 

34.0

 

Fixed charges

 

20.6

 

16.3

 

 

 

 

 

 

 

EARNINGS AS DEFINED

 

$

65.9

 

$

50.3

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

3.20

X

3.09

X