PACCAR FINANCIAL CORP - FORM 10-K - EX-12.(A) - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

file	filename
10-K - FORM 10-K - PACCAR FINANCIAL CORP	d10k.htm
EX-23 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - PACCAR FINANCIAL CORP	dex23.htm
EX-31.(B) - SECTION 302 CERTIFICATION - PACCAR FINANCIAL CORP	dex31b.htm
EX-12.(B) - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - PACCAR FINANCIAL CORP	dex12b.htm
EX-31.(A) - SECTION 302 CERTIFICATION - PACCAR FINANCIAL CORP	dex31a.htm
EX-32.(A) - SECTION 906 CERTIFICATIONS - PACCAR FINANCIAL CORP	dex32a.htm
EX-4.(C) - INDENTURE FOR SENIOR DEBT SECURITIES - PACCAR FINANCIAL CORP	dex4c.htm

Exhibit 12(a)

PACCAR Financial Corp.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

PURSUANT TO SEC REPORTING REQUIREMENTS (1)

(Millions of Dollars)


	Year ended December 31
	2009		2008		2007		2006		2005
FIXED CHARGES
Interest expense	$	126.2	$	160.1	$	199.0	$	163.9	$	101.2

Portion of rentals deemed interest		1.7		1.7		1.6		1.5		1.4


TOTAL FIXED CHARGES	$	127.9	$	161.8	$	200.6	$	165.4	$	102.6


EARNINGS
Income before taxes	$	44.8	$	71.6	$	133.4	$	136.3	$	120.0

FIXED CHARGES		127.9		161.8		200.6		165.4		102.6


EARNINGS AS DEFINED	$	172.7	$	233.4	$	334.0	$	301.7	$	222.6


RATIO OF EARNINGS TO FIXED CHARGES		1.35x		1.44x		1.67x		1.82x		2.17x

(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(b).

PACCAR FINANCIAL CORP - FORM 10-K - EX-12.(A) - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - February 26, 2010