Caterpillar (CAT) 8-K Entry into a Material Definitive Agreement

EXHIBIT 12.1

CATERPILLAR INC.
AND CONSOLIDATED SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)

	PERIODS ENDED MARCH 31,				YEARS ENDED DECEMBER 31,
	2012		2011		2011		2010		2009		2008		2007
Earnings (1)	$	2,298	$	1,763	$	6,725	$	3,750	$	569	$	4,501	$	4,990
Plus: Interest Expense	317		290		1,222		1,257		1,434		1,427		1,420
One-third of rental expense (2)	39		34		143		120		127		133		119
Adjusted Earnings	2,654		2,087		8,090		5,127		2,130		6,061		6,529
Fixed charges:
Interest expense (3)	317		290		1,222		1,257		1,434		1,427		1,420
Capitalized interest	3		—		18		26		25		27		15
One-third of rental expense (2)	39		34		143		120		127		133		119
Total fixed charges	$	359	$	324	$	1,383	$	1,403	$	1,586	$	1,587	$	1,554
Ratio of earnings to fixed charges	7.4		6.4		5.8		3.7		1.3		3.8		4.2

(1)  Consolidated profit before taxes

(2)  Considered to be representative of interest factor in rental expense

(3)  Does not include interest on income taxes and other non-third-party indebtedness