Deere John Capital (DE22B) 10-Q2004 Q1 Quarterly report

Filed: 27 Feb 04, 12:00am

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New words: actuarially, beneficiary, care, classify, compensation, compete, contingent, critical, direct, employee, exempt, FIN, health, intercompany, Issuer, JPMorgan, Lynch, mer, Merrill, Nortrax, participation, pension, primary, restructured, revised, salaried, selected, shown, standa, unconsolidated, USA, VIE, worldwide

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Exhibit 12

John Deere Capital Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(thousands of dollars)

			Three Months Ended January 31,				For the Years Ended October 31,

			2004		2003		2003		2002		2001		2000		1999

Earnings:
	Income before income taxes and changes in accounting		$	106,022	$	95,915	$	427,940	$	370,972	$	245,662	$	216,712	$	235,760
	Fixed charges		83,520		91,644		367,223		382,547		459,348		447,169		366,102

		Total earnings	$	189,542	$	187,559	$	795,163	$	753,519	$	705,010	$	663,881	$	601,862




Fixed charges:
	Interest expense		$	81,737	$	89,894	$	360,127	$	374,883	$	452,032	$	440,220	$	360,925
	Rent Expense		1,783		1,750		7,096		7,664		7,316		6,949		5,177

		Total fixed charges	$	83,520	$	91,644	$	367,223	$	382,547	$	459,348	$	447,169	$	366,102




Ratio of earnings to fixed charges*			2.27		2.05		2.17		1.97		1.53		1.48		1.64

"Earnings" consist of income before income taxes, the cumulative effect of changes in accounting and fixed charges. "Fixed charges" consist of interest on indebtedness, amortization of debt discount and expense, an estimated amount of rental expense under capitalized leases that is deemed to be representative of the interest factor and rental expense under operating leases.

* The Company has not issued preferred stock. Therefore, the ratios of earnings to combined fixed charges and preferred stock dividends are the same as the ratios presented above.