Deere John Capital (DE22B) 10-Q 2005 Q1 Quarterly report

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,
	2005		2004		2004		2003		2002		2001		2000
Earnings:
Income before income taxes and changes in accounting	$	104,686	$	106,022	$	410,621	$	427,940	$	370,972	$	245,662	$	216,712
Fixed charges	94,290		83,520		334,521		367,223		382,547		459,348		447,169
Total earnings	$	198,976	$	189,542	$	745,142	$	795,163	$	753,519	$	705,010	$	663,881
Fixed charges:
Interest expense	$	92,583	$	81,737	$	327,451	$	360,127	$	374,883	$	452,032	$	440,220
Rent Expense	1,707		1,783		7,070		7,096		7,664		7,316		6,949
Total fixed charges	$	94,290	$	83,520	$	334,521	$	367,223	$	382,547	$	459,348	$	447,169
Ratio of earnings to fixed charges*	2.11		2.27		2.23		2.17		1.97		1.53		1.48

“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.

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