Deere John Capital (DE22B) 10-K 2005 FY Annual report

Exhibit 12

John Deere Capital Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(thousands of dollars)

	2005		2004		2003		2002		2001
Earnings:
Income before income taxes and changes in accounting	$	424,850	$	410,621	$	427,940	$	370,972	$	245,662
Fixed charges	480,077		334,521		367,223		382,547		459,348
Total earnings	$	904,927	$	745,142	$	795,163	$	753,519	$	705,010
Fixed charges:
Interest expense	$	473,204	$	327,451	$	360,127	$	374,883	$	452,032
Rent expense	6,873		7,070		7,096		7,664		7,316
Total fixed charges	$	480,077	$	334,521	$	367,223	$	382,547	$	459,348
Ratio of earnings to fixed charges *	1.88		2.23		2.17		1.97		1.53

“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 which 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.