Deere & Company (DE) 10-Q 2001 Q3 Quarterly report

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EXHIBIT 12

DEERE & COMPANY AND CONSOLIDATED SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Nine Months Ended July 31				Year Ended October 31
	2001		2000		2000		1999		1998		1997		1996
	(In thousand of dollars)
Earnings:
Income of consolidated group before income taxes	$	443,802	$	682,374	$	777,507	$	365,135	$	1,560,032	$	1,507,070	$	1,286,634
Dividends received from less-than-fifty percent owned affiliates		815		3,065		3,065		5,734		5,555		3,591		7,937
Fixed charges excluding capitalized interest		601,405		500,366		693,626		571,949		531,817		433,673		410,764
Total earnings	$	1,046,022	$	1,185,805	$	1,474,198	$	942,818	$	2,097,404	$	1,944,334	$	1,705,335
Fixed charges:
Interest expense of consolidated group including capitalized interest	$	588,942	$	489,093	$	677,424	$	557,740	$	521,418	$	422,588	$	402,168
Portion of rental charges deemed to be interest		12,842		11,510		17,122		15,347		12,451		11,497		8,596
Total fixed charges	$	601,784	$	500,603	$	694,546	$	573,087	$	533,869	$	434,085	$	410,764
Ratio of earnings to fixed charges*		1.74		2.37		2.12		1.65		3.93		4.48		4.15

The computation of the ratio of earnings to fixed charges is based on applicable amounts of the Company and its consolidated subsidiaries plus dividends received from less-than-fifty percent owned affiliates. "Earnings" consist of income before income taxes, the cumulative effect of changes in accounting and fixed charges excluding capitalized interest. "Fixed charges" consist of interest on indebtedness, amortization of debt discount and expense, an estimated amount of rental expense which is deemed to be representative of the interest factor, and capitalized interest.

*

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.

24

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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES