Caterpillar Financial Services 10-Q 2005 Q1 Quarterly report

EXHIBIT 12

CATERPILLAR FINANCIAL SERVICES CORPORATION

COMPUTATION OF RATIO OF PROFIT TO FIXED CHARGES

(Unaudited)

(Millions of Dollars)

	Three Months Ended
		March 31,			March 31,
		2005			2004
Net Income	$	83		$	72
Add:
Provision for income taxes		41			35
Deduct:
Equity in profit of partnerships		(-	)		(2	)
Profit before taxes	$	124		$	105
Fixed charges:
Interest on borrowed funds	$	173		$	121
Rentals at computed interest*		1			1
Total fixed charges	$	174		$	122
Profit before taxes plus fixed charges	$	298		$	227
Ratio of profit before taxes plus fixed charges to fixed charges		1.71			1.86

*Those portions of rent expense that are representative of interest cost.