Exhibit 12
John Deere Capital Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(thousands of dollars)
Six Months Ended April 30,
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2001 2000
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Earnings:
Income before income
taxes and changes
in accounting $ 124,298 $ 104,491
Fixed charges 246,793 205,927
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Total Earnings $ 371,091 $ 310,418
Fixed charges:
Interest expense $243,183 $ 202,626
Rent Expense 3,610 3,301
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Total fixed
Charges $246,793 $ 205,927
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Ratio of earnings to
Fixed charges* 1.50 1.51
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For the Years Ended October 31,
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2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
Earnings:
Income before
income taxes
and changes
in accounting $216,712 $235,760 $233,534 $211,251 $206,588
Fixed charges 447,169 366,102 373,237 330,648 276,726
-------- -------- -------- -------- --------
Total Earnings $663,881 $601,862 $606,771 $541,899 $483,314
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Fixed charges:
Interest expense $440,220 $360,925 $368,381 $326,867 $273,748
Rent Expense 6,949 5,177 4,856 3,782 2,978
-------- -------- -------- -------- --------
Total fixed
charges $447,169 $366,102 $373,237 $330,649 $276,726
======== ======== ======== ======== ========
Ratio of earnings
to fixed
charges* 1.48 1.64 1.63 1.64 1.75
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