Exhibit 12 JOHN DEERE CAPITAL CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS OF DOLLARS) Six Months Ended 30 April 1994 1993 Earnings: Income before income taxes and changes in accounting $ 75,165 $ 82,050 Fixed charges 73,520 87,698 Total earnings $148,685 $169,748 Fixed charges: Interest expense $72,259 $86,397 Rent expense 1,261 1,301 Total fixed charges $73,520 $87,698 Ratio of earnings to fixed charges* 2.02 1.94 Year Ended 31 October Earnings: 1993 1992 1991 Income before income taxes and changes in accounting $169,339 $142,920 $110,820 Fixed charges 170,226 191,930 $230,901 Total earnings $339,565 $334,850 $341,721 Fixed charges: Interest expense $167,787 $189,288 $228,308 Rent expense 2,439 2,642 2,593 Total fixed charges $170,226 $191,930 $230,901 Ratio of earnings to fixed charges* 1.99 1.74 1.48 Year Ended 31 October Earnings: 1990 1989 Income before income taxes and changes in accounting $ 99,366 $ 99,971 Fixed charges 216,985 214,038 Total earnings $316,351 $314,009 Fixed charges: Interest expense $214,707 $212,144 Rent expense 2,278 1,894 Total fixed charges $216,985 $214,038 Ratio of earnings to fixed charges* 1.46 1.47 _____ "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.