Exhibit 12
John Deere Capital Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
Three Months For the Years
Ended Ended
31 January 31 October
1997 1996 1996 1995
Earnings:
Income before income taxes
and changes in accounting $ 46,326 $ 49,690 $206,588 $175,360
Fixed charges 72,342 66,976 276,726 240,913
Total earnings $118,668 $116,666 $483,314 $416,273
Fixed charges:
Interest expense $ 71,485 $ 66,321 $273,748 $238,445
Rent expense 857 655 2,978 2,468
Total fixed charges $ 72,342 $ 66,976 $276,726 $240,913
Ratio of earnings to
fixed charges * 1.64 1.74 1.75 1.73
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For the Years
Ended
31 October
1994 1993 1992
Earnings:
Income before income taxes
and changes in accounting $161,809 $169,339 $142,920
Fixed charges 168,507 170,226 191,930
Total earnings $330,316 $339,565 $334,850
Fixed charges:
Interest expense $166,591 $167,787 $189,288
Rent expense 1,916 2,439 2,642
Total fixed charges $168,507 $170,226 $191,930
Ratio of earnings to 1.96 1.99 1.74
fixed charges *
__________
"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.