Exhibit 12
John Deere Capital Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
Six Months Ended
30 April
1997 1996
Earnings: ===================
Income before income
taxes and changes
in accounting. . . . . . . . . . . . . . .$ 91,472 $107,821
Fixed charges. . . . . . . . . . . . . . . . 151,854 135,264
-------- --------
Total earnings . . . . . . . . . . . . .$243,326 $243,085
======== ========
Fixed charges:
Interest expense . . . . . . . . . . . . .$150,046 $133,888
Rent expense . . . . . . . . . . . . . . . 1,808 1,376
-------- --------
Total fixed charges. . . . . . . . . . .$151,854 $135,264
======== ========
Ratio of earnings to
fixed charges *. . . . . . . . . . . . . . 1.60 1.80
======== ========
For the Years Ended October 31
1996 1995 1994
Earnings: ==============================
Income before income
taxes and changes
in accounting . . . . . . . . $206,588 $175,360 $161,809
Fixed charges. . . . . . . . . . 276,726 240,913 168,507
-------- -------- --------
Total earnings . . . . . . . $483,314 $416,273 $330,316
======== ======== ========
Fixed charges:
Interest expense . . . . . . . $273,748 $238,445 $166,591
Rent expense . . . . . . . . . 2,978 2,468 1,916
-------- -------- --------
Total fixed charges. . . . . $276,726 $240,913 $168,507
======== ======== ========
Ratio of earnings to
fixed charges *. . . . . . . . 1.75 1.73 1.96
======== ======== ========
Exhibit 12
John Deere Capital Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
For the Years Ended
October 31
1993 1992
Earnings: ===================
Income before income
taxes and changes
in accounting. . . . . . . . . . . . . . .$169,339 $142,920
Fixed charges. . . . . . . . . . . . . . . . 170,226 191,930
-------- --------
Total earnings . . . . . . . . . . . . .$339,565 $334,850
======== ========
Fixed charges:
Interest expense . . . . . . . . . . . . .$167,787 $189,288
Rent expense . . . . . . . . . . . . . . . 2,439 2,642
-------- --------
Total fixed charges. . . . . . . . . . .$170,226 $191,930
======== ========
Ratio of earnings to
fixed charges *. . . . . . . . . . . . . . 1.99 1.74
======== ========
_______
"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.