Exhibit 12
John Deere Capital Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
Nine Months Ended 31 July
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1997 1996
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Earnings:
Income before income
taxes and changes
in accounting $149,742 $157,567
Fixed charges 239,501 202,866
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Total earnings $389,243 $360,433
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Fixed charges:
Interest expense $236,734 $200,728
Rent expense 2,767 2,138
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Total fixed
charges $239,501 $202,866
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Ratio of earnings to
fixed charges * 1.63 1.78
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For the Years Ended October 31
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1996 1995 1994 1993 1992
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Earnings:
Income before income
taxes and changes
in accounting $206,588 $175,360 $161,809 $169,339 $142,920
Fixed charges 276,726 240,913 168,507 170,226 191,930
-------- -------- -------- -------- --------
Total earnings $483,314 $416,273 $330,316 $339,565 $334,850
======== ======== ======== ======== ========
Fixed charges:
Interest expense $273,748 $238,445 $166,591 $167,787 $189,288
Rent expense 2,978 2,468 1,916 2,439 2,642
-------- -------- -------- -------- --------
Total fixed
charges $276,726 $240,913 $168,507 $170,226 $191,930
======== ======== ======== ======== ========
Ratio of earnings to
fixed charges * 1.75 1.73 1.96 1.99 1.74
======== ======== ======== ======== ========
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"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.
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