Exhibit 12 John Deere Capital Corporation and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (thousands of dollars) Six Months Ended April 30, ----------------------------- 1998 1997 ------------- ------------- Earnings: Income before income taxes and changes in accounting $ 98,064 $ 91,472 Fixed charges 181,540 151,854 -------- -------- Total earnings $279,604 $243,326 ======== ======== Fixed charges: Interest expense $179,408 $150,046 Rent expense 2,132 1,808 -------- -------- Total fixed charges $181,540 $151,854 ======== ======== Ratio of earnings to fixed charges * 1.54 1.60 ======== ======== For the Years Ended October 31, -------------------------------------------- 1997 1996 1995 1994 1993 -------- -------- -------- -------- -------- Earnings: Income before income taxes and changes in accounting $211,252 $206,588 $175,360 $161,809 $169,339 Fixed charges 330,649 276,726 240,913 168,507 170,226 -------- -------- -------- -------- -------- Total earnings $541,901 $483,314 $416,273 $330,316 $339,565 ======== ======== ======== ======== ======== Fixed charges: Interest expense $326,867 $273,748 $238,445 $166,591 $167,787 Rent expense 3,782 2,978 2,468 1,916 2,439 -------- -------- -------- -------- -------- Total fixed charges $330,649 $276,726 $240,913 $168,507 $170,226 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges * 1.64 1.75 1.73 1.96 1.99 ======== ======== ======== ======== ======== - --------- "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.