Exhibit 12 John Deere Capital Corporation and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (thousands of dollars) Three Months Ended January 31, ------------------------------ 1999 1998 ----------- ----------- Earnings: Income before income taxes and changes in accounting $57,129 $47,530 Fixed charges 87,120 89,278 ----------- ---------- Total earnings $144,249 $136,808 =========== ========== Fixed charges: Interest expense $85,983 $88,258 Rent expense 1,137 1,020 ----------- ---------- Total fixed charges $87,120 $89,278 =========== ========== Ratio of earnings to fixed charges * 1.66 1.53 =========== ========== For the Years Ended October 31, ------------------------------------------- 1998 1997 1996 1995 1994 -------- -------- -------- -------- -------- Earnings: Income before income taxes and changes in accounting $233,534 $211,251 $206,588 $175,360 $161,809 Fixed charges 373,236 330,648 276,726 240,913 168,507 -------- -------- -------- -------- -------- Total earnings $606,771 $541,899 $483,314 $416,273 $330,316 ======== ======== ======== ======== ======== Fixed charges: Interest expense $368,381 $326,866 $273,748 $238,445 $166,591 Rent expense 4,856 3,782 2,978 2,468 1,916 -------- -------- -------- -------- -------- Total fixed charges $373,236 $330,648 $276,726 $240,913 $168,507 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges * 1.63 1.64 1.75 1.73 1.96 ======== ======== ======== ======== ======== _______ "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.