Exhibit 12
John Deere Capital Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(thousands of dollars)
Three Months Ended January 31,
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1999 1998
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Earnings:
Income before income
taxes and changes
in accounting $57,129 $47,530
Fixed charges 87,120 89,278
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Total earnings $144,249 $136,808
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Fixed charges:
Interest expense $85,983 $88,258
Rent expense 1,137 1,020
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Total fixed
charges $87,120 $89,278
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Ratio of earnings to
fixed charges * 1.66 1.53
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For the Years Ended October 31,
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1998 1997 1996 1995 1994
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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
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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
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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
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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.