EXHIBIT 12
JOHN DEERE CAPITAL CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS OF DOLLARS)
YEAR ENDED 31 OCTOBER
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1993 1992 1991 1990 1989
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EARNINGS:
INCOME BEFORE INCOME
TAXES AND CHANGES
IN ACCOUNTING $ 169,339 $ 142,920 $ 110,820 $ 99,366 $ 99,971
FIXED CHARGES 170,226 191,930 230,901 216,985 214,038
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TOTAL EARNINGS $ 339,565 $ 334,850 $ 341,721 $ 316,351 $ 314,009
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FIXED CHARGES:
INTEREST EXPENSE $ 167,787 $ 189,288 $ 228,308 $ 214,707 $ 212,144
RENT EXPENSE 2,439 2,642 2,593 2,278 1,894
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TOTAL FIXED CHARGES $ 170,226 $ 191,930 $ 230,901 $ 216,985 $ 214,038
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RATIO OF EARNINGS TO
FIXED CHARGES * 1.99 1.74 1.48 1.46 1.47
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<FN>
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"Earnings" consist of income before income taxes, changes in accounting and
fixed charges. "Fixed charges" consist of interest on indebtedness, amortization
of debt discount and expense, and 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.