EXHIBIT 12
JOHN DEERE CAPITAL CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS OF DOLLARS)
Year Ended October 31
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1994 1993 1992 1991 1990
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Earnings:
Income before income
taxes and changes
in accounting $161,809 $169,339 $142,920 $110,820 $ 99,366
Fixed charges 168,507 170,226 191,930 230,901 216,985
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Total earnings $330,316 $339,565 $334,850 $341,721 $316,351
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Fixed charges:
Interest expense $166,591 $167,787 $189,288 $228,308 $214,707
Rent expense 1,916 2,439 2,642 2,593 2,278
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Total fixed charges $168,507 $170,226 $191,930 $230,901 $216,985
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Ratio of earnings to
fixed charges * 1.96 1.99 1.74 1.48 1.46
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<FN>
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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.