EXHIBIT 12 John Deere Capital Corporation and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (thousands of dollars) For the Years Ended October 31, ------------------------------------------------ 2000 1999 1998 1997 1996 -------- -------- -------- -------- -------- Earnings: Income before income taxes and changes in accounting $ 216,712 $ 235,760 $ 233,534 $ 211,251 $ 206,588 Fixed charges 447,169 366,102 373,236 330,648 276,726 --------- --------- --------- --------- --------- Total earnings $ 663,881 $ 601,862 $ 606,771 $ 541,899 $ 483,314 ========= ========= ========= ========= ========= Fixed charges: Interest expense $ 440,220 $ 360,925 $ 368,381 $ 326,866 $ 273,748 Rent expense 6,949 5,177 4,856 3,782 2,978 --------- --------- --------- --------- --------- Total fixed charges $ 447,169 $ 366,102 $ 373,236 $ 330,648 $ 276,726 ========= ========= ========= ========= ========= Ratio of earnings to fixed charges * 1.48 1.64 1.63 1.64 1.75 ========= ========= ========= ========= ========= - ------- "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.