Exhibit 12
John Deere Capital Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(thousands of dollars)
Nine Months Ended July 31,
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2000 1999
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Earnings:
Income before income
taxes and changes
in accounting $166,665 $189,047
Fixed charges 324,333 273,500
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Total Earnings $490,998 $462,547
Fixed charges:
Interest expense $319,246 $269,626
Rent Expense 5,087 3,874
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Total fixed
Charges $324,333 $273,500
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Ratio of earnings to
Fixed charges* 1.51 1.69
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For the Years Ended October 31,
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1999 1998 1997 1996 1995
-------- -------- -------- -------- --------
Earnings:
Income before
income taxes
and changes
in accounting $235,760 $233,534 $211,251 $206,588 $175,360
Fixed charges 366,102 373,237 330,648 276,726 240,913
-------- -------- -------- -------- --------
Total Earnings $601,862 $606,771 $541,899 $483,314 $416,273
======== ======== ======== ======== ========
Fixed charges:
Interest expense $360,925 $368,381 $326,867 $273,748 $238,445
Rent Expense 5,177 4,856 3,782 2,978 2,468
-------- -------- -------- -------- --------
Total fixed
charges $366,102 $373,237 $330,649 $276,726 $240,913
======== ======== ======== ======== ========
Ratio of earnings
to fixed
charges* 1.64 1.63 1.64 1.75 1.73
======== ======== ======== ======== ========
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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.
