EX-12 2 a06-15887_1ex12.htm EX-12

Exhibit 12

John Deere Capital Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(thousands of dollars)

 

 

Nine Months Ended
July 31,

 

For the Years Ended October 31,

 

 

 

2006

 

2005

 

2005

 

2004

 

2003

 

2002

 

2001

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes and changes in accounting

 

$

333,013

 

$

316,456

 

$

424,850

 

$

410,621

 

$

427,940

 

$

370,972

 

$

245,662

 

Fixed charges

 

524,785

 

333,769

 

480,077

 

334,521

 

367,223

 

382,547

 

459,348

 

Total earnings

 

$

857,798

 

$

650,225

 

$

904,927

 

$

745,142

 

$

795,163

 

$

753,519

 

$

705,010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

520,442

 

$

328,561

 

$

473,204

 

$

327,451

 

$

360,127

 

$

374,883

 

$

452,032

 

Rent expense

 

4,343

 

5,208

 

6,873

 

7,070

 

7,096

 

7,664

 

7,316

 

Total fixed charges

 

$

524,785

 

$

333,769

 

$

480,077

 

$

334,521

 

$

367,223

 

$

382,547

 

$

459,348

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges*

 

1.63

 

1.95

 

1.88

 

2.23

 

2.17

 

1.97

 

1.53

 

 

“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 that 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.

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