Exhibit 12

Harley-Davidson, Inc.

Computation of Ratio of

Earnings to Fixed Charges

In millions	Nine Months
	2011		2010		2009		2008		2007		2006
Income from continuing operations before provision for income taxes	$	709.1	$	390.5	$	178.7	$	1,065.9	$	1,447.8	$	1,624.2
Add: Fixed charges		212.4		364.8		307.4		145.0		84.3		62.2
Add: Amortization of capitalized interest		0.5		0.8		0.9		0.9		0.8		0.8
Less: Capitalized interest		0.4		0.1		—		1.6		1.3		0.3
Earnings	$	921.6	$	756.0	$	487.0	$	1,210.2	$	1,531.6	$	1,687.0
Fixed charges:
Interest incurred and amortization of debt issue costs	$	210.9	$	362.2	$	304.4	$	142.0	$	81.5	$	59.8
Estimate of interest within rental expense		1.5		2.6		3.0		3.0		2.8		2.4
	$	212.4	$	364.8	$	307.4	$	145.0	$	84.3	$	62.2
Ratio		4.3		2.1		1.6		8.3		18.2		27.1