Exhibit 12

Harley-Davidson, Inc.

Computation of Ratio of

Earnings to Fixed Charges

In millions

	2014		2013		2012		2011		2010
Income from continuing operations before provision for income taxes	$	1,283.3	$	1,114.3	$	961.5	$	792.7	$	390.5
Add: Fixed charges		170.8		212.1		246.6		276.7		364.8
Add: Amortization of capitalized interest		0.8		1.0		0.8		0.7		0.8
Less: Capitalized interest		1.2		0.1		3.4		0.5		0.1
Earnings	$	1,453.7	$	1,327.3	$	1,205.5	$	1,069.6	$	756.0
Fixed charges:
Interest incurred and amortization of debt issue costs	$	169.1	$	209.9	$	244.6	$	274.6	$	362.2
Estimate of interest within rental expense		1.7		2.2		2.0		2.1		2.6
	$	170.8	$	212.1	$	246.6	$	276.7	$	364.8
Ratio		8.5		6.3		4.9		3.9		2.1