EXHIBIT 12
DEERE & COMPANY AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands of dollars)
__________
The computation of the ratio of earnings to fixed charges is based on
applicable amounts of the Company and its consolidated subsidiaries plus
dividends received from less than fifty-percent-owned affiliates.
"Earnings" consist of income before income taxes, changes in accounting and
fixed charges, excluding capitalized interest. "Fixed charges" consist of
interest on indebtedness, amortization of debt discount and expense, an
estimated amount of rental expense which is deemed to be representative of
the interest factor, and capitalized interest.
* 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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