EXHIBIT 12.1 Cummins Inc. Ratio of Earnings to Fixed Charges

Q2 2001 2000 1999 1998 1997 1996 ----------------------------------------------------------------------------------------- EARNINGS Earnings before interest and taxes (93,277,818) 89,115,221 295,719,923 65,637,048 312,380,869 231,966,388 Equity in (earnings)/losses of investees (477,277) 6,391,653 (412,918) 19,567,205 1,483,851 10,904,541 Distributed earnings of investees 1,265,231 1,421,402 739,315 2,233,146 3,241,826 3,134,458 Fixed charges adjustments: Amortization of deferred debt exp 326,611 1,329,325 1,779,840 1,683,190 874,068 744,097 Interest component of rental exp 5,955,337 26,168,213 25,000,820 23,579,984 20,575,718 18,577,804 Amortization of capitalized interest 1,442,415 5,305,953 4,590,989 3,595,263 3,009,379 2,583,295 Amortization of debt discount 2,423 11,628 50,303 232,320 -- -- Add back Int exp @ JV's 15,375 61,500 3,091,801 1,547,910 -- -- Add back interest comp of JV rent exp -- -- -- -- -- -- ----------------------------------------------------------------------------------------- NET EARNINGS (84,747,703) 129,804,895 330,560,073 118,076,066 341,565,711 267,910,583 ========================================================================================= FIXED CHARGES Interest expense 22,506,952 86,036,048 74,679,844 71,250,535 26,049,978 18,384,865 Interest expense @ Gtd Debt JV's 15,375 61,500 3,091,801 1,547,910 -- -- Capitalized interest 263,737 5,986,831 7,517,430 14,165,626 15,474,860 6,599,930 Amortization of deferred debt expense 326,611 1,329,325 1,779,840 1,683,190 874,068 744,097 Amortization of debt discount 2,423 11,628 50,303 232,320 -- -- Interest component of rental exp 5,955,337 26,168,213 25,000,820 23,579,984 20,575,718 18,577,804 (1/3 of total rent expense) Interest component of rental exp @ GDJV's -- -- -- -- -- -- (1/3 of total rent expense) ----------------------------------------------------------------------------------------- TOTAL FIXED CHARGES 29,070,435 119,593,545 112,120,038 112,459,565 62,974,624 44,306,696 ========================================================================================= Ratio (2.9) 1.1 2.9 1.0 5.4 6.0 Dollar amount of deficiency 113,818,138