
                                                  Exhibit 11

               DEERE & COMPANY AND CONSOLIDATED SUBSIDIARIES
                    COMPUTATION OF NET INCOME PER SHARE
     (Shares and dollars in thousands except per share amounts)

                                       For the Three Months Ended
                                                  January 31      
 
 
                                              1996         1995

1.  Net income ............................. $166,244  $138,416
2.  Adjustment - Interest expense, after tax
      benefit, applicable to convertible
      debentures outstanding..................     5          6 
  
3.  Net income applicable to common stock -
      before interest applicable to        
      convertible debentures.................. $166,249  $138,422

                                                        
PRIMARY NET INCOME PER COMMON SHARE:
    Shares:
4.    Weighted average number of common
        shares outstanding....................  262,229   259,457

5.    Incremental shares:
        Dilutive common stock options.........    2,184     1,227
        Dilutive stock appreciation rights....       57        53
          Total incremental shares............    2,241     1,280

6.  Primary net income per common share
      (1 divided by 4)........................    $  .63*  $ .53*

                                                     
FULLY DILUTED NET INCOME PER COMMON SHARE:
    Shares:                
7.    Weighted average number of common 
        shares outstanding....................  262,229   259,457
8.    Incremental shares:
        Dilutive common stock options.........    2,485     1,409
        Dilutive stock appreciation rights....       61        53

9.    Common equivalent shares from assumed 
        conversion of convertible debentures:
          5-1/2% debentures due 2001..........       52        58

10.       Total...............................  264,827   260,977

11.   Fully diluted net income per common                
        share (3 divided by 10).............. $    .63*    $ .53*

                                                     
____________
*  Net income per common share outstanding was used in the
designated
   calculations since the dilutive effects of common stock
options,
   stock appreciation rights and assumed conversion of
convertible
   debentures were immaterial.  All share and per share amounts
have been adjusted retroactively for a three-for-one stock split
effective November 17, 1995.
