Exhibit 12 PARKER-HANNIFIN CORPORATION STATEMENT OF RATIO OF EARNINGS TO FIXED CHARGES (In thousands) Six months Ended December 31, Fiscal Year Ended June 30, ____________________ _____________________________________________________ 1995 1994 1995 1994 1993 1992 1991 EARNINGS Income from continuing operations before income taxes $ 167,891 $ 140,054 $ 348,407 $ 112,449 $ 108,066 $ 105,391 $ 103,468 Add: Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee 14,599 13,733 28,884 34,687 43,055 47,394 53,898 Amortization of deferred loan costs 64 64 128 297 237 246 220 Portion of rents representative of interest factor 3,766 4,396 8,791 7,157 10,299 10,476 12,158 Equity share of losses of companies for which debt obligations are not guaranteed 242 311 392 1,359 1,566 416 407 Amortization of previously capitalized interest 105 109 216 217 206 200 225 _________ _________ _________ _________ _________ _________ _________ Income as adjusted $ 186,667 $ 158,667 $ 386,818 $ 156,166 $ 163,429 $ 164,123 $ 170,376 ========= ========= ========= ========= ========= ========= ========= FIXED CHARGES Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee $ 14,599 $ 13,733 $ 28,884 $ 34,687 $ 43,055 $ 47,394 $ 53,898 Capitalized interest 65 178 283 298 32 232 921 Amortization of deferred loan costs 64 64 128 297 237 246 220 Portion of rents representative of interest factor 3,766 4,396 8,791 7,157 10,299 10,476 12,158 _________ _________ _________ _________ _________ _________ _________ Fixed charges $ 18,494 $ 18,371 $ 38,086 $ 42,439 $ 53,623 $ 58,348 $ 67,197 ========= ========= ========= ========= ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES 10.09x 8.64x 10.16x 3.68x 3.05x 2.81x 2.54x ========= ========= ========= ========= ========= ========= =========