Exhibit 12.1
PARKER-HANNIFIN CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
| Three | |||||||||||||||||||||||||||
| months | |||||||||||||||||||||||||||
| Ended | |||||||||||||||||||||||||||
| September | |||||||||||||||||||||||||||
| 30, | Fiscal Year Ended June 30, | ||||||||||||||||||||||||||
| 2003 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||||||
EARNINGS |
|||||||||||||||||||||||||||
Income from continuing operations before
income taxes |
$ | 84,613 | $ | 297,382 | $ | 218,036 | $ | 528,183 | $ | 562,187 | $ | 477,694 | |||||||||||||||
Add: |
|||||||||||||||||||||||||||
Interest on indebtedness, exclusive of
interest capitalized in accordance
with FASB #34 and interest on ESOP
loan guarantee |
19,830 | 75,380 | 75,994 | 89,141 | 51,576 | 63,132 | |||||||||||||||||||||
Amortization of deferred loan costs |
980 | 1,786 | 1,357 | 810 | 659 | 565 | |||||||||||||||||||||
Portion of rents representative of
interest factor |
5,381 | 21,524 | 20,509 | 18,663 | 13,457 | 14,093 | |||||||||||||||||||||
Equity share of losses of companies
for which debt obligations are not
guaranteed |
2,895 | 6,078 | 1,571 | 1,359 | |||||||||||||||||||||||
Amortization of previously capitalized
interest |
73 | 291 | 297 | 274 | 254 | 313 | |||||||||||||||||||||
Income as adjusted |
$ | 110,877 | $ | 399,258 | $ | 322,271 | $ | 638,642 | $ | 629,492 | $ | 555,797 | |||||||||||||||
FIXED CHARGES |
|||||||||||||||||||||||||||
Interest on indebtedness, exclusive of
interest capitalized in accordance
with FASB #34 and interest on ESOP
loan guarantee |
$ | 19,830 | $ | 75,380 | $ | 75,994 | $ | 89,141 | $ | 51,576 | $ | 63,132 | |||||||||||||||
Capitalized interest |
2 | ||||||||||||||||||||||||||
Amortization of deferred loan costs |
980 | 1,786 | 1,357 | 810 | 659 | 565 | |||||||||||||||||||||
Portion of rents representative of
interest factor |
5,381 | 21,524 | 20,509 | 18,663 | 13,457 | 14,093 | |||||||||||||||||||||
Fixed charges |
$ | 26,191 | $ | 98,690 | $ | 97,860 | $ | 108,614 | $ | 65,692 | $ | 77,792 | |||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES |
4.23x | 4.05x | 3.29x | 5.88x | 9.58x | 7.14x | |||||||||||||||||||||