Exhibit 12.1
PARKER-HANNIFIN CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
Six months ended
December 31, Fiscal Year Ended June 30,
EARNINGS 1997 1996 1997 1996 1995 1994 1993
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Income from continuing operations
before income taxes $231,899 $161,982 $424,867 $374,479 $348,407 $112,449 $108,066
Add:
Interest on indebtedness, exclusive of
interest capitalized in accordance
with FASB #34 and interest on
ESOP loan guarantee 23,371 24,115 46,373 35,665 28,884 34,687 43,055
Amortization of deferred loan costs 148 141 286 146 128 297 237
Portion of rents representative of
interest factor 5,551 4,983 11,102 9,966 8,791 7,157 10,299
Equity share of losses of companies
for which debt obligations are not
guaranteed ---- 331 1,327 513 392 1,359 1,566
Amortization of previously
capitalized interest 151 109 220 219 216 217 206
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Income as adjusted $261,120 $191,661 $484,175 $420,988 $386,818 $156,166 $163,429
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FIXED CHARGES
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Interest on indebtedness, exclusive of
interest capitalized in accordance
with FASB #34 and interest on
ESOP loan guarantee $ 23,371 $ 24,115 $ 46,373 $ 35,665 $ 28,884 $ 34,687 $ 43,055
Capitalized interest ---- 165 272 538 283 298 32
Amortization of deferred loan costs 148 141 286 146 128 297 237
Portion of rents representative of
interest factor 5,551 4,983 11,102 9,966 8,791 7,157 10,299
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Fixed charges $ 29,070 $ 29,404 $ 58,033 $ 46,315 $ 38,086 $ 42,439 $ 53,623
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RATIO OF EARNINGS TO FIXED
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CHARGES 8.98x 6.52x 8.34x 9.09x 10.16x 3.68x 3.05x
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