Exhibit 12.3 PARKER-HANNIFIN CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS)
NINE MONTHS ENDED MARCH 31, FISCAL YEAR ENDED JUNE 30, 1998 1997 1997 1996 1995 1994 1993 --------------------- ------------------------------------------------------------ EARNINGS - -------- Income from continuing operations before income taxes $363,792 $281,602 $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 36,797 35,861 46,373 35,665 28,884 34,687 43,055 Amortization of deferred loan costs 234 214 286 146 128 297 237 Portion of rents representative of interest factor 8,326 7,475 11,102 9,966 8,791 7,157 10,299 Equity share of losses of companies for which debt obligations are not guaranteed 593 1,210 1,327 513 392 1,359 1,566 Amortization of previously capitalized interest 221 202 220 219 216 217 206 --------------------- ------------------------------------------------------------ Income as adjusted $409,963 $326,564 $484,175 $420,988 $386,818 $156,166 $163,429 ===================== ============================================================ FIXED CHARGES - ------------- Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee $ 36,797 $ 35,861 $ 46,373 $ 35,665 $ 28,884 $ 34,687 $ 43,055 Capitalized interest 1,368 247 272 538 283 298 32 Amortization of deferred loan costs 234 214 286 146 128 297 237 Portion of rents representative of interest factor 8,326 7,475 11,102 9,966 8,791 7,157 10,299 --------------------- ------------------------------------------------------------ Fixed charges $ 46,725 $ 43,797 $ 58,033 $ 46,315 $ 38,086 $ 42,439 $ 53,623 ===================== ============================================================ RATIO OF EARNINGS TO FIXED CHARGES 8.77x 7.46x 8.34x 9.09x 10.16x 3.68x 3.05x - ----------------------------------