Exhibit (12) * to Report
on Form 10-K for Fiscal
Year Ended June 30, 2001
by Parker-Hannifin Corporation

Computation of Ratio of Earnings to Fixed Charges
as of June 30, 2001

Exhibit 12

PARKER-HANNIFIN CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)

Fiscal Year Ended June 30,
2001
2000
1999
1998
1997
 
 
EARNINGS
                               
Income from continuing operations before
   income taxes $ 533,596 $ 562,187 $ 477,694 $ 503,988 $ 424,867
                               
Add:
   Interest on indebtedness, exclusive of
         interest capitalized in accordance
         with FASB #34 and interest on ESOP
         loan guarantee 83,728 51,576 63,132 52,463 46,373
                               
   Amortization of deferred loan costs 810 659 565 324 286
                               
   Portion of rents representative of
         interest factor 18,663 13,457 14,093 12,355 11,102
                               
   Equity share of losses of companies
         for which debt obligations are not
         guaranteed 1,571 1,359 583 1,327
                               
   Amortization of previously capitalized
         interest 274 254 313 296 220
 
 
            Income as adjusted $ 638,642 $ 629,492 $ 555,797 $ 570,009 $ 484,175
 
                               
FIXED CHARGES
                               
Interest on indebtedness, exclusive of
   interest capitalized in accordance
   with FASB #34 and interest on ESOP
   loan guarantee $ 83,728 $ 51,576 $ 63,132 $ 52,463 $ 46,373
                               
Capitalized interest 2 1,372 272
                               
Amortization of deferred loan costs 810 659 565 324 286
                               
Portion of rents representative of
      interest factor 18,663 13,457 14,093 12,355 11,102
 
 
               Fixed charges $ 103,201 $ 65,692 $ 77,792 $ 66,514 $ 58,033
 
 
                               
RATIO OF EARNINGS TO FIXED CHARGES 6.19 x 9.58 x 7.14 x 8.57 x 8.34 x