Exhibit (12) * to Report
on Form 10-K for Fiscal
Year Ended June 30, 2003
by Parker-Hannifin Corporation
Computation of Ratio of Earnings to Fixed Charges
as of June 30, 2003
| Fiscal Year Ended June 30, |
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| 2003 |
2002 |
2001 |
2000 |
1999 |
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| EARNINGS |
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| Income from continuing operations before income taxes |
$ | 297,382 | $ | 218,036 | $ | 528,183 | $ | 562,187 | $ | 477,694 | ||||||||||
| Add: |
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| Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee |
75,380 | 75,994 | 89,141 | 51,576 | 63,132 | |||||||||||||||
| Amortization of deferred loan costs |
1,786 | 1,357 | 810 | 659 | 565 | |||||||||||||||
| Portion of rents representative of interest factor |
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 |
291 | 297 | 274 | 254 | 313 | |||||||||||||||
| Income as adjusted |
$ | 399,258 | $ | 322,271 | $ | 638,642 | $ | 629,492 | $ | 555,797 | ||||||||||
| FIXED CHARGES |
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| Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee |
$ | 75,380 | $ | 75,994 | $ | 89,141 | $ | 51,576 | $ | 63,132 | ||||||||||
| Capitalized interest |
2 | |||||||||||||||||||
| Amortization of deferred loan costs |
1,786 | 1,357 | 810 | 659 | 565 | |||||||||||||||
| Portion of rents representative of interest factor |
21,524 | 20,509 | 18,663 | 13,457 | 14,093 | |||||||||||||||
| Fixed charges |
$ | 98,690 | $ | 97,860 | $ | 108,614 | $ | 65,692 | $ | 77,792 | ||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES |
4.05 | x | 3.29 | x | 5.88 | x | 9.58 | x | 7.14 | x | ||||||||||