Exhibit 12

 

PARKER-HANNIFIN CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

 

     Six months
Ended December 31,


    Fiscal Year Ended June 30,

 
     2003

    2002

    2003

    2002

    2001

    2000

    1999

 

EARNINGS

                                                        

Income from continuing operations before income taxes

   $ 165,984     $ 149,737     $ 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

     35,776       35,920       75,380       75,994       89,141       51,576       63,132  

Amortization of deferred loan costs

     1,420       842       1,786       1,357       810       659       565  

Portion of rents representative of interest factor

     10,762       10,255       21,524       20,509       18,663       13,457       14,093  

Equity share of losses of companies for which debt obligations are not guaranteed

             2,898       2,895       6,078       1,571       1,359          

Amortization of previously capitalized interest

     146       146       291       297       274       254       313  
    


 


 


 


 


 


 


Income as adjusted

   $ 214,088     $ 199,798     $ 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

   $ 35,776     $ 35,920     $ 75,380     $ 75,994     $ 89,141     $ 51,576     $ 63,132  

Capitalized interest

                                                     2  

Amortization of deferred loan costs

     1,420       842       1,786       1,357       810       659       565  

Portion of rents representative of interest factor

     10,762       10,255       21,524       20,509       18,663       13,457       14,093  
    


 


 


 


 


 


 


Fixed charges

   $ 47,958     $ 47,017     $ 98,690     $ 97,860     $ 108,614     $ 65,692     $ 77,792  
    


 


 


 


 


 


 


RATIO OF EARNINGS TO FIXED CHARGES

     4.46 x     4.25 x     4.05 x     3.29 x     5.88 x     9.58 x     7.14 x