Exhibit 12

 

PARKER-HANNIFIN CORPORATION

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

 

 

     Nine months Ended
March 31,
   Fiscal Year Ended June 30,
     2004
    2003
   2003
    2002
    2001
    2000
    1999

EARNINGS

                                                

Income from continuing operations before income taxes

    $ 308,459    $ 223,693   $ 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

      51,722      54,753     75,380      75,994      89,141      51,576      63,132

Amortization of deferred loan costs

      1,857      1,297     1,786      1,357      810      659      565

Portion of rents representative of
interest factor

      16,143      15,382     21,524      20,509      18,663      13,457      14,093

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

             2,942     2,895      6,078      1,571      1,359       

Amortization of previously capitalized interest

      219      219     291      297      274      254      313
    
  
 
  
  
  
  

Income as adjusted

    $ 378,400    $ 298,286   $ 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

    $ 51,722    $ 54,753   $ 75,380    $ 75,994    $ 89,141    $ 51,576    $ 63,132

Capitalized interest

                                               2

Amortization of deferred loan costs

      1,857      1,297     1,786      1,357      810      659      565

Portion of rents representative of
interest factor

      16,143      15,382     21,524      20,509      18,663      13,457      14,093
    
  
 
  
  
  
  

Fixed charges

    $ 69,722    $ 71,432   $ 98,690    $ 97,860    $ 108,614    $ 65,692    $ 77,792
    
  
 
  
  
  
  

RATIO OF EARNINGS TO FIXED CHARGES

      5.43x      4.18x     4.05x      3.29x      5.88x      9.58x      7.14x