Exhibit (12) * to Report
on Form 10-K for Fiscal
Year Ended June 30, 2004
by Parker-Hannifin Corporation
Computation of Ratio of Earnings to Fixed Charges
as of June 30, 2004
| Fiscal Year Ended June 30, | |||||||||||||||
| 2004 |
2003 |
2002 |
2001 |
2000 | |||||||||||
| EARNINGS |
|||||||||||||||
| Income from continuing operations before income taxes |
$ | 494,068 | $ | 297,382 | $ | 218,036 | $ | 528,183 | $ | 562,187 | |||||
| Add: |
|||||||||||||||
| Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee |
67,435 | 75,380 | 75,994 | 89,141 | 51,576 | ||||||||||
| Amortization of deferred loan costs |
2,293 | 1,786 | 1,357 | 810 | 659 | ||||||||||
| Portion of rents representative of interest factor |
22,195 | 21,524 | 20,509 | 18,663 | 13,457 | ||||||||||
| 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 | 291 | 297 | 274 | 254 | ||||||||||
| Income as adjusted |
$ | 586,282 | $ | 399,258 | $ | 322,271 | $ | 638,642 | $ | 629,492 | |||||
| FIXED CHARGES |
|||||||||||||||
| Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee |
$ | 67,435 | $ | 75,380 | $ | 75,994 | $ | 89,141 | $ | 51,576 | |||||
| Amortization of deferred loan costs |
2,293 | 1,786 | 1,357 | 810 | 659 | ||||||||||
| Portion of rents representative of interest factor |
22,195 | 21,524 | 20,509 | 18,663 | 13,457 | ||||||||||
| Fixed charges |
$ | 91,923 | $ | 98,690 | $ | 97,860 | $ | 108,614 | $ | 65,692 | |||||
| RATIO OF EARNINGS TO FIXED CHARGES |
6.38x | 4.05x | 3.29x | 5.88x | 9.58x | ||||||||||