Exhibit 12
PARKER-HANNIFIN CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
| Three months Ended September 30, |
Fiscal Year Ended June 30, | ||||||||||||||||||||
| 2004 |
2003 |
2004 |
2003 |
2002 |
2001 |
2000 | |||||||||||||||
| EARNINGS |
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| Income from continuing operations before income taxes |
$ | 188,679 | $ | 84,613 | $ | 494,068 | $ | 297,382 | $ | 218,036 | $ | 528,183 | $ | 562,187 | |||||||
| Add: |
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| Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee |
15,051 | 19,830 | 67,435 | 75,380 | 75,994 | 89,141 | 51,576 | ||||||||||||||
| Amortization of deferred loan costs |
407 | 980 | 2,293 | 1,786 | 1,357 | 810 | 659 | ||||||||||||||
| Portion of rents representative of interest factor |
5,549 | 5,381 | 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 |
73 | 73 | 291 | 291 | 297 | 274 | 254 | ||||||||||||||
| Income as adjusted |
$ | 209,759 | $ | 110,877 | $ | 586,282 | $ | 399,258 | $ | 322,271 | $ | 638,642 | $ | 629,492 | |||||||
| FIXED CHARGES |
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| Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee |
$ | 15,051 | $ | 19,830 | $ | 67,435 | $ | 75,380 | $ | 75,994 | $ | 89,141 | $ | 51,576 | |||||||
| Capitalized interest |
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| Amortization of deferred loan costs |
407 | 980 | 2,293 | 1,786 | 1,357 | 810 | 659 | ||||||||||||||
| Portion of rents representative of interest factor |
5,549 | 5,381 | 22,195 | 21,524 | 20,509 | 18,663 | 13,457 | ||||||||||||||
| Fixed charges |
$ | 21,007 | $ | 26,191 | $ | 91,923 | $ | 98,690 | $ | 97,860 | $ | 108,614 | $ | 65,692 | |||||||
| RATIO OF EARNINGS TO FIXED CHARGES |
9.99x | 4.23x | 6.38x | 4.05x | 3.29x | 5.88x | 9.58x | ||||||||||||||