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, | ||||||||||||||||||||
| 2004 |
2003 |
2004 |
2003 |
2002 |
2001 |
2000 | |||||||||||||||
| EARNINGS |
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| Income from continuing operations before income taxes |
$ | 345,386 | $ | 158,906 | $ | 480,126 | $ | 287,997 | $ | 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 |
31,187 | 35,672 | 67,258 | 75,226 | 75,994 | 89,141 | 51,576 | ||||||||||||||
| Amortization of deferred loan costs |
758 | 1,420 | 2,293 | 1,786 | 1,357 | 810 | 659 | ||||||||||||||
| Portion of rents representative of interest factor |
11,098 | 10,762 | 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 |
146 | 146 | 291 | 291 | 297 | 274 | 254 | ||||||||||||||
| Income as adjusted |
$ | 388,575 | $ | 206,906 | $ | 572,163 | $ | 389,719 | $ | 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 |
$ | 31,187 | $ | 35,672 | $ | 67,258 | $ | 75,226 | $ | 75,994 | $ | 89,141 | $ | 51,576 | |||||||
| Amortization of deferred loan costs |
758 | 1,420 | 2,293 | 1,786 | 1,357 | 810 | 659 | ||||||||||||||
| Portion of rents representative of interest factor |
11,098 | 10,762 | 22,195 | 21,524 | 20,509 | 18,663 | 13,457 | ||||||||||||||
| Fixed charges |
$ | 43,043 | $ | 47,854 | $ | 91,746 | $ | 98,536 | $ | 97,860 | $ | 108,614 | $ | 65,692 | |||||||
| RATIO OF EARNINGS TO FIXED CHARGES |
9.03x | 4.32x | 6.24x | 3.96x | 3.29x | 5.88x | 9.58x | ||||||||||||||
Note: All periods presented, as applicable, have been restated to reflect a business divested in December 2004 as discontinued operations.