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

                                                

Income from continuing operations before income taxes

   $ 345,386    $ 158,906    $ 480,126    $ 287,997    $ 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

     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

                                                

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.