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, |
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| 2005 |
2004 |
2005 |
2004 |
2003 |
2002 |
2001 |
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| EARNINGS |
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| Income from continuing operations before income taxes |
$ | 204,040 | $ | 178,671 | $ | 738,271 | $ | 472,956 | $ | 286,608 | $ | 218,036 | $ | 528,183 | ||||||||||||||
| Add: |
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| Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee |
15,030 | 14,985 | 62,482 | 67,183 | 75,068 | 75,994 | 89,141 | |||||||||||||||||||||
| Amortization of deferred loan costs |
841 | 407 | 1,457 | 2,293 | 1,786 | 1,357 | 810 | |||||||||||||||||||||
| Portion of rents representative of interest factor |
5,377 | 5,303 | 21,507 | 21,213 | 20,585 | 20,509 | 18,663 | |||||||||||||||||||||
| Equity share of losses of companies for which debt obligations are not guaranteed |
2,895 | 6,078 | 1,571 | |||||||||||||||||||||||||
| Amortization of previously capitalized interest |
68 | 73 | 280 | 291 | 291 | 297 | 274 | |||||||||||||||||||||
| Income as adjusted |
$ | 225,356 | $ | 199,439 | $ | 823,997 | $ | 563,936 | $ | 387,233 | $ | 322,271 | $ | 638,642 | ||||||||||||||
| FIXED CHARGES |
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| Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee |
$ | 15,030 | $ | 14,985 | $ | 62,482 | $ | 67,183 | $ | 75,068 | $ | 75,994 | $ | 89,141 | ||||||||||||||
| Amortization of deferred loan costs |
841 | 407 | 1,457 | 2,293 | 1,786 | 1,357 | 810 | |||||||||||||||||||||
| Portion of rents representative of interest factor |
5,377 | 5,303 | 21,507 | 21,213 | 20,585 | 20,509 | 18,663 | |||||||||||||||||||||
| Fixed charges |
$ | 21,248 | $ | 20,695 | $ | 85,446 | $ | 90,689 | $ | 97,439 | $ | 97,860 | $ | 108,614 | ||||||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES |
10.61 | x | 9.64 | x | 9.64 | x | 6.22 | x | 3.97 | x | 3.29 | x | 5.88 | x | ||||||||||||||
Note: Certain amounts presented, as applicable, have been restated to reflect businesses divested in August 2005 and December 2004 as discontinued operations.