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, | ||||||||||||||||||||
| 2005 |
2004 |
2005 |
2004 |
2003 |
2002 |
2001 | |||||||||||||||
| EARNINGS |
|||||||||||||||||||||
| Income from continuing operations before income taxes |
$ | 379,564 | $ | 334,038 | $ | 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 |
33,714 | 31,098 | 62,482 | 67,183 | 75,068 | 75,994 | 89,141 | ||||||||||||||
| Amortization of deferred loan costs |
1,159 | 758 | 1,457 | 2,293 | 1,786 | 1,357 | 810 | ||||||||||||||
| Portion of rents representative of interest factor |
10,754 | 10,606 | 21,507 | 21,213 | 20,585 | 20,509 | 18,663 | ||||||||||||||
| Equity share of losses of companies for which debt obligations are not guaranteed |
211 | 2,895 | 6,078 | 1,571 | |||||||||||||||||
| Amortization of previously capitalized interest |
134 | 146 | 280 | 291 | 291 | 297 | 274 | ||||||||||||||
| Income as adjusted |
$ | 425,536 | $ | 376,646 | $ | 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 |
$ | 33,714 | $ | 31,098 | $ | 62,482 | $ | 67,183 | $ | 75,068 | $ | 75,994 | $ | 89,141 | |||||||
| Capitalized interest |
40 | ||||||||||||||||||||
| Amortization of deferred loan costs |
1,159 | 758 | 1,457 | 2,293 | 1,786 | 1,357 | 810 | ||||||||||||||
| Portion of rents representative of interest factor |
10,754 | 10,606 | 21,507 | 21,213 | 20,585 | 20,509 | 18,663 | ||||||||||||||
| Fixed charges |
$ | 45,667 | $ | 42,462 | $ | 85,446 | $ | 90,689 | $ | 97,439 | $ | 97,860 | $ | 108,614 | |||||||
| RATIO OF EARNINGS TO FIXED CHARGES |
9.32x | 8.87x | 9.64x | 6.22x | 3.97x | 3.29x | 5.88x | ||||||||||||||