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, | |||||||||||||||||||||||||||
| 2008 | 2007 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
| EARNINGS | ||||||||||||||||||||||||||||
| Income from continuing operations before income taxes |
$ | 554,602 | $ | 613,912 | $ | 1,326,524 | $ | 1,159,282 | $ | 899,958 | $ | 738,271 | $ | 472,956 | ||||||||||||||
| Adjustments: |
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| Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee |
57,218 | 47,212 | 96,572 | 80,053 | 71,100 | 62,482 | 67,183 | |||||||||||||||||||||
| Amortization of deferred loan costs |
1,168 | 810 | 1,793 | 1,511 | 1,888 | 1,457 | 2,293 | |||||||||||||||||||||
| Portion of rents representative of interest factor |
17,689 | 14,500 | 35,378 | 29,000 | 25,609 | 21,507 | 21,213 | |||||||||||||||||||||
| Minority interests in consolidated subsidiaries |
3,019 | 3,118 | 8,048 | 7,181 | 1,532 | 1,856 | 2,479 | |||||||||||||||||||||
| Loss (income) of equity investees |
(245 | ) | (502 | ) | 2,596 | 1,059 | (161 | ) | (1,935 | ) | (176 | ) | ||||||||||||||||
| Amortization of previously capitalized interest |
131 | 143 | 278 | 282 | 304 | 280 | 291 | |||||||||||||||||||||
| Income as adjusted |
$ | 633,582 | $ | 679,193 | $ | 1,471,189 | $ | 1,278,368 | $ | 1,000,230 | $ | 823,918 | $ | 566,239 | ||||||||||||||
| FIXED CHARGES | ||||||||||||||||||||||||||||
| Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee |
$ | 57,218 | $ | 47,212 | $ | 96,572 | $ | 80,053 | $ | 71,100 | $ | 62,482 | $ | 67,183 | ||||||||||||||
| Capitalized interest |
436 | 178 | ||||||||||||||||||||||||||
| Amortization of deferred loan costs |
1,168 | 810 | 1,793 | 1,511 | 1,888 | 1,457 | 2,293 | |||||||||||||||||||||
| Portion of rents representative of interest factor |
17,689 | 14,500 | 35,378 | 29,000 | 25,609 | 21,507 | 21,213 | |||||||||||||||||||||
| Fixed charges |
$ | 76,075 | $ | 62,522 | $ | 133,743 | $ | 111,000 | $ | 98,775 | $ | 85,446 | $ | 90,689 | ||||||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES | 8.33 | x | 10.86 | x | 11.00 | x | 11.52 | x | 10.13 | x | 9.64 | x | 6.24 | x | ||||||||||||||