Parker-Hannifin (PH) 10-Q 2014 Q1 Quarterly report

Exhibit 12

Parker-Hannifin Corporation

Computation of Ratio of Earnings to Fixed Charges

(In thousands, except ratios)

	Three Months Ended
	September 30,						Fiscal Year Ended June 30,
	2013			2012			2013			2012			2011			2010			2009
EARNINGS
Income from continuing operations before income taxes and noncontrolling interests	$	324,094		$	336,058		$	1,311,001		$	1,576,698		$	1,413,721		$	754,817		$	683,083
Adjustments:
Interest on indebtedness, exclusive of interest on ESOP loan guarantee	20,278			22,787			88,668			89,888			97,009			101,173			109,911
Amortization of deferred loan costs	680			722			2,884			2,902			2,695			2,426			2,143
Portion of rents representative of interest factor	11,123			10,379			44,493			41,515			39,499			41,194			41,839
Loss (income) of equity investees	(1,446		)	(735		)	(247		)	1,237			2,592			6,757			(1,529		)
Amortization of previously capitalized interest	48			49			193			196			226			259			262
Income as adjusted	$	354,777		$	369,260		$	1,446,992		$	1,712,436		$	1,555,742		$	906,626		$	835,709
FIXED CHARGES
Interest on indebtedness, exclusive of interest capitalized and interest on ESOP loan guarantee	$	20,278		$	22,787		$	88,668		$	89,888		$	97,009		$	101,173		$	109,911
Amortization of deferred loan costs	680			722			2,884			2,902			2,695			2,426			2,143
Portion of rents representative of interest factor	11,123			10,379			44,493			41,515			39,499			41,194			41,839
Fixed charges	$	32,081		$	33,888		$	136,045		$	134,305		$	139,203		$	144,793		$	153,893
RATIO OF EARNINGS TO FIXED CHARGES	11.06		x	10.90		x	10.64		x	12.75		x	11.18		x	6.26		x	5.43		x