Parker-Hannifin (PH) 10-Q 2015 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,
	2014			2013			2014			2013			2012			2011			2010
EARNINGS
Income from continuing operations before income taxes and noncontrolling interests	$	396,635		$	324,094		$	1,556,720		$	1,311,001		$	1,576,698		$	1,413,721		$	754,817
Adjustments:
Interest on indebtedness, exclusive of interest capitalized	20,281			20,278			79,845			88,668			89,888			97,009			101,173
Amortization of deferred loan costs	680			680			2,721			2,884			2,902			2,695			2,426
Portion of rents representative of interest factor	10,996			11,123			43,983			44,493			41,515			39,499			41,194
Loss (income) of equity investees	(5,854		)	(1,446		)	(11,141		)	(247		)	1,237			2,592			6,757
Amortization of previously capitalized interest	48			48			190			193			196			226			259
Income as adjusted	$	422,786		$	354,777		$	1,672,318		$	1,446,992		$	1,712,436		$	1,555,742		$	906,626
FIXED CHARGES
Interest on indebtedness, exclusive of interest capitalized	$	20,281		$	20,278		$	79,845		$	88,668		$	89,888		$	97,009		$	101,173
Amortization of deferred loan costs	680			680			2,721			2,884			2,902			2,695			2,426
Portion of rents representative of interest factor	10,996			11,123			43,983			44,493			41,515			39,499			41,194
Fixed charges	$	31,957		$	32,081		$	126,549		$	136,045		$	134,305		$	139,203		$	144,793
RATIO OF EARNINGS TO FIXED CHARGES	13.23		x	11.06		x	13.21		x	10.64		x	12.75		x	11.18		x	6.26		x