Parker-Hannifin (PH) 10-Q 2015 Q2 Quarterly report

Exhibit 12

Parker-Hannifin Corporation

Computation of Ratio of Earnings to Fixed Charges

(In thousands, except ratios)

	Six Months Ended
	December 31,						Fiscal Year Ended June 30,
	2014			2013			2014			2013			2012			2011			2010
EARNINGS
Income from continuing operations before income taxes and noncontrolling interests	$	739,901		$	819,406		$	1,556,720		$	1,311,001		$	1,576,698		$	1,413,721		$	754,817
Adjustments:
Interest on indebtedness, exclusive of interest capitalized	47,152			40,448			79,845			88,668			89,888			97,009			101,173
Amortization of deferred loan costs	1,454			1,361			2,721			2,884			2,902			2,695			2,426
Portion of rents representative of interest factor	21,991			22,246			43,983			44,493			41,515			39,499			41,194
Loss (income) of equity investees	(11,188		)	(1,245		)	(11,141		)	(247		)	1,237			2,592			6,757
Amortization of previously capitalized interest	95			95			190			193			196			226			259
Income as adjusted	$	799,405		$	882,311		$	1,672,318		$	1,446,992		$	1,712,436		$	1,555,742		$	906,626
FIXED CHARGES
Interest on indebtedness, exclusive of interest capitalized	$	47,152		$	40,448		$	79,845		$	88,668		$	89,888		$	97,009		$	101,173
Amortization of deferred loan costs	1,454			1,361			2,721			2,884			2,902			2,695			2,426
Portion of rents representative of interest factor	21,991			22,246			43,983			44,493			41,515			39,499			41,194
Fixed charges	$	70,597		$	64,055		$	126,549		$	136,045		$	134,305		$	139,203		$	144,793
RATIO OF EARNINGS TO FIXED CHARGES	11.32		x	13.77		x	13.21		x	10.64		x	12.75		x	11.18		x	6.26		x