Parker-Hannifin (PH) 10-Q 2016 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,
	2015			2014			2015			2014			2013			2012			2011
EARNINGS
Income from continuing operations before income taxes and noncontrolling interests	$	275,649		$	396,635		$	1,432,240		$	1,556,720		$	1,311,001		$	1,576,698		$	1,413,721
Adjustments:
Interest on indebtedness, exclusive of interest capitalized	34,821			20,281			115,077			79,845			88,668			89,888			97,009
Amortization of deferred loan costs	939			680			3,329			2,721			2,884			2,902			2,695
Portion of rents representative of interest factor	10,471			10,996			41,886			43,983			44,493			41,515			39,499
Loss (income) of equity investees	(5,181		)	(5,854		)	(23,204		)	(11,141		)	(247		)	1,237			2,592
Amortization of previously capitalized interest	42			48			179			190			193			196			226
Income as adjusted	$	316,741		$	422,786		$	1,569,507		$	1,672,318		$	1,446,992		$	1,712,436		$	1,555,742
FIXED CHARGES
Interest on indebtedness, exclusive of interest capitalized	$	34,821		$	20,281		$	115,077		$	79,845		$	88,668		$	89,888		$	97,009
Amortization of deferred loan costs	939			680			3,329			2,721			2,884			2,902			2,695
Portion of rents representative of interest factor	10,471			10,996			41,886			43,983			44,493			41,515			39,499
Fixed charges	$	46,231		$	31,957		$	160,292		$	126,549		$	136,045		$	134,305		$	139,203
RATIO OF EARNINGS TO FIXED CHARGES	6.85		x	13.23		x	9.79		x	13.21		x	10.64		x	12.75		x	11.18		x