Parker-Hannifin (PH) 10-Q 2017 Q3 Quarterly report

Exhibit 12

Parker-Hannifin Corporation

Computation of Ratio of Earnings to Fixed Charges

(In thousands, except ratios)

	Nine Months Ended
	March 31,						Fiscal Year Ended June 30,
	2017			2016			2016			2015			2014			2013			2012
EARNINGS
Income from continuing operations before income taxes and noncontrolling interests	$	928,030		$	778,522		$	1,114,728		$	1,432,240		$	1,556,720		$	1,311,001		$	1,576,698
Adjustments:
Interest on indebtedness, exclusive of interest capitalized	106,516			101,137			133,004			115,077			79,845			88,668			89,888
Amortization of deferred loan costs	3,133			2,665			3,513			3,329			2,721			2,884			2,902
Portion of rents representative of interest factor	29,751			31,414			39,668			41,886			43,983			44,493			41,515
Loss (income) of equity investees	(29,969		)	(16,666		)	(25,648		)	(23,204		)	(11,141		)	(247		)	1,237
Distributed income of equity investees	30,087			21,995			36,616			31,723			1,661			—			—
Amortization of previously capitalized interest	102			119			152			179			190			193			196
Income as adjusted	$	1,067,650		$	919,186		$	1,302,033		$	1,601,230		$	1,673,979		$	1,446,992		$	1,712,436
FIXED CHARGES
Interest on indebtedness, exclusive of interest capitalized	$	106,516		$	101,137		$	133,004		$	115,077		$	79,845		$	88,668		$	89,888
Amortization of deferred loan costs	3,133			2,665			3,513			3,329			2,721			2,884			2,902
Portion of rents representative of interest factor	29,751			31,414			39,668			41,886			43,983			44,493			41,515
Fixed charges	$	139,400		$	135,216		$	176,185		$	160,292		$	126,549		$	136,045		$	134,305
RATIO OF EARNINGS TO FIXED CHARGES	7.66		x	6.80		x	7.39		x	9.99		x	13.23		x	10.64		x	12.75		x