Parker-Hannifin (PH) 10-Q 2018 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,
	2017			2016			2017			2016			2015			2014			2013
EARNINGS
Income from continuing operations before income taxes and noncontrolling interests	$	734,523		$	612,967		$	1,328,641		$	1,114,728		$	1,432,240		$	1,556,720		$	1,311,001
Adjustments:
Interest on indebtedness, exclusive of interest capitalized	103,848			65,472			157,891			133,004			115,077			79,845			88,668
Amortization of deferred loan costs	2,840			2,120			4,545			3,513			3,329			2,721			2,884
Portion of rents representative of interest factor	19,785			19,834			39,574			39,668			41,886			43,983			44,493
(Income) of equity investees	(18,464		)	(19,106		)	(42,352		)	(25,648		)	(23,204		)	(11,141		)	(247		)
Distributed income of equity investees	26,382			17,873			45,760			36,616			31,723			1,661			—
Amortization of previously capitalized interest	66			69			134			152			179			190			193
Income as adjusted	$	868,980		$	699,229		$	1,534,193		$	1,302,033		$	1,601,230		$	1,673,979		$	1,446,992
FIXED CHARGES
Interest on indebtedness, exclusive of interest capitalized	$	103,848		$	65,472		$	157,891		$	133,004		$	115,077		$	79,845		$	88,668
Amortization of deferred loan costs	2,840			2,120			4,545			3,513			3,329			2,721			2,884
Portion of rents representative of interest factor	19,785			19,834			39,574			39,668			41,886			43,983			44,493
Fixed charges	$	126,473		$	87,426		$	202,010		$	176,185		$	160,292		$	126,549		$	136,045
RATIO OF EARNINGS TO FIXED CHARGES	6.87		x	8.00		x	7.59		x	7.39		x	9.99		x	13.23		x	10.64		x