Exhibit (12) * to Report
on Form 10-K for Fiscal
Year Ended June 30, 2003
by Parker-Hannifin Corporation
Computation of Ratio of Earnings to Fixed Charges
as of June 30, 2003
Fiscal Year Ended June 30, | ||||||||||||||||||||
2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
EARNINGS | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 297,382 | $ | 218,036 | $ | 528,183 | $ | 562,187 | $ | 477,694 | ||||||||||
Add: | ||||||||||||||||||||
Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee | 75,380 | 75,994 | 89,141 | 51,576 | 63,132 | |||||||||||||||
Amortization of deferred loan costs | 1,786 | 1,357 | 810 | 659 | 565 | |||||||||||||||
Portion of rents representative of interest factor | 21,524 | 20,509 | 18,663 | 13,457 | 14,093 | |||||||||||||||
Equity share of losses of companies for which debt obligations are not guaranteed | 2,895 | 6,078 | 1,571 | 1,359 | ||||||||||||||||
Amortization of previously capitalized interest | 291 | 297 | 274 | 254 | 313 | |||||||||||||||
Income as adjusted | $ | 399,258 | $ | 322,271 | $ | 638,642 | $ | 629,492 | $ | 555,797 | ||||||||||
FIXED CHARGES | ||||||||||||||||||||
Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee | $ | 75,380 | $ | 75,994 | $ | 89,141 | $ | 51,576 | $ | 63,132 | ||||||||||
Capitalized interest | 2 | |||||||||||||||||||
Amortization of deferred loan costs | 1,786 | 1,357 | 810 | 659 | 565 | |||||||||||||||
Portion of rents representative of interest factor | 21,524 | 20,509 | 18,663 | 13,457 | 14,093 | |||||||||||||||
Fixed charges | $ | 98,690 | $ | 97,860 | $ | 108,614 | $ | 65,692 | $ | 77,792 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 4.05 | x | 3.29 | x | 5.88 | x | 9.58 | x | 7.14 | x |