Parker-Hannifin (PH) 10-Q 2004 Q3 Quarterly report

Exhibit 12

PARKER-HANNIFIN CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

	Nine months Ended March 31,				Fiscal Year Ended June 30,
	2004		2003		2003		2002		2001		2000		1999
EARNINGS
Income from continuing operations before income taxes	$	308,459	$	223,693	$	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		51,722		54,753		75,380		75,994		89,141		51,576		63,132
Amortization of deferred loan costs		1,857		1,297		1,786		1,357		810		659		565
Portion of rents representative of interest factor		16,143		15,382		21,524		20,509		18,663		13,457		14,093
Equity share of losses of companies for which debt obligations are not guaranteed				2,942		2,895		6,078		1,571		1,359
Amortization of previously capitalized interest		219		219		291		297		274		254		313
Income as adjusted	$	378,400	$	298,286	$	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	$	51,722	$	54,753	$	75,380	$	75,994	$	89,141	$	51,576	$	63,132
Capitalized interest														2
Amortization of deferred loan costs		1,857		1,297		1,786		1,357		810		659		565
Portion of rents representative of interest factor		16,143		15,382		21,524		20,509		18,663		13,457		14,093
Fixed charges	$	69,722	$	71,432	$	98,690	$	97,860	$	108,614	$	65,692	$	77,792
RATIO OF EARNINGS TO FIXED CHARGES		5.43x		4.18x		4.05x		3.29x		5.88x		9.58x		7.14x