Parker-Hannifin (PH) 10-K 2004 FY Annual report

Exhibit (12) * to Report

on Form 10-K for Fiscal

Year Ended June 30, 2004

by Parker-Hannifin Corporation

Computation of Ratio of Earnings to Fixed Charges

as of June 30, 2004

	Fiscal Year Ended June 30,
	2004		2003		2002		2001		2000
EARNINGS
Income from continuing operations before income taxes	$	494,068	$	297,382	$	218,036	$	528,183	$	562,187
Add:
Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee		67,435		75,380		75,994		89,141		51,576
Amortization of deferred loan costs		2,293		1,786		1,357		810		659
Portion of rents representative of interest factor		22,195		21,524		20,509		18,663		13,457
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		291		297		274		254
Income as adjusted	$	586,282	$	399,258	$	322,271	$	638,642	$	629,492
FIXED CHARGES
Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee	$	67,435	$	75,380	$	75,994	$	89,141	$	51,576
Amortization of deferred loan costs		2,293		1,786		1,357		810		659
Portion of rents representative of interest factor		22,195		21,524		20,509		18,663		13,457
Fixed charges	$	91,923	$	98,690	$	97,860	$	108,614	$	65,692
RATIO OF EARNINGS TO FIXED CHARGES		6.38x		4.05x		3.29x		5.88x		9.58x