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, | ||||||||||||||||||||
2005 | 2004 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||
EARNINGS | |||||||||||||||||||||
Income from continuing operations before income taxes | $ | 537,015 | $ | 298,193 | $ | 480,126 | $ | 287,997 | $ | 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 | 47,259 | 51,585 | 67,258 | 75,226 | 75,994 | 89,141 | 51,576 | ||||||||||||||
Amortization of deferred loan costs | 1,109 | 1,857 | 2,293 | 1,786 | 1,357 | 810 | 659 | ||||||||||||||
Portion of rents representative of interest factor | 16,647 | 16,143 | 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 | 204 | 219 | 291 | 291 | 297 | 274 | 254 | ||||||||||||||
Income as adjusted | $ | 602,234 | $ | 367,997 | $ | 572,163 | $ | 389,719 | $ | 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 | $ | 47,259 | $ | 51,585 | $ | 67,258 | $ | 75,226 | $ | 75,994 | $ | 89,141 | $ | 51,576 | |||||||
Amortization of deferred loan costs | 1,109 | 1,857 | 2,293 | 1,786 | 1,357 | 810 | 659 | ||||||||||||||
Portion of rents representative of interest factor | 16,647 | 16,143 | 22,195 | 21,524 | 20,509 | 18,663 | 13,457 | ||||||||||||||
Fixed charges | $ | 65,015 | $ | 69,585 | $ | 91,746 | $ | 98,536 | $ | 97,860 | $ | 108,614 | $ | 65,692 | |||||||
RATIO OF EARNINGS TO FIXED CHARGES | 9.26x | 5.29x | 6.24x | 3.96x | 3.29x | 5.88x | 9.58x |
Note: All periods presented, as applicable, have been restated to reflect a business divested in December 2004 as discontinued operations.