Exhibit 12
PARKER-HANNIFIN CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
Six months Ended December 31, | Fiscal Year Ended June 30, | ||||||||||||||||||||
2005 | 2004 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||
EARNINGS | |||||||||||||||||||||
Income from continuing operations before income taxes | $ | 379,564 | $ | 334,038 | $ | 738,271 | $ | 472,956 | $ | 286,608 | $ | 218,036 | $ | 528,183 | |||||||
Add: | |||||||||||||||||||||
Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee | 33,714 | 31,098 | 62,482 | 67,183 | 75,068 | 75,994 | 89,141 | ||||||||||||||
Amortization of deferred loan costs | 1,159 | 758 | 1,457 | 2,293 | 1,786 | 1,357 | 810 | ||||||||||||||
Portion of rents representative of interest factor | 10,754 | 10,606 | 21,507 | 21,213 | 20,585 | 20,509 | 18,663 | ||||||||||||||
Equity share of losses of companies for which debt obligations are not guaranteed | 211 | 2,895 | 6,078 | 1,571 | |||||||||||||||||
Amortization of previously capitalized interest | 134 | 146 | 280 | 291 | 291 | 297 | 274 | ||||||||||||||
Income as adjusted | $ | 425,536 | $ | 376,646 | $ | 823,997 | $ | 563,936 | $ | 387,233 | $ | 322,271 | $ | 638,642 | |||||||
FIXED CHARGES | |||||||||||||||||||||
Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee | $ | 33,714 | $ | 31,098 | $ | 62,482 | $ | 67,183 | $ | 75,068 | $ | 75,994 | $ | 89,141 | |||||||
Capitalized interest | 40 | ||||||||||||||||||||
Amortization of deferred loan costs | 1,159 | 758 | 1,457 | 2,293 | 1,786 | 1,357 | 810 | ||||||||||||||
Portion of rents representative of interest factor | 10,754 | 10,606 | 21,507 | 21,213 | 20,585 | 20,509 | 18,663 | ||||||||||||||
Fixed charges | $ | 45,667 | $ | 42,462 | $ | 85,446 | $ | 90,689 | $ | 97,439 | $ | 97,860 | $ | 108,614 | |||||||
RATIO OF EARNINGS TO FIXED CHARGES | 9.32x | 8.87x | 9.64x | 6.22x | 3.97x | 3.29x | 5.88x |