Parker-Hannifin (PH) 10-Q 2008 Q2 Quarterly report

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,
	2007		2006		2007		2006		2005		2004		2003
EARNINGS
Income from continuing operations before income taxes	$	613,912	$	566,422	$	1,159,282	$	899,958	$	738,271	$	472,956	$	286,608
Add:
Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee		47,212		37,692		80,053		71,100		62,482		67,183		75,068
Amortization of deferred loan costs		810		743		1,511		1,888		1,457		2,293		1,786
Portion of rents representative of interest factor		14,500		12,805		29,000		25,609		21,507		21,213		20,585
Equity share of losses of companies for which debt obligations are not guaranteed		310		879		2,124		897						2,895
Amortization of previously capitalized interest		143		139		282		304		280		291		291
Income as adjusted	$	676,887	$	618,680	$	1,272,252	$	999,756	$	823,997	$	563,936	$	387,233
FIXED CHARGES
Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee	$	47,212	$	37,692	$	80,053	$	71,100	$	62,482	$	67,183	$	75,068
Capitalized interest				81		436		178
Amortization of deferred loan costs		810		743		1,511		1,888		1,457		2,293		1,786
Portion of rents representative of interest factor		14,500		12,805		29,000		25,609		21,507		21,213		20,585
Fixed charges	$	62,522	$	51,321	$	111,000	$	98,775	$	85,446	$	90,689	$	97,439
		10.83x		12.06x		11.46x		10.12x		9.64x		6.22x		3.97x