Parker-Hannifin (PH) 10-Q 2009 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,
	2008			2007			2008			2007			2006			2005			2004
EARNINGS
Income from continuing operations before income taxes	$	554,602		$	613,912		$	1,326,524		$	1,159,282		$	899,958		$	738,271		$	472,956
Adjustments:
Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee		57,218			47,212			96,572			80,053			71,100			62,482			67,183
Amortization of deferred loan costs		1,168			810			1,793			1,511			1,888			1,457			2,293
Portion of rents representative of interest factor		17,689			14,500			35,378			29,000			25,609			21,507			21,213
Minority interests in consolidated subsidiaries		3,019			3,118			8,048			7,181			1,532			1,856			2,479
Loss (income) of equity investees		(245	)		(502	)		2,596			1,059			(161	)		(1,935	)		(176	)
Amortization of previously capitalized interest		131			143			278			282			304			280			291
Income as adjusted	$	633,582		$	679,193		$	1,471,189		$	1,278,368		$	1,000,230		$	823,918		$	566,239
FIXED CHARGES
Interest on indebtedness, exclusive of interest capitalized in accordance with FASB #34 and interest on ESOP loan guarantee	$	57,218		$	47,212		$	96,572		$	80,053		$	71,100		$	62,482		$	67,183
Capitalized interest											436			178
Amortization of deferred loan costs		1,168			810			1,793			1,511			1,888			1,457			2,293
Portion of rents representative of interest factor		17,689			14,500			35,378			29,000			25,609			21,507			21,213
Fixed charges	$	76,075		$	62,522		$	133,743		$	111,000		$	98,775		$	85,446		$	90,689
RATIO OF EARNINGS TO FIXED CHARGES		8.33	x		10.86	x		11.00	x		11.52	x		10.13	x		9.64	x		6.24	x