Parker-Hannifin (PH) 10-Q 2012 Q1 Quarterly report

Exhibit 12

Parker-Hannifin Corporation

Computation of Ratio of Earnings to Fixed Charges

(In thousands, except ratios)

	Three months
	Ended September 30,						Fiscal Year Ended June 30,
	2011			2010			2011		2010		2009			2008		2007
EARNINGS
Income from continuing operations before income taxes and noncontrolling interests	$	411,585		$	336,364		$	1,413,721	$	754,817	$	683,083		$	1,334,571	$	1,166,463
Adjustments:
Interest on indebtedness, exclusive of interest capitalized and interest on ESOP loan guarantee		22,496			24,036			97,009		101,173		109,911			96,572		80,053
Amortization of deferred loan costs		725			597			2,695		2,426		2,143			1,793		1,511
Portion of rents representative of interest factor		9,875			10,299			39,499		41,194		41,839			35,378		29,000
Loss (income) of equity investees		(1,052	)		(85	)		2,592		6,757		(1,529	)		2,596		1,059
Amortization of previously capitalized interest		49			64			226		259		262			278		282
Income as adjusted	$	443,678		$	371,275		$	1,555,742	$	906,626	$	835,709		$	1,471,188	$	1,278,368
FIXED CHARGES
Interest on indebtedness, exclusive of interest capitalized and interest on ESOP loan guarantee	$	22,496		$	24,036		$	97,009	$	101,173	$	109,911		$	96,572	$	80,053
Capitalized interest																	436
Amortization of deferred loan costs		725			597			2,695		2,426		2,143			1,793		1,511
Portion of rents representative of interest factor		9,875			10,299			39,499		41,194		41,839			35,378		29,000
Fixed charges	$	33,096		$	34,932		$	139,203	$	144,793	$	153,893		$	133,743	$	111,000
RATIO OF EARNINGS TO FIXED CHARGES		13.41x			10.63x			11.18x		6.26x		5.43x			11.00x		11.52x