EXHIBIT 12

APPLIED POWER INC.
Computation of Ratio of
Earnings to Fixed Charges

<TABLE>
<CAPTION>
                                                                   Earnings to Fixed Charges
                                                               (in thousands, except Ratio Data)
                                           ------------------------------------------------------------------------
                                           Three                                                 
                                           months                                               
                                           ended                                                
                                           11/30/97 (1)      1997        1996        1995        1994        1993(2)    
                                           ------------------------------------------------------------------------
                                                                                                                         
 <S>                                        <C>              <C>         <C>         <C>         <C>         <C>         
  Net Earnings from continuing                   
  operations                                     $12,186     $42,038     $33,729     $25,005     $16,896     $ 7,086     
  Add Income Tax Expense                           6,562      20,705      15,438      11,868       8,402       2,504     
  Add Interest Expense (3)                         4,147      12,003       8,456      10,291      11,362      12,469     
  Portion of Rent deemed interest factor           
  (4)                                              1,054       4,057       3,544       3,655       3,755       4,043     
                                            ------------------------------------------------------------------------   
                                                                                                                      
     Total Earnings Available                                                                                            
     for Fixed Charges                           $23,949     $78,803     $61,167     $50,819     $40,415     $26,102
                                            ========================================================================
  Fixed Charges:                                                                                                         
  Interest Expense (3)                           $ 4,147     $12,003     $ 8,456     $10,291     $11,362     $12,469     
  Portion of Rent deemed interest factor           
  (4)                                              1,054       4,057       3,544       3,655       3,755       4,043     
                                            ------------------------------------------------------------------------
     Total Fixed Charges                         $ 5,201     $16,060     $12,000     $13,946     $15,117     $16,512
                                            ========================================================================
  Ratio of Earnings to Fixed Charges                 4.6         4.9         5.1         3.6         2.7         1.6     
                                            ========================================================================
</TABLE>   
     
_______________

(1)  The Company has historically had a seasonality effect where the second half
     of the fiscal year is generally better than the first half. Therefore, the
     results for the first quarter ended November 30, 1997, are not necessarily
     indicative of full year results.

(2)  Net Earnings from continuing operations in 1993 include a non-recurring
     restructuring charge of $7,721. Excluding this charge, the ratio of
     earnings to fixed charges would have been 2.0.

(3)  Interest Expense consists of interest on indebtedness and amortization of
     debt expense.

(4)  33% of rental expense is deemed representative of the interest factor.