Exhibit 12.1
Griffon Corporation
Computation of Ratios of Earnings to Fixed Charges
(unaudited)
(dollars in thousands)
Six Months Ended | |||||||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | March 31, 2015 | |||||||||||||||||||||
EARNINGS: | |||||||||||||||||||||||||||
Pre-tax Income | $ | 19,605 | $ | 13,812 | $ | (14,349 | ) | (a) | $ | 21,941 | $ | 14,333 | $ | (5,716 | ) | (b) | $ | 20,200 | |||||||||
Fixed Charges | 26,382 | 25,069 | 65,451 | 70,173 | 69,746 | 66,180 | 32,725 | ||||||||||||||||||||
Amortization of Capitalized Interest | 758 | 303 | 309 | 456 | 91 | 150 | 75 | ||||||||||||||||||||
Total | 46,745 | 39,184 | 51,411 | 92,570 | 84,170 | 60,614 | 53,000 | ||||||||||||||||||||
Less: | |||||||||||||||||||||||||||
Interest Capitalized | (282 | ) | (1,087 | ) | (941 | ) | (1,895 | ) | (983 | ) | (1,010 | ) | (84 | ) | |||||||||||||
Earnings for Fixed Charge Calc. | $ | 46,463 | $ | 38,097 | $ | 50,470 | $ | 90,675 | $ | 83,187 | $ | 59,604 | $ | 52,916 | |||||||||||||
FIXED CHARGES: | |||||||||||||||||||||||||||
Interest Expensed | $ | 13,091 | $ | 12,322 | $ | 47,846 | $ | 52,007 | $ | 52,520 | $ | 48,447 | $ | 23,766 | |||||||||||||
Interest Capitalized | 282 | 1,087 | 941 | 1,895 | 983 | 1,010 | 84 | ||||||||||||||||||||
Amortized premiums, discounts & | |||||||||||||||||||||||||||
capitalized expenses for debt | 5,209 | 5,059 | 6,733 | 6,023 | 6,232 | 6,427 | 3,265 | ||||||||||||||||||||
Interest within Rental Expense (est.) | 7,800 | 6,601 | 9,931 | 10,248 | 10,011 | 10,296 | 5,610 | ||||||||||||||||||||
Fixed Charges for Calc. | $ | 26,382 | $ | 25,069 | $ | 65,451 | $ | 70,173 | $ | 69,746 | $ | 66,180 | $ | 32,725 | |||||||||||||
Ratio of Earnings to Fixed Charges | 1.8 | 1.5 | 0.8 | 1.3 | 1.2 | 0.9 | 1.6 | ||||||||||||||||||||
Amount by which earnings are | |||||||||||||||||||||||||||
inadequate to cover fixed charges | — | — | $ | (14,981 | ) | — | — | $ | (6,576 | ) |
(a) | includes $15,152 of costs related to the sale of inventory that was recorded at fair value in connection with acquisition accounting for ATT and $26,164 related to the loss on debt extinguishment. |
(b) | includes $38,890 of costs related to the loss on debt extinguishment. |