Exhibit 12.1
Griffon Corporation
Computation of Ratios of Earnings to Fixed Charges
(unaudited)
(dollars in thousands)
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | March 31, 2015 | March 31, 2016 | ||||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||||||
Pre-tax Income | $ | (14,349 | ) | (a) | $ | 21,941 | $ | 14,333 | $ | (5,716 | ) | (b) | $ | 53,636 | $ | 20,200 | $ | 23,187 | ||||||||||
Fixed Charges | 65,451 | 70,173 | 69,746 | 66,180 | 66,802 | 32,725 | 33,189 | |||||||||||||||||||||
Amortization of Capitalized Interest | 309 | 456 | 91 | 150 | 891 | 75 | 446 | |||||||||||||||||||||
Total | 51,411 | 92,570 | 84,170 | 60,614 | 121,329 | 53,000 | 56,822 | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Interest Capitalized | (941 | ) | (1,895 | ) | (983 | ) | (1,010 | ) | (670 | ) | (84 | ) | (274 | ) | ||||||||||||||
Earnings for Fixed Charge Calc. | $ | 50,470 | $ | 90,675 | $ | 83,187 | $ | 59,604 | $ | 120,659 | $ | 52,916 | $ | 56,548 | ||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||||||
Interest Expensed | $ | 47,846 | $ | 52,007 | $ | 52,520 | $ | 48,447 | $ | 48,173 | $ | 23,766 | $ | 24,415 | ||||||||||||||
Interest Capitalized | 941 | 1,895 | 983 | 1,010 | 670 | 84 | 274 | |||||||||||||||||||||
Amortized premiums, discounts & | ||||||||||||||||||||||||||||
capitalized expenses for debt | 6,733 | 6,023 | 6,232 | 6,427 | 6,982 | 3,265 | 3,384 | |||||||||||||||||||||
Interest within Rental Expense (est.) | 9,931 | 10,248 | 10,011 | 10,296 | 10,977 | 5,610 | 5,116 | |||||||||||||||||||||
Fixed Charges for Calc. | $ | 65,451 | $ | 70,173 | $ | 69,746 | $ | 66,180 | $ | 66,802 | $ | 32,725 | $ | 33,189 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 0.8 | 1.3 | 1.2 | 0.9 | 1.8 | 1.6 | 1.7 | |||||||||||||||||||||
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. |