Exhibit 12.1
GRIFFON CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
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| Fiscal Year Ended September 30, |
| Three Months |
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| 2004 |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| 2008 |
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Ratio of Earnings to Fixed Charges: |
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Earnings: |
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Pre-tax income from continuing operations |
| $ | 92,938 |
| $ | 70,924 |
| $ | 69,145 |
| $ | 41,436 |
| $ | 4,382 |
| $ | 6,508 |
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Add: |
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Fixed charges |
| 17,297 |
| 19,815 |
| 22,519 |
| 25,120 |
| 24,524 |
| 5,387 |
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Amortization of capitalized interest |
| 709 |
| 720 |
| 723 |
| 737 |
| 786 |
| 203 |
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Less: |
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Interest capitalized |
| — |
| — |
| — |
| (454 | ) | (511 | ) | (69 | ) | ||||||
Preference security dividend requirement |
| — |
| — |
| — |
| — |
| — |
| — |
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Minority interest in pre-tax income of subsidiaries that haven’t incurred fixed charges |
| (19,259 | ) | (6,550 | ) | — |
| — |
| — |
| — |
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Total earnings |
| $ | 91,685 |
| $ | 84,909 |
| $ | 92,387 |
| $ | 66,839 |
| $ | 29,181 |
| $ | 12,029 |
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Fixed charges: |
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Interest expense |
| $ | 8,066 |
| $ | 8,266 |
| $ | 10,492 |
| $ | 12,508 |
| $ | 11,532 |
| $ | 2,796 |
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Interest capitalized |
| — |
| — |
| — |
| 454 |
| 511 |
| 69 |
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Amortization of capitalized expenses related to indebtedness |
| 1,006 |
| 1,559 |
| 1,604 |
| 1,635 |
| 1,692 |
| 440 |
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Estimate of the interest within rent expense |
| 8,225 |
| 9,990 |
| 10,423 |
| 10,523 |
| 10,789 |
| 2,082 |
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Preference security dividend requirements |
| — |
| — |
| — |
| — |
| — |
| — |
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Total fixed charges |
| $ | 17,297 |
| $ | 19,815 |
| $ | 22,519 |
| $ | 25,120 |
| $ | 24,524 |
| $ | 5,387 |
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Ratio of Earnings to Fixed Charges |
| 5.3 | x | 4.3 | x | 4.1 | x | 2.7 | x | 1.2 | x | 2.2 | x |