EX-12.1 5 a18-9869_1ex12d1.htm EX-12.1

Exhibit 12.1

 

Griffin Industrial Realty, Inc.

Calculation of Ratios of Earnings to Fixed Charges

(in thousands, except ratios)

 

 

 

For the three

 

 

 

 

 

month period

 

 

 

 

 

ended

 

The Company

 

 

 

February 28,

 

For the Fiscal Year Ended November 30,

 

 

 

2018

 

2017

 

2016

 

2015

 

2014

 

2013

 

Calculations of Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before tax provision from continuing operations

 

$

(933

)

$

7,300

 

$

1,311

 

$

805

 

$

(1,152

)

$

2,902

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

1,584

 

5,850

 

4,828

 

4,462

 

4,134

 

3,927

 

Amortization of capitalized interest

 

26

 

106

 

93

 

75

 

62

 

55

 

Subtract:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

(38

)

(103

)

(274

)

(777

)

(580

)

(71

)

Total earnings

 

$

639

 

$

13,153

 

$

5,958

 

$

4,565

 

$

2,464

 

$

6,813

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed

 

$

1,532

 

$

5,690

 

$

4,545

 

$

3,670

 

$

3,529

 

$

3,848

 

Interest capitalized

 

38

 

103

 

274

 

777

 

580

 

71

 

Estimate of interest within rental expense

 

14

 

57

 

9

 

15

 

25

 

8

 

Total fixed charges

 

$

1,584

 

$

5,850

 

$

4,828

 

$

4,462

 

$

4,134

 

$

3,927

 

Ratio of earnings to fixed charges

 

0.40 (1)

 

2.25

 

1.23

 

1.02

 

0.60 (1)

 

1.73

 

 

(1) Fixed charges exceeded earnings by approximately $1.7 million for the fiscal year ended November 30, 2014 and by approximately $0.9 million for the three months ended February 28, 2018.