EX-12.1 3 gffs-4ex121.htm EXHIBIT 12.1 GFF S-4 EX 12.1


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.