EX-12.1 3 gffs-4ex1216_10x16.htm EXHIBIT 12.1 Exhibit


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.