EX-12.1 5 c65594_ex12-1.htm

Exhibit 12.1

 

 

Griffon Corporation

Computation of Ratios of Earnings to Fixed Charges

(unaudited)

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
March 31,
2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended September 30,

 

 

 

 

 

 

 

2006

 

2007

 

2008

 

2009

 

2010

 

 

 

 

 

 

 

 

 

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes and discontinued operations

 

$

65,305

 

$

37,249

 

$

(182

)

$

19,605

 

$

13,812

 

$

(23,689

)(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges exclusive of capitalized interest

 

 

26,359

 

 

29,751

 

 

29,390

 

 

22,597

 

 

24,103

 

 

31,303

 

Amortization of capitalized interest

 

 

723

 

 

737

 

 

786

 

 

758

 

 

303

 

 

152

 

 

 

 

 

 

 

 

 

Earnings

 

$

92,387

 

$

67,737

 

$

29,994

 

$

42,960

 

$

38,218

 

$

7,766

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest charged to expense

 

$

14,332

 

$

17,593

 

$

16,909

 

$

13,091

 

$

12,322

 

$

22,542

 

Portions of rents representing interest

 

 

10,423

 

 

10,523

 

 

10,789

 

 

7,800

 

 

6,601

 

$

5,084

 

Amortization of capitalized expenses related to indebtedness

 

 

1,604

 

 

1,635

 

 

1,692

 

 

1,706

 

 

5,180

 

$

3,677

 

 

 

 

 

 

 

 

 

Fixed charges exclusive of capitalized interest

 

 

26,359

 

 

29,751

 

 

29,390

 

 

22,597

 

 

24,103

 

 

31,303

 

Capitalized interest

 

 

—

 

 

454

 

 

511

 

 

331

 

 

1,679

 

 

250

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

26,359

 

$

30,205

 

$

29,901

 

$

22,928

 

$

25,782

 

$

31,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

3.5

x

 

2.2

x

 

1.0

x

 

1.9

x

 

1.5

x

 

0.2

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount by which earnings are inadequate to cover fixed charges

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

$

(23,787

)

(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.