EX-12.1 12 c89902_ex12-1.htm

Exhibit 12.1

Griffon Corporation

Computation of Ratios of Earnings to Fixed Charges

(unaudited)

(dollars in thousands)

 

   2013    2014    2015    2016    2017  
EARNINGS:                         
Pre-tax Income  $14,333   $(5,716)(a)  $53,636   $53,164(b)  $38,974(c)
Fixed Charges   63,514    59,836    59,820    62,881    63,979 
Amortization of Capitalized Interest   91    150    891    750    587 
Total   77,938    54,270    114,347    116,795    103,541 
Less:                         
Interest Capitalized   (983)   (1,093)   (670)   (1,082)   (1,771)
Earnings for Fixed Charge Calc.  $76,955   $53,177   $113,677   $115,713   $101,770 
                          
FIXED CHARGES:                         
Interest Expensed  $46,288   $42,020   $41,191   $43,839   $46,985 
Interest Capitalized   983    1,093    670    1,082    1,771 
Amortized premiums, discounts & capitalized expenses for debt   6,232    6,427    6,982    7,415    4,604 
Interest within Rental Expense (est.)   10,011    10,296    10,977    10,545    10,619 
Fixed Charges for Calc.  $63,514   $59,836   $59,820   $62,881   $63,979 
                          
Ratio of Earnings to Fixed Charges   1.2    0.9    1.9    1.8    1.6 
                          
Amount by which earnings are inadequate to cover fixed charges   0   $(6,659)   0    0    0 

 

(a) Includes $6,136 of restructuring charges, $3,161 of acquisiiton related costs and $38,890 of costs related to the loss on debt extinguishment.
(b) Includes $5,900 of costs related to restructuring costs.
(c) includes $9,617 of acquisition related costs, $5,700 of environmental and warranty reserves and $5,137 of contract settlement charges.