EX-12.1 9 c91779_ex12-1.htm

Exhibit 12.1

Griffon Corporation

Computation of Ratios of Earnings to Fixed Charges

(unaudited)

(dollars in thousands)

 

                  Nine Months Ended
   2013  2014  2015  2016  2017  June 30, 2018
                   
EARNINGS:                              
Pre-tax Income  $11,779   $(20,957)(a)  $19,066   $32,213(b)  $16,698(c)  $10,117(d)
Fixed Charges   59,002    57,677    57,615    60,632    61,795    58,495 
Amortization of Capitalized Interest   91    150    891    750    587    441 
   Total   70,872    36,870    77,572    93,594    79,080    69,052 
Less:                              
  Interest Capitalized   (983)   (1,093)   (470)   (1,202)   (795)   (684)
Earnings for Fixed Charge Calc.  $69,889   $35,777   $77,102   $92,392   $78,285   $68,368 
                               
                               
FIXED CHARGES:                              
Interest Expensed  $45,519   $41,209   $40,794   $42,622   $47,002   $45,994 
Interest Capitalized   983    1,093    470    1,202    795    684 
Amortized premiums, discounts &                              
   capitalized expenses for debt   6,130    6,400    6,982    7,321    4,511    3,981 
Interest within Rental Expense (est.)   6,370    8,975    9,369    9,487    9,488    7,836 
Fixed Charges for Calc.  $59,002   $57,677   $57,615   $60,632   $61,795   $58,495 
                               
Ratio of Earnings to Fixed Charges   1.2    0.6    1.3    1.5    1.3    1.2 
                               
Amount by which earnings are                              
  inadequate to cover fixed charges   0   $(21,900)   0    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.
(d) Includes $7,597 of acquisition related costs, $3,220 special dividend ESOP charges, $1,205 secondary offering costs and $2,614 cost of life insurance benefits.