EX-12.1 3 a2191661zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

GRIFFON CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

 

 

 

Fiscal Year Ended September 30,

 

Six Months
Ended
March 31,

 

 

 

2004

 

2005

 

2006

 

2007

 

2008

 

2009

 

Ratio of Earnings to Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations

 

$

92,938

 

$

70,924

 

$

69,145

 

$

41,436

 

$

4,382

 

$

2,050

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

17,297

 

19,815

 

22,519

 

25,120

 

24,524

 

10,504

 

Amortization of capitalized interest

 

709

 

720

 

723

 

737

 

786

 

379

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

—

 

—

 

—

 

(454

)

(511

)

(118

)

Preference security dividend requirement

 

—

 

—

 

—

 

—

 

—

 

—

 

Minority interest in pre-tax income of subsidiaries that haven’t incurred fixed charges

 

(19,259

)

(6,550

)

—

 

—

 

—

 

—

 

Total earnings

 

$

91,685

 

$

84,909

 

$

92,387

 

$

66,839

 

$

29,181

 

$

12,815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

8,066

 

$

8,266

 

$

10,492

 

$

12,508

 

$

11,532

 

$

5,633

 

Interest capitalized

 

—

 

—

 

—

 

454

 

511

 

118

 

Amortization of capitalized expenses related to indebtedness

 

1,006

 

1,559

 

1,604

 

1,635

 

1,692

 

853

 

Estimate of the interest within rent expense

 

8,225

 

9,990

 

10,423

 

10,523

 

10,789

 

3,900

 

Preference security dividend requirements

 

—

 

—

 

—

 

—

 

—

 

—

 

Total fixed charges

 

$

17,297

 

$

19,815

 

$

22,519

 

$

25,120

 

$

24,524

 

$

10,504

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

5.3

x

4.3

x

4.1

x

2.7

x

1.2

x

1.2

x