Distance the light is above the water is relatively null and void, as air does not affect par. Depth of tank is significant as depth affects par, however you will get roughly the same par at the top of your tank if the light is 12 inches above the water or if it is 5 inches above the water. However if you have a very deep tank, par will change at the bottom because the light is closer or further away, if that makes sense. In my 65gal with 250w MH, I kept the light about 10" off the water's surface, mainly because that gave me enough room to be able to reach into the tank without having to remove the light (although it was close enough that I burned myself a couple times on the light). I had sufficient light at the bottom to grow any coral I wanted. My buddy with a 210 and 150w MH keeps his lights about 12" above the water, and is able to keep SPS throughout the tank. If it were me, I would go for about 12" off the waters surface.