EXHIBIT 12.1
CB RICHARD ELLIS SERVICES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(DOLLARS IN THOUSANDS)
YEAR ENDED DECEMBER 31,
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2000 1999 1998 1997 1996
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Income before provision for income
tax................................. $ 68,139 $ 39,461 $50,483 $45,906 $25,809
Less: Equity earnings of
unconsolidated subsidiaries......... 7,112 7,528 3,443 -- 145
Preferred stock dividends (1)........ -- -- -- 6,557 1,639
Add: Distributed earnings of
unconsolidated subsidiaries......... 8,389 12,662 2,267 1,440 89
Fixed charges........................ 60,448 56,524 42,089 30,654 32,136
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Total earnings before fixed
charges........................... $129,864 $101,119 $91,396 $71,443 $56,250
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Fixed Charges:
Portion of rent expense
representative of the interest
factor (2)......................... $ 18,748 $ 17,156 $11,042 $ 8,317 $ 6,374
Interest expense.................... 41,700 39,368 31,047 15,780 24,123
Preferred stock dividends (1)....... -- -- -- 6,557 1,639
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Total fixed charges................ $ 60,448 $ 56,524 $42,089 $30,654 $32,136
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Ratio of earnings to fixed charges... 2.15 1.79 2.17 2.33 1.75
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(1) Preferred stock dividend requirements have been reflected at their pre-tax
amounts. The 1998 amount does not reflect the deemed dividend associated
with the Company's repurchase of convertible preferred stock for $32.3
million.
(2) Represents one-third of operating lease costs which approximates the
portion that relates to the interest portion.