CBRE HOLDING, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

(Dollars in thousands)

 

EXHIBIT 12.2

 

     Predecessor

   Predecessor

   Predecessor

   Predecessor

    Company

   Company

   Company

   Company

   Company

   Company

 
    

CB Richard

Ellis Services,

Inc.


  

CB Richard

Ellis Services,

Inc.


  

CB Richard

Ellis Services,

Inc.


  

CB Richard

Ellis Services,
Inc.


    CBRE
Holding, Inc.


   CBRE
Holding, Inc.


   CBRE
Holding, Inc.


   CBRE
Holding, Inc.


   CBRE
Holding, Inc.


   CBRE
Holding, Inc.


 
     Twelve Months
Ended
December 31,
1998


   Twelve Months
Ended
December 31,
1999


   Twelve Months
Ended
December 31,
2000


   Period from
January 1,
2001 through
July 20, 2001


    February 20,
2001
(inception)
through
December 31,
2001


   Twelve Months
Ended
December 31,
2002


   Six Months
Ended
June 30,
2002


   Six Months
Ended
June 30,
2003


   Pro Forma
Twelve Months
Ended
December 31,
2002


   Pro Forma
Six Months
Ended June
30, 2003


 

Income (loss) before provision for income taxes

   $ 50,483    $ 39,461    $ 68,139    $ (32,910 )   $ 35,442    $ 48,833    $ 2,654    $ 6,746    $ 46,585    $ (6,088 )

Less: Equity income from unconsolidated subsidiaries

     3,443      7,528      7,112      2,854       1,661      8,968      3,221      6,993      8,968      6,993  

Add: Distributed earnings of unconsolidated subsidiaries

     2,267      12,662      8,389      2,844       2,408      10,417      3,900      5,215      10,417      5,215  

Fixed charges

     42,089      56,524      59,985      31,063       38,618      83,019      42,180      45,113      122,622      62,089  
    

  

  

  


 

  

  

  

  

  


Total earnings before fixed charges

   $ 91,396    $ 101,119    $ 129,401    $ (1,857 )   $ 74,807    $ 133,301    $ 45,513    $ 50,081    $ 170,656    $ 54,223  
    

  

  

  


 

  

  

  

  

  


Fixed charges:

                                                                        

Portion of rent expense representative of the interest factor (1)

   $ 11,042    $ 17,156    $ 18,285    $ 10,760     $ 8,901    $ 22,518    $ 11,259    $ 13,849    $ 32,284    $ 19,001  

Interest expense

     31,047      39,368      41,700      20,303       29,717      60,501      30,921      31,264      90,338      43,088  
    

  

  

  


 

  

  

  

  

  


Total fixed charges

   $ 42,089    $ 56,524    $ 59,985    $ 31,063     $ 38,618    $ 83,019    $ 42,180    $ 45,113    $ 122,622    $ 62,089  
    

  

  

  


 

  

  

  

  

  


Ratio of earnings to fixed charges

     2.17      1.79      2.16      n/a (2)     1.94      1.61      1.08      1.11      1.39      0.87 (3)
    

  

  

  


 

  

  

  

  

  


 

(1) Represents one-third of operating lease costs, which approximates the portion that relates to the interest portion.
(2) The ratio of earnings to fixed charges was negative for the period from January 1, 2001 to July 20, 2001. Additional earnings of $32.9 million would be needed to have a one-to-one ratio.
(3) Additional earnings of $7.9 million would be needed to have a one-to-one ratio of earnings to fixed charges.