EXHIBIT 12.2

 

CBRE HOLDING, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

(Dollars in thousands)

 

     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


   Nine Months
Ended
September 30,
2002


   Nine Months
Ended
September 30,
2003


    Pro Forma
Twelve
Months
Ended
December 31,
2002


    Pro Forma
Nine Months
Ended
September 30,
2003


 

Income (loss) before provision for income taxes

   $ 50,483    $ 39,461    $ 68,139    $ (32,910 )   $ 35,442    $ 48,833    $ 10,226    $ (40,079 )   $ (12,660 )   $ (30,370 )

Less: Equity income from unconsolidated subsidiaries

     3,443      7,528      7,112      2,854       1,661      8,968      5,880      9,795       8,968       9,795  

Add: Distributed earnings of unconsolidated subsidiaries

     2,267      12,662      8,389      2,844       2,408      10,417      8,474      8,051       10,417       8,051  

Fixed charges

     42,089      56,524      59,985      31,063       38,618      83,019      63,230      80,292       122,622       98,342  
    

  

  

  


 

  

  

  


 


 


Total earnings before fixed charges

   $ 91,396    $ 101,119    $ 129,401    $ (1,857 )   $ 74,807    $ 133,301    $ 76,050    $ 38,469     $ 111,411     $ 66,228  
    

  

  

  


 

  

  

  


 


 


Fixed charges:

                                                                          

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

   $ 11,042    $ 17,156    $ 18,285    $ 10,760     $ 8,901    $ 22,518    $ 16,889    $ 20,773     $ 32,284     $ 26,583  

Interest expense

     31,047      39,368      41,700      20,303       29,717      60,501      46,341      59,519       90,338       71,759  
    

  

  

  


 

  

  

  


 


 


Total fixed charges

   $ 42,089    $ 56,524    $ 59,985    $ 31,063     $ 38,618    $ 83,019    $ 63,230    $ 80,292     $ 122,622     $ 98,342  
    

  

  

  


 

  

  

  


 


 


Ratio of earnings to fixed charges

     2.17      1.79      2.16      n/a (2)     1.94      1.61      1.20      0.48 (3)     0.91 (4)     0.67 (5)
    

  

  

  


 

  

  

  


 


 


 

(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 $41.8 million would be needed to have a one-to-one ratio of earnings to fixed charges.

 

(4) Additional earnings of $11.2 million would be needed to have a one-to-one ratio of earnings to fixed charges.

 

(5) Additional earnings of $32.1 million would be needed to have a one-to-one ratio of earnings to fixed charges.