EXHIBIT 12

 

CBRE GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

 

     Year Ended December 31,  
     2013      2012     2011      2010     2009  

Income (loss) from continuing operations before provision for income taxes

   $ 508,985       $ 489,478      $ 429,538       $ 272,057      $ (645

Less: Equity income (loss) from unconsolidated subsidiaries

     64,422         60,729        104,776         26,561        (34,095

Income (loss) from continuing operations attributable to non-controlling interests

     7,569         (9,697     6,918         (49,777     (60,979

Add: Distributed earnings of unconsolidated subsidiaries

     33,302         20,199        20,794         33,874        13,509   

Fixed charges

     260,327         245,322        219,964         272,301        278,379   
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total earnings before fixed charges

   $ 730,623       $ 703,967      $ 558,602       $ 601,448      $ 386,317   
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Fixed charges:

            

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

   $ 68,950       $ 70,254      $ 69,715       $ 63,002      $ 59,978   

Interest expense

     135,082         175,068        150,249         191,151        189,146   

Write-off of financing costs

     56,295         —          —           18,148        29,255   
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total fixed charges

   $ 260,327       $ 245,322      $ 219,964       $ 272,301      $ 278,379   
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Ratio of earnings to fixed charges

     2.81         2.87        2.54         2.21        1.39   
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

 

(1) Represents one-third of operating lease costs, which approximates the portion that relates to the interest portion.