EXHIBIT 12
CBRE GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| Year Ended December 31, |
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| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
| Income from continuing operations before provision for income taxes |
$ | 777,262 | $ | 508,985 | $ | 489,478 | $ | 429,538 | $ | 272,057 | ||||||||||
| Less: Equity income from unconsolidated subsidiaries |
101,714 | 64,422 | 60,729 | 104,776 | 26,561 | |||||||||||||||
| Income (loss) from continuing operations attributable to non-controlling interests |
29,000 | 7,569 | (9,697 | ) | 6,918 | (49,777 | ) | |||||||||||||
| Add: Distributed earnings of unconsolidated subsidiaries |
27,903 | 33,302 | 20,199 | 20,794 | 33,874 | |||||||||||||||
| Fixed charges |
209,839 | 260,327 | 245,322 | 219,964 | 272,301 | |||||||||||||||
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| Total earnings before fixed charges |
$ | 884,290 | $ | 730,623 | $ | 703,967 | $ | 558,602 | $ | 601,448 | ||||||||||
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| Fixed charges: |
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| Portion of rent expense representative of the interest factor (1) |
$ | 74,717 | $ | 68,950 | $ | 70,254 | $ | 69,715 | $ | 63,002 | ||||||||||
| Interest expense |
112,035 | 135,082 | 175,068 | 150,249 | 191,151 | |||||||||||||||
| Write-off of financing costs |
23,087 | 56,295 | — | — | 18,148 | |||||||||||||||
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| Total fixed charges |
$ | 209,839 | $ | 260,327 | $ | 245,322 | $ | 219,964 | $ | 272,301 | ||||||||||
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| Ratio of earnings to fixed charges |
4.21 | 2.81 | 2.87 | 2.54 | 2.21 | |||||||||||||||
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| (1) | Represents one-third of operating lease costs, which approximates the portion that relates to the interest portion. |