EXHIBIT 12
CBRE GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| Income from continuing operations before provision for income taxes |
$ | 879,730 | $ | 777,262 | $ | 508,985 | $ | 489,478 | $ | 429,538 | ||||||||||
| Less: Equity income from unconsolidated subsidiaries |
162,849 | 101,714 | 64,422 | 60,729 | 104,776 | |||||||||||||||
| Income (loss) from continuing operations attributable to non-controlling interests |
11,745 | 29,000 | 7,569 | (9,697 | ) | 6,918 | ||||||||||||||
| Add: Distributed earnings of unconsolidated subsidiaries |
36,630 | 27,903 | 33,302 | 20,199 | 20,794 | |||||||||||||||
| Fixed charges |
198,996 | 209,839 | 260,327 | 245,322 | 219,964 | |||||||||||||||
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| Total earnings before fixed charges |
$ | 940,762 | $ | 884,290 | $ | 730,623 | $ | 703,967 | $ | 558,602 | ||||||||||
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| Fixed charges: |
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| Portion of rent expense representative of the interest factor (1) |
$ | 77,431 | $ | 74,717 | $ | 68,950 | $ | 70,254 | $ | 69,715 | ||||||||||
| Interest expense |
118,880 | 112,035 | 135,082 | 175,068 | 150,249 | |||||||||||||||
| Write-off of financing costs on extinguished debt |
2,685 | 23,087 | 56,295 | — | — | |||||||||||||||
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| Total fixed charges |
$ | 198,996 | $ | 209,839 | $ | 260,327 | $ | 245,322 | $ | 219,964 | ||||||||||
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| Ratio of earnings to fixed charges |
4.73 | 4.21 | 2.81 | 2.87 | 2.54 | |||||||||||||||
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| (1) | Represents one-third of operating lease costs, which approximates the portion that relates to interest. |