EXHIBIT 12

CBRE GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

 

     Year Ended December 31,  
     2016      2015      2014      2013      2012  

Income from continuing operations before provision for income taxes

   $ 880,726      $ 879,730      $ 777,262      $ 508,985      $ 489,478  

Less: Equity income from unconsolidated subsidiaries

     197,351        162,849        101,714        64,422        60,729  

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

     12,091        11,745        29,000        7,569        (9,697

Add: Distributed earnings of unconsolidated subsidiaries

     29,031        36,630        27,903        33,302        20,199  

Fixed charges

     227,505        198,996        209,839        260,327        245,322  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total earnings before fixed charges

   $ 927,820      $ 940,762      $ 884,290      $ 730,623      $ 703,967  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed charges:

              

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

   $ 82,654      $ 77,431      $ 74,717      $ 68,950      $ 70,254  

Interest expense

     144,851        118,880        112,035        135,082        175,068  

Write-off of financing costs on extinguished debt

     —          2,685        23,087        56,295        —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed charges

   $ 227,505      $ 198,996      $ 209,839      $ 260,327      $ 245,322  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of earnings to fixed charges:

     4.08        4.73        4.21        2.81        2.87  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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