EXHIBIT 12
CBRE GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
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Year Ended December 31, |
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2017 |
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2016 |
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2015 |
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2014 |
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2013 |
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Income from continuing operations before provision for income taxes |
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$ |
1,164,093 |
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$ |
880,726 |
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$ |
879,730 |
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$ |
777,262 |
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$ |
508,985 |
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Less: |
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Equity income from unconsolidated subsidiaries |
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210,207 |
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197,351 |
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162,849 |
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101,714 |
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64,422 |
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Income (loss) from continuing operations attributable to non-controlling interests |
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6,467 |
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12,091 |
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11,745 |
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29,000 |
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7,569 |
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Add: |
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Distributed earnings of unconsolidated subsidiaries |
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27,945 |
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29,031 |
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36,630 |
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27,903 |
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33,302 |
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Fixed charges |
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227,891 |
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227,505 |
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198,996 |
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209,839 |
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260,327 |
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Total earnings before fixed charges |
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$ |
1,203,255 |
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$ |
927,820 |
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$ |
940,762 |
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$ |
884,290 |
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$ |
730,623 |
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Fixed charges: |
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Portion of rent expense representative of the interest factor (1) |
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$ |
91,077 |
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$ |
82,654 |
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$ |
77,431 |
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$ |
74,717 |
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$ |
68,950 |
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Interest expense |
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136,814 |
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|
144,851 |
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|
118,880 |
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|
112,035 |
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|
135,082 |
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Write-off of financing costs on extinguished debt |
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— |
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— |
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2,685 |
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23,087 |
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|
56,295 |
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Total fixed charges |
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$ |
227,891 |
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$ |
227,505 |
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$ |
198,996 |
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$ |
209,839 |
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$ |
260,327 |
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Ratio of earnings to fixed charges: |
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5.28 |
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4.08 |
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4.73 |
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4.21 |
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2.81 |
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(1) |
Represents one-third of operating lease costs, which approximates the portion that relates to interest. |