Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CBRE GROUP, INC. | d836553d8k.htm |
| EX-1.1 - EX-1.1 - CBRE GROUP, INC. | d836553dex11.htm |
| EX-5.4 - EX-5.4 - CBRE GROUP, INC. | d836553dex54.htm |
| EX-5.2 - EX-5.2 - CBRE GROUP, INC. | d836553dex52.htm |
| EX-5.3 - EX-5.3 - CBRE GROUP, INC. | d836553dex53.htm |
| EX-5.5 - EX-5.5 - CBRE GROUP, INC. | d836553dex55.htm |
| EX-4.1 - EX-4.1 - CBRE GROUP, INC. | d836553dex41.htm |
| EX-5.1 - EX-5.1 - CBRE GROUP, INC. | d836553dex51.htm |
Exhibit 12.1
CBRE GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| Nine Months Ended September 30, |
Year Ended December 31, | |||||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
| Income (loss) from continuing operations before provision for income taxes |
$ | 479,151 | $ | 508,985 | $ | 489,478 | $ | 429,538 | $ | 272,057 | $ | (645 | ) | |||||||||||
| Less: Equity income (loss) from unconsolidated subsidiaries |
67,564 | 64,422 | 60,729 | 104,776 | 26,561 | (34,095 | ) | |||||||||||||||||
| Income (loss) from continuing operations attributable to non-controlling interests |
27,607 | 7,569 | (9,697 | ) | 6,918 | (49,777 | ) | (60,979 | ) | |||||||||||||||
| Add: Distributed earnings of unconsolidated subsidiaries |
18,556 | 33,302 | 20,199 | 20,794 | 33,874 | 13,509 | ||||||||||||||||||
| Fixed charges |
159,126 | 260,327 | 245,322 | 219,964 | 272,301 | 278,379 | ||||||||||||||||||
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| Total earnings before fixed charges |
$ | 561,662 | $ | 730,623 | $ | 703,967 | $ | 558,602 | $ | 601,448 | $ | 386,317 | ||||||||||||
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| Fixed charges: |
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| Portion of rent expense representative of the interest factor (1) |
$ | 51,713 | $ | 68,950 | $ | 70,254 | $ | 69,715 | $ | 63,002 | $ | 59,978 | ||||||||||||
| Interest expense |
84,326 | 135,082 | 175,068 | 150,249 | 191,151 | 189,146 | ||||||||||||||||||
| Write-off of financing costs |
23,087 | 56,295 | — | — | 18,148 | 29,255 | ||||||||||||||||||
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| Total fixed charges |
$ | 159,126 | $ | 260,327 | $ | 245,322 | $ | 219,964 | $ | 272,301 | $ | 278,379 | ||||||||||||
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| Ratio of earnings to fixed charges |
3.53 | 2.81 | 2.87 | 2.54 | 2.21 | 1.39 | ||||||||||||||||||
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| (1) | Represents one-third of operating lease costs, which approximates the portion that relates to the interest portion. |