CBRE (CBRE) 10-K2005 FY Annual report

Filed: 15 Mar 06, 12:00am

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EXHIBIT 12

CB RICHARD ELLIS GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

(Dollars in thousands)


	CB Richard Ellis Group, Inc.											Predecessor Company
	Year Ended December 31,									Period From February 20 (inception) to December 31, 2001		Period From January 1 to July 20, 2001
	2005		2004		2003			2002		Period From February 20 (inception) to December 31, 2001		Period From January 1 to July 20, 2001
Income (loss) before provision for income taxes	$	356,222	$	108,254	$	(40,980	)	$	48,833	$	35,442	$	(32,910	)
Less: Equity income from unconsolidated subsidiaries		38,425		20,977		14,930			8,968		1,661		2,854
Add: Distributed earnings of unconsolidated subsidiaries		24,997		11,502		11,140			10,417		2,408		2,844
Fixed charges		102,041		126,190		112,207			83,019		38,618		31,063

Total earnings (loss) before fixed charges	$	444,835	$	224,969	$	67,437		$	133,301	$	74,807	$	(1,857	)

Fixed charges:
Portion of rent expense representative of the interest factor (1)	$	40,328	$	37,035	$	26,409		$	22,518	$	8,901	$	10,760
Interest expense		54,327		68,080		72,319			60,501		29,717		20,303
Loss on extinguishment of debt		7,386		21,075		13,479			—		—		—

Total fixed charges	$	102,041	$	126,190	$	112,207		$	83,019	$	38,618	$	31,063

Ratio of earnings to fixed charges		4.36		1.78		n/a	(2)		1.61		1.94		n/a	(3)

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

(2)	The ratio of earnings to fixed charges was negative for the year ended December 31, 2003. Additional earnings of $44.8 million would be needed to have a one-to-one ratio of earnings to fixed charges.

(3)	The ratio of earnings to fixed charges was negative for the period from January 1, 2001 to July 20, 2001. Additional earnings of $32.9 million would be needed to have a one-to-one ratio of earnings to fixed charges.

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