CBRE (CBRE) 8-K Entry into a Material Definitive Agreement

EXHIBIT 12.1

CBRE GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Six Months Ended June 30,		Year Ended December 31,
	2014		2013		2012			2011		2010			2009
Income (loss) from continuing operations before provision for income taxes	$	300,154	$	508,985	$	489,478		$	429,538	$	272,057		$	(645	)
Less: Equity income (loss) from unconsolidated subsidiaries		24,264		64,422		60,729			104,776		26,561			(34,095	)
Income (loss) from continuing operations attributable to non-controlling interests		25,014		7,569		(9,697	)		6,918		(49,777	)		(60,979	)
Add: Distributed earnings of unconsolidated subsidiaries		9,297		33,302		20,199			20,794		33,874			13,509
Fixed charges		90,960		260,327		245,322			219,964		272,301			278,379
Total earnings before fixed charges	$	351,133	$	730,623	$	703,967		$	558,602	$	601,448		$	386,317
Fixed charges:
Portion of rent expense representative of the interest factor (1)	$	34,475	$	68,950	$	70,254		$	69,715	$	63,002		$	59,978
Interest expense		56,485		135,082		175,068			150,249		191,151			189,146
Write-off of financing costs		—		56,295		—			—		18,148			29,255
Total fixed charges	$	90,960	$	260,327	$	245,322		$	219,964	$	272,301		$	278,379
Ratio of earnings to fixed charges		3.86		2.81		2.87			2.54		2.21			1.39

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