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

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Three Months Ended		Year Ending December 31,
	31-Mar-15		2014		2013		2012
Income from continuing operations before provision for income taxes		150,041		777,262		508,985		489,478
Less:
Equity income from unconsolidated subsidiaries		15,451		101,714		64,422		60,729
Income (loss) from continuing operations attributable to non-controlling interests		201		29,000		7,569		(9,697	)
Add:
Distributed earnings of unconsolidated subsidiaries		8,925		27,903		33,302		20,199
Fixed charges		47,578		209,839		260,327		243,667
Total earnings before fixed charges		190,892		884,290		730,623		702,312
Fixed charges:
Portion of rent expense representative of the interest factor		18,679		74,717		68,950		68,599
Interest expense		26,214		112,035		135,082		175,068
Write-off of financing costs		2,685		23,087		56,295		—
Total fixed charges		47,578		209,839		260,327		243,667
Ratio of earnings to fixed charges		4.01		4.21		2.81		2.88
Calculation of portion of rent expense representative of the interest factor
Minimum lease rentals per 10-K footnotes (Annualized for interim periods)		56,038		224,151		206,850		205,798
1/3 of operating lease costs		3		3		3		3
Portion of rent expense representative of the interest factor		18,679		74,717		68,950		68,599
(Annualized for Q2 14 as annual amounts have not fluctuated over last 3 fiscal year years)
Calculation of income (loss) from continuing operations attributable to non-controlling interests
Income (loss) from continuing operations attributable to nc interests per P&L		201		29,000		32,257		(10,768	)
Non-controlling interests relating to disco ops		—		—		24,688		(1,071	)
Income (loss) from continuing operations attributable to non-controlling interests		201		29,000		7,569		(9,697	)

Note: Consistent with prior years we have excluded interest expense from discontinued operations and FIN 48 liabilities as amounts are immaterial to calculation.