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