Exhibit 12
CBRE GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| Nine Months Ended September 30, 2017 | Year Ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Income (loss) from continuing operations before provision for income taxes | $ | 723,073 | $ | 880,726 | $ | 879,730 | $ | 777,262 | $ | 508,985 | $ | 489,478 | ||||||||||||
Less: Equity income (loss) from unconsolidated subsidiaries | 158,236 | 197,351 | 162,849 | 101,714 | 64,422 | 60,729 | ||||||||||||||||||
Income (loss) from continuing operations attributable tonon-controlling interests | 4,181 | 12,091 | 11,745 | 29,000 | 7,569 | (9,697 | ) | |||||||||||||||||
Add: Distributed earnings of unconsolidated subsidiaries | 17,612 | 29,031 | 36,630 | 27,903 | 33,302 | 20,199 | ||||||||||||||||||
Fixed charges | 165,914 | 227,505 | 198,996 | 209,839 | 260,327 | 245,322 | ||||||||||||||||||
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Total earnings before fixed charges | $ | 744,182 | $ | 927,820 | $ | 940,762 | $ | 884,290 | $ | 730,623 | $ | 703,967 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Portion of rent expense representative of the interest factor (1) | $ | 61,991 | $ | 82,654 | $ | 77,431 | $ | 74,717 | $ | 68,950 | $ | 70,254 | ||||||||||||
Interest expense | 103,923 | 144,851 | 118,880 | 112,035 | 135,082 | 175,068 | ||||||||||||||||||
Write-off of financing costs | — | — | 2,685 | 23,087 | 56,295 | — | ||||||||||||||||||
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Total fixed charges | $ | 165,914 | $ | 227,505 | $ | 198,996 | $ | 209,839 | $ | 260,327 | $ | 245,322 | ||||||||||||
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Ratio of earnings to fixed charges | 4.49 | 4.08 | 4.73 | 4.21 | 2.81 | 2.87 | ||||||||||||||||||
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| (1) | Representsone-third of operating lease costs, which approximates the portion that relates to the interest portion. |