EXHIBIT 12.2
CBRE HOLDING, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Period Pro Forma
from Combined
February 20, Pro Forma for the
2001 Combined Six Months
(inception) Year Ended Ended
to June 30, December 31, June 30,
2001 2000 2001
----------- ------------ ---------
Income (loss) before provision (benefit) for
income tax..................................... $ (1,195) $ 33,140 $(26,285)
Less:
Equity earnings of unconsolidated
subsidiaries............................... -- 7,112 2,785
Add:
Distributed earnings of unconsolidated
subsidiaries............................... -- 8,389 2,802
Fixed charges................................ 1,775 89,142 43,411
-------- -------- --------
Total earnings before fixed charges.............. $ 580 $123,559 $ 17,143
======== ======== ========
Fixed Charges:
Portion of rent expense representative of the
interest factor (1).......................... $ -- $ 18,748 $ 10,369
Interest expense............................... 1,775 70,394 33,042
-------- -------- --------
Total fixed charges.............................. $ 1,775 $ 89,142 $ 43,411
======== ======== ========
Ratio of earnings to fixed charges............... 0.33(2) 1.39 0.39(2)
======== ======== ========
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(1) Represents one-third of operating lease costs which approximates the
portion that relates to the interest portion.
(2) Includes a deficiency of $1.2 million for the period from February 20, 2001
(inception) to June 30, 2001 and a deficiency of $26.3 million for the pro
forma six months ended June 30, 2001.