Attached files
| file | filename |
|---|---|
| 8-K - 8-K - CBRE GROUP, INC. | d63040d8k.htm |
| EX-1.1 - EX-1.1 - CBRE GROUP, INC. | d63040dex11.htm |
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.