Exhibit 12
TAUBMAN CENTERS, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends and Distributions
(in thousands, except ratios)
Three Months Ended March 31
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2001 2000
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Net Earnings from Continuing Operations $ 13,736 $ 16,827
Add back:
Fixed charges 36,105 28,663
Amortization of previously capitalized interest (1) 534 550
Deduct:
Capitalized interest (1) (10,309) (5,414)
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Earnings Available for Fixed Charges
and Preferred Dividends and Distributions $ 40,066 $ 40,626
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Fixed Charges
Interest expense $ 15,191 $ 13,166
Capitalized interest 8,177 4,596
Interest portion of rent expense 727 983
Proportionate share of Unconsolidated Joint
Ventures' fixed charges 12,010 9,918
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Total Fixed Charges $ 36,105 $ 28,663
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Preferred Dividends and Distributions 6,400 6,400
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Total Fixed Charges and Preferred
Dividends and Distributions $ 42,505 $ 35,063
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Ratio of Earnings to Fixed Charges and
Preferred Dividends and Distributions 0.9 (2) 1.2
(1) Amounts include TRG's pro rata share of capitalized interest and amortization of previously capitalized
interest of the Unconsolidated Joint Ventures.
(2) Earnings available for fixed charges and preferred dividends and distributions are less than the total
of fixed charges and preferred dividends and distributions by approximately $2.4 million.