Exhibit 12
TAUBMAN CENTERS, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends and Distributions
(in thousands, except ratios)
Six Months Ended June 30
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2001 2000
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Net Earnings from Continuing Operations $ 29,459 $ 31,356
Add back:
Fixed charges 71,615 59,273
Amortization of previously capitalized interest (1) 1,099 1,101
Deduct:
Capitalized interest (1) (20,240) (12,208)
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Earnings Available for Fixed Charges
and Preferred Dividends and Distributions $ 81,933 $ 79,522
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Fixed Charges
Interest expense $ 30,163 $ 26,825
Capitalized interest 16,396 10,127
Interest portion of rent expense 1,933 1,950
Proportionate share of Unconsolidated Joint
Ventures' fixed charges 23,123 20,371
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Total Fixed Charges $ 71,615 $ 59,273
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Preferred Dividends and Distributions 12,800 12,800
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Total Fixed Charges and Preferred
Dividends and Distributions $ 84,415 $ 72,073
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Ratio of Earnings to Fixed Charges and
Preferred Dividends and Distributions 0.97 (2) 1.10
(1) Amounts include TRG's pro rata share 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 $2.5 million.