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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2002 2001
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Net Earnings from Continuing Operations $ 8,272 $ 12,506
Add back:
Fixed charges 32,339 35,782
Amortization of previously capitalized interest (1) 845 534
Deduct:
Capitalized interest (1) (1,613) (10,309)
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Earnings Available for Fixed Charges
and Preferred Dividends and Distributions $ 39,843 $ 38,513
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Fixed Charges
Interest expense $ 20,629 $ 15,199
Capitalized interest 1,146 8,177
Interest portion of rent expense 964 396
Proportionate share of Unconsolidated Joint
Ventures' fixed charges 9,600 12,010
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Total Fixed Charges $ 32,339 $ 35,782
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Preferred Dividends and Distributions 6,400 6,400
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Total Fixed Charges and Preferred
Dividends and Distributions $ 38,739 $ 42,182
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Ratio of Earnings to Fixed Charges and
Preferred Dividends and Distributions 1.0 0.9 (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 $3.7 million.