Taubman Centers (TCO) 10-Q 2003 Q2 Quarterly report

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
	2003		2002
Earnings from continuing operations before income from
equity investees	$  (8,928	)	$      247
Add:
Fixed charges	50,684		45,232
Amortization of previously capitalized interest	1,528		1,307
Distributed income of Unconsolidated Joint Ventures	18,685		10,877
Deduct:
Capitalized interest	(4,929	)	(2,571	)
Earnings available for fixed charges
and preferred dividends and distributions	$ 57,040		$ 55,092
Fixed charges:
Interest expense	$ 44,579		$ 41,393
Capitalized interest	4,929		2,571
Interest portion of rent expense	1,176		1,268
Total Fixed Charges	$ 50,684		$ 45,232
Preferred dividends and distributions	12,800		12,800
Total fixed charges and preferred
dividends and distributions	$ 63,484		$ 58,032
Ratio of earnings to fixed charges and
preferred dividends and distributions	0.9(1)		0.9(1)

(1) 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 $6.4 million and $2.9 million in 2003 and 2002, respectively.