Taubman Centers (TCO) 10-Q 2003 Q3 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)

	Nine Months Ended September 30
	2003			2002
Income (loss) before equity in income of Unconsolidated Joint
Ventures, discontinued operations, and minority and
preferred interests		$	(12,042	)	$	11,079
Add:
Fixed charges			71,617			63,192
Amortization of previously capitalized interest			2,279			1,951
Distributed income of Unconsolidated Joint Ventures			29,109			16,715
Deduct:
Capitalized interest			(7,790	)		(4,511	)
Earnings available for fixed charges and preferred
dividends and distributions		$	83,173		$	88,426
Fixed charges:
Interest expense		$	62,083		$	56,796
Capitalized interest			7,790			4,511
Interest portion of rent expense			1,744			1,885
Total Fixed Charges		$	71,617		$	63,192
Preferred dividends and distributions			19,200			19,200
Total fixed charges and preferred dividends and
distributions		$	90,817		$	82,392
Ratio of earnings to fixed charges and
preferred dividends and distributions			0.9	(1)		1.1

(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 $7.6 million in 2003.