Taubman Centers (TCO) 10-Q 2009 Q2 Quarterly report

			Exhibit 12
TAUBMAN CENTERS, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
		Six Months Ended
		Ended June 30
		2009	2008
Earnings before income from equity investees (1)		$    27,334	$    27,645
Add back:
Fixed charges		77,355	82,022
Amortization of previously capitalized interest		2,279	2,286
Distributed income of Unconsolidated Joint Ventures		18,526	17,725
Deduct:
Capitalized interest		(598)	(4,890)
Preferred distributions		(1,230)	(1,230)
Earnings available for fixed charges and preferred dividends		$  123,666	$  123,558
Fixed charges:
Interest expense		$    72,706	$    72,954
Capitalized interest		598	4,890
Interest portion of rent expense		2,821	2,948
Preferred distributions		1,230	1,230
Total fixed charges		$    77,355	$    82,022
Preferred dividends		7,317	7,317
Total fixed charges and preferred dividends		$    84,672	$    89,339
Ratio of earnings to fixed charges and preferred dividends		1.5	1.4
(1)	Earnings before income from equity investees for the six months ended June 30, 2009 includes a $2.6 million restructuing charge, which primarily represents the costs of terminations of personnel.