Taubman Centers (TCO) 10-Q 2010 Q1 Quarterly report

						Exhibit 12
TAUBMAN CENTERS, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
				Quarter Ended March 31
				2010		2009
Earnings before income from equity investees (1)			$	7,274	$	14,638
Add back:
Fixed charges				39,391		38,572
Amortization of previously capitalized interest				1,135		1,139
Distributed income of Unconsolidated Joint Ventures				9,735		10,158
Deduct:
Capitalized interest				(15)		(305)
Preferred distributions				(615)		(615)
Earnings available for fixed charges and preferred dividends			$	56,905	$	63,587
Fixed charges:
Interest expense			$	37,417	$	36,233
Capitalized interest				15		305
Interest portion of rent expense				1,344		1,419
Preferred distributions				615		615
Total fixed charges			$	39,391	$	38,572
Preferred dividends				3,658		3,658
Total fixed charges and preferred dividends			$	43,049	$	42,230
Ratio of earnings to fixed charges and preferred dividends				1.3		1.5
(1	)	Earnings before income from equity investees for the three months ended March 31, 2009 includes a $2.5 million restructuring charge, which primarily represents the costs of terminations of personnel.