Taubman Centers (TCO) 10-K 2011 Q4 Annual report

															Exhibit 12
TAUBMAN CENTERS, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
			Year Ended December 31
			2011			2010			2009			2008				2007
Earnings from continuing operations before income from equityinvestees and taxes (1) (2)			$	95,945		$	77,928		$	94,632		$	(26,965	)		$	86,731
Add back:
		Fixed charges	127,128			139,410			139,854			148,738				141,965
		Amortization of previously capitalized interest	4,401			4,411			4,443			4,460				4,308
		Distributed income of Unconsolidated Joint Ventures (3)	46,064			45,412			11,488			35,356				40,498
Deduct:
		Capitalized interest	(422		)	(319		)	(1,257		)	(7,972		)		(14,613		)
		Preferred distributions (4)	372			(2,460		)	(2,460		)	(2,460		)		(2,460		)
Earnings available for fixed charges and preferred dividends			$	273,488		$	264,382		$	246,700		$	151,157			$	256,429
Fixed charges:
		Interest expense	$	122,277		$	132,362		$	131,558		$	133,455			$	120,042
		Capitalized interest	422			319			1,257			7,972				14,613
		Interest portion of rent expense	4,801			4,269			4,579			4,851				4,850
		Preferred distributions (4)	(372		)	2,460			2,460			2,460				2,460
		Total fixed charges	$	127,128		$	139,410		$	139,854		$	148,738			$	141,965
Preferred dividends			14,634			14,634			14,634			14,634				14,634
Total fixed charges and preferred dividends			$	141,762		$	154,044		$	154,488		$	163,372			$	156,599
Ratio of earnings to fixed charges and preferred dividends (1)			1.9			1.7			1.6			0.9			(5)	1.6
(1	)	In November and December 2011, the Company disposed of The Pier Shops at Caesars and Regency Square, respectively. These centers are reported separately as discontinued operations in the Consolidated Financial Statements. See "Note 2- Acquisitions and Dispositions" to the Consolidated Financial Statements for further discussion of our discontinued operations. All reported periods of the calculation of the ratio of earnings to fixed charges exclude discontinued operations.
(2	)	Earnings before income from equity investees for the year ended December 31, 2008 includes a $117.9 million impairment charge related to our Oyster Bay project.
(3	)	Distributed income of Unconsolidated Joint Ventures for the year ended December 31, 2009 includes $30.4 million in litigation charges related to Westfarms. Distributed income of Unconsolidated Joint Ventures for the year ended December 31, 2008 includes an $8.3 million impairment charge related to our investment in University Town Center.
(4	)	In October 2011, the Company redeemed the Operating Partnership's 8.2% Series F Preferred Equity for $27 million, which represented a $2.2 million discount from the book value.
(5	)	Earnings available for fixed charges and preferred dividends were less than total fixed charges and preferred dividends by $12.2 million for 2008. See notes (2) and (3) above.