Taubman Centers (TCO) 10-Q 2012 Q1 Quarterly report

						Exhibit 12
		TAUBMAN CENTERS, INC.
		Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
		(in thousands, except ratios)
			Three Months Ended March 31
			2012			2011
		Earnings from continuing operations before income from equity investees and taxes (1)	$	20,490		$	20,633
		Add back:
		Fixed charges	38,876			31,743
		Amortization of previously capitalized interest	1,103			1,099
		Distributed income of Unconsolidated Joint Ventures	11,901			10,146
		Deduct:
		Capitalized interest	(8		)	(213		)
		Preferred distributions				(615		)
		Earnings available for fixed charges and preferred dividends	$	72,362		$	62,793
		Fixed charges:
		Interest expense	$	37,527		$	29,774
		Capitalized interest	8			213
		Interest portion of rent expense	1,341			1,141
		Preferred distributions				615
		Total fixed charges	$	38,876		$	31,743
		Preferred dividends	3,658			3,658
		Total fixed charges and preferred dividends	$	42,534		$	35,401
		Ratio of earnings to fixed charges and preferred dividends (1)	1.7			1.8
(1	)	In 2011, the Company disposed of The Pier Shops at Caesars and Regency Square. These centers are reported separately as discontinued operations in the Consolidated Financial Statements in 2011. See "Note 2- Acquisitions, Dispositions, and Development" to the Consolidated Financial Statements for further discussion of our discontinued operations. The calculation of the ratio of earnings to fixed charges was restated to exclude discontinued operations in 2011.