| 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. | ||||||||
Taubman Centers (TCO)
Filed: 3 May 12, 12:00am