Taubman Centers (TCO) 10-Q 2012 Q3 Quarterly report

						Exhibit 12
		TAUBMAN CENTERS, INC.
		Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
		(in thousands, except ratios)
			Nine Months Ended September 30
			2012			2011
		Earnings from continuing operations before income from equity investees and taxes (1)	$	74,381		$	59,400
		Add back:
		Fixed charges	114,189			95,309
		Amortization of previously capitalized interest	3,318			3,298
		Distributed income of Unconsolidated Joint Ventures	35,743			31,990
		Deduct:
		Capitalized interest	(761		)	(406		)
		Preferred distributions				(1,845		)
		Earnings available for fixed charges and preferred dividends	$	226,870		$	187,746
		Fixed charges:
		Interest expense	$	109,146		$	89,529
		Capitalized interest	761			406
		Interest portion of rent expense	4,282			3,529
		Preferred distributions				1,845
		Total fixed charges	$	114,189		$	95,309
		Preferred dividends (2)	17,980			10,975
		Total fixed charges and preferred dividends	$	132,169		$	106,284
		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.
(2	)	In September 2012, the Company redeemed its 8% Series G Preferred Stock and its 7.625% Series H Preferred Stock. As a result of these redemptions, the Company recognized a charge of $6.4 million, which represents the difference between the carrying values and the redemption prices of the Series G & H Preferred Stock. This charge is included in preferred dividends for the nine months ended September 30, 2012.