Taubman Centers (TCO) 10-Q 2013 Q2 Quarterly report

				Exhibit 12
TAUBMAN CENTERS, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
	Six Months Ended June 30
	2013			2012
Earnings operations before income from equity investees and taxes	$	59,394		$	41,260
Add back:
Fixed charges	77,002			77,145
Amortization of previously capitalized interest	2,221			2,211
Distributed income of Unconsolidated Joint Ventures	21,827			23,071
Deduct:
Capitalized interest	(6,874		)	(98		)
Earnings available for fixed charges and preferred dividends	$	153,570		$	143,589
Fixed charges:
Interest expense	$	67,074		$	74,203
Capitalized interest	6,874			98
Interest portion of rent expense	3,054			2,844
Total fixed charges	$	77,002		$	77,145
Preferred dividends	9,364			7,317
Total fixed charges and preferred dividends	$	86,366		$	84,462
Ratio of earnings to fixed charges and preferred dividends	1.8			1.7