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 | ||||||||||
2013 | 2012 | |||||||||
Earnings operations before income from equity investees and taxes | $ | 91,870 | $ | 74,381 | ||||||
Add back: | ||||||||||
Fixed charges | 115,646 | 114,189 | ||||||||
Amortization of previously capitalized interest | 3,331 | 3,318 | ||||||||
Distributed income of Unconsolidated Joint Ventures | 34,047 | 35,743 | ||||||||
Deduct: | ||||||||||
Capitalized interest | (11,511 | ) | (1,239 | ) | ||||||
Earnings available for fixed charges and preferred dividends | $ | 233,383 | $ | 226,392 | ||||||
Fixed charges: | ||||||||||
Interest expense | $ | 99,589 | $ | 109,146 | ||||||
Capitalized interest | 11,511 | 761 | ||||||||
Interest portion of rent expense | 4,546 | 4,282 | ||||||||
Total fixed charges | $ | 115,646 | $ | 114,189 | ||||||
Preferred dividends (1) | 15,148 | 17,980 | ||||||||
Total fixed charges and preferred dividends | $ | 130,794 | $ | 132,169 | ||||||
Ratio of earnings to fixed charges and preferred dividends | 1.8 | 1.7 | ||||||||
(1 | ) | 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. | ||||||||
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10-Q Filing
Taubman Centers (TCO) 10-Q2013 Q3 Quarterly report
Filed: 29 Oct 13, 12:00am