| 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 | |||||||||
| 2014 | 2013 | ||||||||
| Earnings before income from equity investees, taxes, and gain on | |||||||||
| dispositions of International Plaza, Arizona Mills, and Oyster Bay, net of tax | $ | 105,432 | $ | 91,870 | |||||
| Add back: | |||||||||
| Fixed charges | 97,808 | 115,646 | |||||||
| Amortization of previously capitalized interest | 2,612 | 3,331 | |||||||
Distributed income of Unconsolidated Joint Ventures | 41,222 | 34,047 | |||||||
| Deduct: | |||||||||
| Capitalized interest | (18,844 | ) | (11,511 | ) | |||||
| Earnings available for fixed charges and preferred dividends | $ | 228,230 | $ | 233,383 | |||||
| Fixed charges: | |||||||||
| Interest expense | $ | 74,946 | $ | 99,589 | |||||
| Capitalized interest | 18,844 | 11,511 | |||||||
| Interest portion of rent expense | 4,018 | 4,546 | |||||||
| Total fixed charges | $ | 97,808 | $ | 115,646 | |||||
| Preferred dividends | 17,353 | 15,148 | |||||||
| Total fixed charges and preferred dividends | $ | 115,161 | $ | 130,794 | |||||
| Ratio of earnings to fixed charges and preferred dividends | 2.0 | 1.8 | |||||||
Taubman Centers (TCO)
Filed: 4 Nov 14, 12:00am