| 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 | ||||||||||
| 2015 | 2014 | |||||||||
Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on dispositions, net of tax (1) | $ | 34,763 | $ | 38,374 | ||||||
| Add back: | ||||||||||
| Fixed charges | 23,263 | 32,938 | ||||||||
| Amortization of previously capitalized interest | 515 | 1,064 | ||||||||
| Distributed income of Unconsolidated Joint Ventures | 15,627 | 12,068 | ||||||||
| Deduct: | ||||||||||
| Capitalized interest | (8,672 | ) | (5,392 | ) | ||||||
| Earnings available for fixed charges and preferred dividends | $ | 65,496 | $ | 79,052 | ||||||
| Fixed charges: | ||||||||||
| Interest expense | $ | 13,525 | $ | 26,130 | ||||||
| Capitalized interest | 8,672 | 5,392 | ||||||||
| Interest portion of rent expense | 1,066 | 1,416 | ||||||||
| Total fixed charges | $ | 23,263 | $ | 32,938 | ||||||
| Preferred dividends | 5,784 | 5,784 | ||||||||
| Total fixed charges and preferred dividends | $ | 29,047 | $ | 38,722 | ||||||
| Ratio of earnings to fixed charges and preferred dividends | 2.3 | 2.0 | ||||||||
| (1 | ) | In 2014, the gain on dispositions, net of tax, of $476.4 million, which includes the gain on dispositions of interests in International Plaza, Arizona Mills, and land in Syosset, New York related to the former Oyster Bay project, has been excluded from earnings for purposes of calculating the ratio of earnings to fixed charges and preferred dividends. | ||||||||
Taubman Centers (TCO)
Filed: 1 May 15, 12:00am