Taubman Centers (TCO) 10-Q 2015 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
			2015			2014
		Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on dispositions, net of tax (1)	$	101,337		$	105,432
		Add back:
		Fixed charges	72,176			97,808
		Amortization of previously capitalized interest	1,545			2,612
		Distributed income of Unconsolidated Joint Ventures	46,298			41,222
		Deduct:
		Capitalized interest	(24,569		)	(18,844		)
		Earnings available for fixed charges and preferred dividends	$	196,787		$	228,230
		Fixed charges:
		Interest expense	$	44,451		$	74,946
		Capitalized interest	24,569			18,844
		Interest portion of rent expense	3,156			4,018
		Total fixed charges	$	72,176		$	97,808
		Preferred dividends	17,353			17,353
		Total fixed charges and preferred dividends	$	89,529		$	115,161
		Ratio of earnings to fixed charges and preferred dividends	2.2			2.0
(1	)	In 2014, the gain on dispositions, net of tax, of $476.9 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. In 2015, the adjustment of $0.4 million that was made to reduce the tax recognized as a result of the sale of International Plaza has also been excluded from earnings for purposes of calculating the ratio of earnings to fixed charges and preferred dividends.