Taubman Centers (TCO) 10-Q 2017 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
	2017			2016
Income before income tax expense and equity in income of Unconsolidated Joint Ventures	$	27,949		$	87,762
Add back:
Fixed charges	96,353			84,725
Amortization of previously capitalized interest	2,243			2,146
Distributed income of Unconsolidated Joint Ventures	47,099			49,779
Deduct:
Capitalized interest	(9,552		)	(17,892		)
Earnings available for fixed charges and preferred dividends	$	164,092		$	206,520
Fixed charges:
Interest expense	$	80,074		$	61,845
Capitalized interest	9,552			17,892
Interest portion of rent expense	6,727			4,988
Total fixed charges	$	96,353		$	84,725
Preferred dividends	17,353			17,353
Total fixed charges and preferred dividends	$	113,706		$	102,078
Ratio of earnings to fixed charges and preferred dividends	1.4			2.0