Exhibit 12
TAUBMAN CENTERS, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
(in thousands, except ratios)
| Nine Months Ended | ||||||||
| Ended September 30 | ||||||||
| 2009 | 2008 | |||||||
| Earnings (loss) before income from equity investees (1) | $ | (122,119 | ) | $ | 44,410 | |||
| Add back: | ||||||||
| Fixed charges | 116,079 | 122,723 | ||||||
| Amortization of previously capitalized interest | 3,419 | 3,430 | ||||||
| Distributed income of Unconsolidated Joint Ventures | 28,980 | 29,014 | ||||||
| Deduct: | ||||||||
| Capitalized interest | (915 | ) | (7,483 | ) | ||||
| Preferred distributions | (1,845 | ) | (1,845 | ) | ||||
| Earnings available for fixed charges and preferred dividends | $ | 23,599 | $ | 190,249 | ||||
| Fixed charges: | ||||||||
| Interest expense | $ | 109,113 | $ | 108,993 | ||||
| Capitalized interest | 915 | 7,483 | ||||||
| Interest portion of rent expense | 4,206 | 4,402 | ||||||
| Preferred distributions | 1,845 | 1,845 | ||||||
| Total fixed charges | $ | 116,079 | $ | 122,723 | ||||
| Preferred dividends | 10,975 | 10,975 | ||||||
| Total fixed charges and preferred dividends | $ | 127,054 | $ | 133,698 | ||||
| Ratio of earnings to fixed charges and preferred dividends | 0.2 | (2) | 1.4 | |||||
| (1) | Earnings before income from equity investees for the nine months ended September 30, 2009 includes impairment charges of $166.7 million on The Pier Shops and Regency Square and a $2.6 million restructuring charge, which primarily represents the costs of terminations of personnel. | |
| (2) | Earnings available for fixed charges and preferred dividends were less than total fixed charges and preferred dividends by $103.5 million. See Note 1. |