Exhibit 11
TAUBMAN CENTERS, INC.
Computation of Per Share Earnings
(in thousands, except share data)
Three Months Ended September 30 Nine Months Ended September 30
------------------------------- ------------------------------
1995 1996 1995 1996
-------- -------- -------- --------
Primary
- -------
Income before extraordinary items as reported $4,028 $5,036 $12,453 $14,678
Effect of partnership units issuable under The Taubman Realty
Group Limited Partnership's 1992 Incentive Option Plan 0 (8) 0 (18)
------ ------ ------- -------
Income before extraordinary items for purposes of calculating
primary earnings per share $4,028 $5,028 $12,453 $14,660
====== ====== ======= =======
Average number of shares outstanding 44,169,913 44,098,113 44,281,294 44,102,470
========== ========== ========== ==========
Primary earnings per share $.09 $.11 $.28 $.33
==== ==== ==== ====
Fully diluted
- -------------
Income before extraordinary items as reported $4,028 $5,036 $12,453 $14,678
Effect of partnership units issuable under The Taubman Realty
Group Limited Partnership's 1992 Incentive Option Plan (1) (8) (1) (27)
------ ------ ------- -------
Income before extraordinary items for purposes of calculating
fully diluted earnings per share $4,027 $5,028 $12,452 $14,651
====== ====== ======= =======
Average number of shares outstanding 44,169,913 44,098,113 44,281,294 44,102,470
========== ========== ========== ==========
Fully diluted earnings per share $.09 $.11 $.28 $.33
==== ==== ==== ====
Exhibit 11
(Continued)
TAUBMAN CENTERS, INC.
Computation of Per Share Earnings
(in thousands, except share data)
Three Months Ended September 30 Nine Months Ended September 30
------------------------------- ------------------------------
1995 1996 1995 1996
-------- -------- -------- --------
Primary
- -------
Net income as reported $4,028 $4,592 $11,672 $14,234
Effect of partnership units issuable under The Taubman Realty
Group Limited Partnership's 1992 Incentive Option Plan 0 (7) 0 (17)
------ ------ ------- -------
Net income for purposes of calculating primary
earnings per share $4,028 $4,585 $11,672 $14,217
====== ====== ======= =======
Average number of shares outstanding 44,169,913 44,098,113 44,281,294 44,102,470
========== ========== ========== ==========
Primary earnings per share $.09 $.10 $.26 $.32
==== ==== ==== ====
Fully diluted
- -------------
Net income as reported $4,028 $4,592 $11,672 $14,234
Effect of partnership units issuable under The Taubman Realty
Group Limited Partnership's 1992 Incentive Option Plan (1) (8) (1) (27)
------ ------ ------- -------
Net income for purposes of calculating fully
diluted earnings per share $4,027 $4,584 $11,671 $14,207
====== ====== ======= =======
Average number of shares outstanding 44,169,913 44,098,113 44,281,294 44,102,470
========== ========== ========== ==========
Fully diluted earnings per share $.09 $.10 $.26 $.32
==== ==== ==== ====