Exhibit 11
TAUBMAN CENTERS, INC.
Computation of Earnings Per Share
(in thousands, except share data)
Year Ended Year Ended Year Ended
December 31, 1994 December 31, 1995 December 31, 1996
----------------- ----------------- -----------------
Primary
- -------
Income before
extraordinary items
as reported $17,014 $19,267 $20,730
Effect of partnership
units issuable under
The Taubman Realty Group
Limited Partnership's
1992 Incentive Option Plan (25) (1) (37)
------- ------- -------
Income before extraordinary
items for purposes of
calculating primary
earnings per share $16,989 $19,266 $20,693
======= ======= =======
Weighted average number
of shares outstanding 44,589,709 44,249,617 44,444,833
========== ========== ==========
Primary earnings per share $.38 $.44 $.47
==== ==== ====
Fully diluted
- -------------
Income before extraordinary
items as reported $17,014 $19,267 $20,730
Effect of partnership
units issuable under The
Taubman Realty Group
Limited Partnership's 1992
Incentive Option Plan (34) (8) (243)
------- ------ -------
Income before extraordinary
items for purposes of
calculating fully diluted
earnings per share $16,980 $19,259 $20,487
======= ======= =======
Weighted average number
of shares outstanding 44,589,709 44,249,617 44,444,833
========== ========== ==========
Fully diluted earnings
per share $.38 $.44 $.46
==== ==== ====
Exhibit 11
(Continued)
TAUBMAN CENTERS, INC.
Computation of Earnings Per Share
(in thousands, except share data)
Year Ended Year Ended Year Ended
December 31, 1994 December 31, 1995 December 31, 1996
----------------- ----------------- -----------------
Primary
- -------
Net income as reported $927 $25,103 $20,286
Effect of partnership
units issuable under
The Taubman Realty Group
Limited Partnership's
1992 Incentive Option Plan (9) (1) (50)
---- ------- -------
Net income for purposes of
calculating primary
earnings per share $918 $25,102 $20,236
==== ======= =======
Weighted average number
of shares outstanding 44,589,709 44,249,617 44,444,833
========== ========== ==========
Primary earnings
per share $.02 $.57 $.46
==== ==== ====
Fully diluted
- -------------
Net income as reported $927 $25,103 $20,286
Effect of partnership
units issuable under
The Taubman Realty Group
Limited Partnership's
1992 Incentive Option Plan (13) (10) (253)
---- ------ ------
Net income for purposes of
calculating fully diluted
earnings per share $914 $25,093 $20,033
==== ======= =======
Weighted average number of
shares outstanding 44,589,709 44,249,617 44,444,833
========== ========== ==========
Fully diluted earnings
per share $.02 $.57 $.45
==== ==== ====