Exhibit 11
TAUBMAN CENTERS, INC.
Computation of Earnings Per Share
(in thousands, except share data)
Three Months Ended Three Months Ended
March 31, 1996 March 31, 1997
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Primary
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Net income as reported $5,244 $6,425
Effect of partnership units issuable under
The Taubman Realty Group Limited Partnership's
1992 Incentive Option Plan 0 (74)
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Net income for purposes of calculating primary
earnings per share $5,244 $6,351
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Average number of shares outstanding 44,111,232 50,720,358
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Primary earnings per share $ .12 $ .13
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Fully diluted
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Net income as reported $5,244 $6,425
Effect of partnership units issuable under
The Taubman Realty Group Limited Partnership's
1992 Incentive Option Plan (1) (74)
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Net income for purposes of calculating fully
diluted earnings per share $5,243 $6,351
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Average number of shares outstanding 44,111,232 50,720,358
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Fully diluted earnings per share $ .12 $ .13
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