Exhibit 11
TAUBMAN CENTERS, INC.
Computation of Per Share Earnings
(in thousands, except share data)
Three Months Ended Six Months Ended
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June 30, 1996 June 30, 1997 June 30, 1996 June 30, 1997
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Primary
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Net income as reported $4,398 $5,914 $9,642 $12,339
Effect of partnership units issuable
under The Taubman Realty Group Limited
Partnership's 1992 Incentive Option Plan (3) (60) (6) (134)
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Net income for purposes of calculating
primary earnings per share $4,395 $5,854 $9,636 $12,205
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Average number of shares outstanding 44,098,113 50,724,665 44,104,672 50,722,523
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Primary earnings per share $ .10 $ .12 $ .22 $ .24
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Fully diluted
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Net income as reported $4,398 $5,914 $9,642 $12,339
Effect of partnership units issuable
under The Taubman Realty Group Limited
Partnership's 1992 Incentive Option Plan (8) (65) (16) (135)
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Net income for purposes of calculating
fully diluted earnings per share $4,390 $5,849 $9,626 $12,204
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Average number of shares outstanding 44,098,113 50,724,665 44,104,672 50,722,523
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Fully diluted earnings per share $ .10 $ .12 $ .22 $ .24
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