Exhibit 11
TAUBMAN CENTERS, INC.
Computation of Per Share Earnings
(in thousands, except share data)
Three Months Ended Nine Months Ended
--------------------------------------- ---------------------------------------
September 30, 1996 September 30, 1997 September 30, 1996 September 30, 1997
------------------ ------------------ ------------------ ------------------
Primary
- -------
Income before extraordinary item as reported $5,036 $6,214 $14,678 $18,553
Effect of partnership units issuable
under The Taubman Realty Group Limited
Partnership's 1992 Incentive Option Plan (8) (60) (18) (196)
------ ------ ------- -------
Income before extraordinary item for purposes
of calculating primary earnings per share $5,028 $6,154 $14,660 $18,357
====== ====== ======= =======
Average number of shares outstanding 44,098,113 50,724,665 44,102,470 50,730,179
========== ========== ========== ==========
Primary earnings per share $ .11 $ .12 $ .33 $ .36
===== ===== ===== =====
Fully diluted
- -------------
Income before extraordinary item as reported $5,036 $6,214 $14,678 $18,553
Effect of partnership units issuable
under The Taubman Realty Group Limited
Partnership's 1992 Incentive Option Plan (8) (60) (27) (199)
------ ------ ------ -------
Income before extraordinary item for purposes
of calculating fully diluted earnings per share $5,028 $6,154 $14,651 $18,354
====== ====== ======= =======
Average number of shares outstanding 44,098,113 50,724,665 44,102,470 50,730,179
========== ========== ========== ==========
Fully diluted earnings per share $ .11 $ .12 $ .33 $ .36
===== ===== ===== =====
Exhibit 11 (continued)
TAUBMAN CENTERS, INC.
Computation of Per Share Earnings
(in thousands, except share data)
Three Months Ended Nine Months Ended
--------------------------------------- ---------------------------------------
September 30, 1996 September 30, 1997 September 30, 1996 September 30, 1997
------------------ ------------------ ------------------ ------------------
Primary
- -------
Net income as reported $4,592 $6,214 $14,234 $18,553
Effect of partnership units issuable
under The Taubman Realty Group Limited
Partnership's 1992 Incentive Option Plan (7) (60) (17) (196)
------ ------ ------- -------
Net income for purposes of calculating
primary earnings per share $4,585 $6,154 $14,217 $18,357
====== ====== ======= =======
Average number of shares outstanding 44,098,113 50,724,665 44,102,470 50,730,179
========== ========== ========== ==========
Primary earnings per share $ .10 $ .12 $ .32 $ .36
===== ===== ===== =====
Fully diluted
- -------------
Net income as reported $4,592 $6,214 $14,234 $18,553
Effect of partnership units issuable
under The Taubman Realty Group Limited
Partnership's 1992 Incentive Option Plan (8) (60) (27) (199)
------ ------ ------- -------
Net income for purposes of calculating fully
diluted earnings per share $4,584 $6,154 $14,207 $18,354
====== ====== ======= =======
Average number of shares outstanding 44,098,113 50,724,665 44,102,470 50,730,179
========== ========== ========== ==========
Fully diluted earnings per share $ .10 $ .12 $ .32 $ .36
===== ===== ===== =====