Exhibit 12
TAUBMAN CENTERS, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Stock
Dividends
(in thousands, except ratios)
Three Months Ended March 31
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1999 1998
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Net Earnings from Continuing Operations $ 14,193 $ 21,087
Add back:
Fixed charges 24,811 37,391
Amortization of previously capitalized
interest (1) 504 619
Equity in net income in excess of distributions
of less than 50% owned Unconsolidated Joint
Ventures (341) (594)
Deduct:
Capitalized interest (1) (4,405) (3,532)
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Earnings Available for Fixed Charges
and Preferred Dividends $ 34,762 $ 54,971
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Fixed Charges
Interest expense $ 10,865 $ 22,637
Capitalized interest 4,247 3,308
Interest portion of rent expense 1,050 1,769
Proportionate share of Unconsolidated Joint
Ventures' fixed charges 8,649 9,677
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Total Fixed Charges $ 24,811 $ 37,391
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Series A Preferred Stock Dividends 4,150 4,150
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Total Fixed Charges and Preferred
Stock Dividends $ 28,961 $ 41,541
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Ratio of Earnings to Fixed Charges and
Preferred Stock Dividends 1.2 1.3
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(1) Amounts include TRG's pro rata share of capitalized interest and
amortization of previously capitalized interest.