EX-12 6 form10q2q04ex12.htm RATIO OF EARNINGS Ratio of Earnings

Exhibit 12

TAUBMAN CENTERS, INC.

Computation of Ratios of Earnings to Combined Fixed Charges and
Preferred Dividends and Distributions
(in thousands, except ratios)

Six Months Ended June 30
2004 2003

            
Earnings from Continuing Operations before income from  
   equity investees   $ 12,262   $ (9,046 )

  
Add:  
    Fixed charges    49,198    47,626  
    Amortization of previously capitalized interest    1,723    1,520  
    Distributed income of Unconsolidated Joint Ventures    18,372    18,685  
 
Deduct-  
    Capitalized interest    (2,458 )  (4,929 )

  
Earnings available for fixed charges and preferred  
   dividends and distributions   $ 79,097   $ 53,856  

  
Fixed charges:  
    Interest expense   $ 45,725   $ 41,521  
    Capitalized interest    2,458    4,929  
    Interest portion of rent expense    1,015    1,176  
       Total fixed charges   $ 49,198   $ 47,626  

  
Preferred dividends and distributions    13,039    12,800  

  
Total fixed charges and preferred dividends and  
    distributions   $ 62,237   $ 60,426  

  
Ratio of earnings to fixed charges and  
   preferred dividends and distributions    1.27    0.89 (1)


(1) Earnings available for fixed charges and preferred dividends are less than the total of fixed charges and preferred dividends and distributions by approximately $6.6 million.