EX-12 3 form10q3q04ex12.htm RATIOS 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)

Nine Months Ended September 30
2004 2003

            
Earnings from Continuing Operations before income from  
   equity investees   $ 16,594   $ (12,042 )

  
Add:  
    Fixed charges    76,179    71,617  
    Amortization of previously capitalized interest    2,667    2,279  
    Distributed income of Unconsolidated Joint Ventures    26,663    26,829  
 
Deduct-  
    Capitalized interest    (4,044 )  (7,790 )

  
Earnings available for fixed charges and preferred  
   dividends and distributions   $ 118,059   $ 80,893  

  
Fixed charges:  
    Interest expense   $ 70,377   $ 62,083  
    Capitalized interest    4,044    7,790  
    Interest portion of rent expense    1,758    1,744  
       Total fixed charges   $ 76,179   $ 71,617  

  
Preferred dividends and distributions    20,054    19,200  

  
Total fixed charges and preferred dividends and  
    distributions   $ 96,233   $ 90,817  

  
Ratio of earnings to fixed charges and  
   preferred dividends and distributions    1.23    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 $9.9 million.