EX-12 3 form10q1q07ex12.htm RATIO OF EARNINGS Ratio of Earnings
           
Exhibit 12
 
               
TAUBMAN CENTERS, INC.
  
               
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
  
(in thousands, except ratios)
  
               
 
        
Three Months Ended 
 
        
March 31 
           
2007
 
 
2006
  
                     
Earnings before income from equity investees
       
$
18,364
 
$
12,937
 
                     
Add back:
                    
Fixed charges
        
$
35,023
 
$
38,053
 
Amortization of previously capitalized interest
         
1,057
   
1,082
 
Distributed income of Unconsolidated Joint Ventures
          
8,186
   
8,471
 
                     
Deduct:
                    
Capitalized interest
         
(3,480
)
  
(1,973
)
Preferred distributions
          
(615
)
  
(615
)
                     
Earnings available for fixed charges and preferred dividends
        
$
58,535
 
$
57,955
 
                     
Fixed Charges
                    
Interest expense (1)
        
$
29,694
 
$
34,283
 
Capitalized interest
          
3,480
   
1,973
 
Interest portion of rent expense
          
1,234
   
1,182
 
Preferred distributions
          
615
   
615
 
Total fixed charges
        
$
35,023
 
$
38,053
 
                     
Preferred dividends
          
3,658
   
6,003
 
                     
Total fixed charges and preferred dividends
        
$
38,681
 
$
44,056
 
                     
Ratio of earnings to fixed charges and preferred dividends
          
1.5
   
1.3
 
 
(1)
Interest expense for the quarter ended March 31, 2006 includes a $2.1 million charge in connection with the write-off of financing costs related to the pay-off of the loans on The Shops at Willow Bend.