EX-12 2 form10q2q07ex12.htm RATIO OF EARNINGS, JUNE 30, 2007 form10q2q07ex12.htm

       
Exhibit 12
         
 TAUBMAN CENTERS, INC.    
 Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends    
 (in thousands, except ratios)    
         
         
   
Six Months Ended
   
Ended June 30
   
2007
  
2006
         
Earnings before income from equity investees
  
 $       35,127
  
 $       26,497
         
Add back:
        
Fixed charges
  
 $       73,203
  
 $       74,401
Amortization of previously capitalized interest
  
            2,139
  
            2,165
Distributed income of Unconsolidated Joint Ventures
  
          17,425
  
          15,883
         
Deduct:
        
Capitalized interest
  
           (7,428)
  
           (4,316)
Preferred distributions
  
           (1,230)
  
           (1,230)
         
Earnings available for fixed charges and preferred dividends
  
 $     119,236
  
 $     113,400
         
Fixed Charges
        
Interest expense (1)
  
 $       61,884
  
 $       66,154
Capitalized interest
  
            7,428
  
            4,316
Interest portion of rent expense
  
            2,661
  
            2,701
Preferred distributions
  
            1,230
  
            1,230
Total fixed charges
  
 $       73,203
  
 $       74,401
         
Preferred dividends(2)
  
            7,317
  
          16,406
         
Total fixed charges and preferred dividends
  
 $       80,520
  
 $       90,807
         
Ratio of earnings to fixed charges and preferred dividends
  
               1.5
  
               1.2
 
(1)
Interest expense for the six months ended June 30, 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.
           
(2)
Preferred dividends for the six months ended June 30, 2006 include $4.7 million of charges recognized in connection with the redemption of the Series A and I Preferred Stock.