EX-12 2 form10q3q07ex12.htm RATIO OF EARNINGS 3Q07 form10q3q07ex12.htm

       
Exhibit 12

TAUBMAN CENTERS, INC.    
             
Computation of Raios of Earnings to Combined Fixed Charges and Preferred Dividends    
(in thousands, except ratios)    
            
   
Nine Months Ended
  
   
Ended September 30
  
   
2007
    
2006
  
             
Earnings before income from equity investees
   $
49,313
     $
36,976
  
                 
Add back:
                
  Fixed charges
   $
113,369
     $
111,121
  
  Amortization of previously capitalized interest
    
3,225
      
3,247
  
  Distributed income of Unconsolidated Joint Ventures
    
28,700
      
22,965
  
                 
Deduct:
                
  Capitalized interest
     (11,896 )     (6,852 )
  Preferred distributions
     (1,845 )     (1,845 )
                 
Earnings available for fixed charges and preferred dividends
   $
180,866
     $
165,612
  
                 
Fixed charges:
                
  Interest expense (1)
   $
95,512
     $
98,468
  
  Capitalized interest
    
11,896
      
6,852
  
  Interest portion of rent expense
    
4,116
      
3,956
  
  Preferred distributions
    
1,845
      
1,845
  
    Total fixed charges
   $
113,369
     $
111,121
  
                 
Preferred dividends(2)
    
10,975
      
20,064
  
                 
Total fixed charges and preferred dividends
   $
124,344
     $
131,185
  
                 
Ratio of earnings to fixed charges and preferred dividends
    
1.5
      
1.3
  
                 

(1)
Interest expense for the nine months ended September 30, 2006 includes charges of $3.1 million in connection with the write-off of financing costs related to the respective pay-off and refinancing of the loans on The Shops at Willow Bend and Dolphin Mall when the loans became prepayable without penalty.
           
(2)
Preferred dividends for the nine months ended September 30, 2006 include $4.7 million of charges recognized in connection with the redemption of the Series A and I Preferred Stock.