EX-12 2 form10q1q10ex12.htm RATIO OF EARNINGS form10q1q10ex12.htm
             
Exhibit 12
               
TAUBMAN CENTERS, INC.
               
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
               
               
       
Quarter Ended March 31
       
2010
    
2009
               
Earnings before income from equity investees (1)
 $
7,274
     $
    14,638
               
Add back:
          
Fixed charges
  
       39,391
    
       38,572
Amortization of previously capitalized interest
  
          1,135
    
          1,139
Distributed income of Unconsolidated Joint Ventures
  
          9,735
    
       10,158
               
Deduct:
          
Capitalized interest
  
              (15)
    
           (305)
Preferred distributions
  
           (615)
    
           (615)
               
Earnings available for fixed charges and preferred dividends
 $
56,905
     $
    63,587
               
Fixed charges:
          
Interest expense
 $
37,417
     $
    36,233
Capitalized interest
  
               15
    
             305
Interest portion of rent expense
  
          1,344
    
          1,419
Preferred distributions
  
             615
    
             615
Total fixed charges
 $
39,391
     $
    38,572
               
Preferred dividends
  
          3,658
    
          3,658
               
Total fixed charges and preferred dividends
 $
43,049
     $
  42,230
               
Ratio of earnings to fixed charges and preferred dividends
  
              1.3
    
              1.5
               
               
               
 (1 )
Earnings before income from equity investees for the three months ended March 31, 2009 includes a $2.5 million restructuring charge, which primarily represents the costs of terminations of personnel.