EX-12 2 a2q11exhibit12.htm RATIO OF EARNINGS 2Q11 Exhibit 12


 
 
 
Exhibit 12

 
 
 
 
TAUBMAN CENTERS, INC.
 
 
 
 
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
 
 
 
 
 
 
 
 
 
Six Months Ended June 30
 
2011
 
2010
 
 
 
 
Earnings before income from equity investees
$
23,907

 
$
16,367

 
 
 
 
Add back:
 
 
 
Fixed charges
74,626

 
79,297

Amortization of previously capitalized interest
2,255

 
2,266

Distributed income of Unconsolidated Joint Ventures
21,032

 
19,240

 
 
 
 
Deduct:
 
 
 
Capitalized interest
(373
)
 
(59
)
Preferred distributions
(1,230
)
 
(1,230
)
 
 
 
 
Earnings available for fixed charges and preferred dividends
$
120,217

 
$
115,881

 
 
 
 
Fixed charges:
 
 
 
Interest expense
70,485

 
75,340

Capitalized interest
373

 
59

Interest portion of rent expense
2,538

 
2,668

Preferred distributions
1,230

 
1,230

Total fixed charges
$
74,626

 
$
79,297

 
 
 
 
Preferred dividends
7,317

 
7,317

 
 
 
 
Total fixed charges and preferred dividends
$
81,943

 
$
86,614

 
 
 
 
Ratio of earnings to fixed charges and preferred dividends
1.5

 
1.3