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
			2012			2011
		Earnings from continuing operations before income from equity investees and taxes (1)	$	41,260		$	36,601
		Add back:
		Fixed charges	77,145			63,114
		Amortization of previously capitalized interest	2,211			2,198
		Distributed income of Unconsolidated Joint Ventures	23,071			21,032
		Deduct:
		Capitalized interest	(98		)	(373		)
		Preferred distributions				(1,230		)
		Earnings available for fixed charges and preferred dividends	$	143,589		$	121,342
		Fixed charges:
		Interest expense	$	74,203		$	59,465
		Capitalized interest	98			373
		Interest portion of rent expense	2,844			2,046
		Preferred distributions				1,230
		Total fixed charges	$	77,145		$	63,114
		Preferred dividends	7,317			7,317
		Total fixed charges and preferred dividends	$	84,462		$	70,431
		Ratio of earnings to fixed charges and preferred dividends (1)	1.7			1.7
(1	)	In 2011, the Company disposed of The Pier Shops at Caesars and Regency Square. These centers are reported separately as discontinued operations in the Consolidated Financial Statements in 2011. See "Note 2- Acquisitions, Dispositions, and Development" to the Consolidated Financial Statements for further discussion of our discontinued operations. The calculation of the ratio of earnings to fixed charges was restated to exclude discontinued operations in 2011.