EX-12 2 q213exhibit12.htm EXHIBIT Q213 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
 
 
 
2013
 
2012
 
 
 
 
 
 
 
 
Earnings operations before income from equity investees and taxes 
$
59,394

 
$
41,260

 
 
 
 
 
 
 
 
Add back:
 
 
 
 
 
Fixed charges
77,002

 
77,145

 
 
Amortization of previously capitalized interest
2,221

 
2,211

 
 
Distributed income of Unconsolidated Joint Ventures
21,827

 
23,071

 
 
 
 
 
 
 
 
Deduct:
 
 
 
 
 
Capitalized interest
(6,874
)
 
(98
)
 
 
 
 
 
 
 
 
Earnings available for fixed charges and preferred dividends
$
153,570

 
$
143,589

 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest expense
$
67,074

 
$
74,203

 
 
Capitalized interest
6,874

 
98

 
 
Interest portion of rent expense
3,054

 
2,844

 
 
Total fixed charges
$
77,002

 
$
77,145

 
 
 
 
 
 
 
 
Preferred dividends 
9,364

 
7,317

 
 
 
 
 
 
 
 
Total fixed charges and preferred dividends
$
86,366

 
$
84,462

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred dividends 
1.8

 
1.7