EX-12 2 q313exhibit12.htm EXHIBIT Q313 Exhibit 12


 
 
 
 
Exhibit 12
 
 
 
 
 
 
 
 
TAUBMAN CENTERS, INC.
 
 
 
 
 
 
 
 
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
 
 
(in thousands, except ratios)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30
 
 
 
2013
 
2012
 
 
 
 
 
 
 
 
Earnings operations before income from equity investees and taxes 
$
91,870

 
$
74,381

 
 
 
 
 
 
 
 
Add back:
 
 
 
 
 
Fixed charges
115,646

 
114,189

 
 
Amortization of previously capitalized interest
3,331

 
3,318

 
 
Distributed income of Unconsolidated Joint Ventures
34,047

 
35,743

 
 
 
 
 
 
 
 
Deduct:
 
 
 
 
 
Capitalized interest
(11,511
)
 
(1,239
)
 
 
 
 
 
 
 
 
Earnings available for fixed charges and preferred dividends
$
233,383

 
$
226,392

 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest expense
$
99,589

 
$
109,146

 
 
Capitalized interest
11,511

 
761

 
 
Interest portion of rent expense
4,546

 
4,282

 
 
Total fixed charges
$
115,646

 
$
114,189

 
 
 
 
 
 
 
 
Preferred dividends (1)
15,148

 
17,980

 
 
 
 
 
 
 
 
Total fixed charges and preferred dividends
$
130,794

 
$
132,169

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred dividends 
1.8

 
1.7

 
 
 
 
 
 
 
(1
)
In September 2012, the Company redeemed its 8% Series G Preferred Stock and its 7.625% Series H Preferred Stock. As a result of these redemptions, the Company recognized a charge of $6.4 million, which represents the difference between the carrying values and the redemption prices of the Series G & H Preferred Stock. This charge is included in preferred dividends for the nine months ended September 30, 2012.