EX-12 2 q114exhibit12.htm EXHIBIT Q114 Exhibit 12


 
 
 
 
Exhibit 12
 
 
 
 
 
 
 
 
TAUBMAN CENTERS, INC.
 
 
 
 
 
 
 
 
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
 
 
(in thousands, except ratios)
 
 
 
 
 
 
 
 
 
Three Months Ended March 31
 
 
 
2014
 
2013
 
 
 
 
 
 
 
 
Earnings operations before income from equity investees and taxes
$
38,374

 
$
37,038

 
 
 
 
 
 
 
 
Add back:
 
 
 
 
 
Fixed charges
32,938

 
39,018

 
 
Amortization of previously capitalized interest
1,064

 
1,110

 
 
Distributed income of Unconsolidated Joint Ventures 
12,068

 
10,346

 
 
 
 
 
 
 
 
Deduct:
 
 
 
 
 
Capitalized interest
(5,392
)
 
(3,027
)
 
 
 
 
 
 
 
 
Earnings available for fixed charges and preferred dividends
$
79,052

 
$
84,485

 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest expense
$
26,130

 
$
34,452

 
 
Capitalized interest
5,392

 
3,027

 
 
Interest portion of rent expense
1,416

 
1,539

 
 
 
 
 
 
 
 
Total fixed charges
$
32,938

 
$
39,018

 
 
 
 
 
 
 
 
Preferred dividends
5,784

 
3,600

 
 
 
 
 
 
 
 
Total fixed charges and preferred dividends
$
38,722

 
$
42,618

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred dividends
2.0

 
2.0