EX-12 2 a2015q2exhibit12.htm EXHIBIT 12 2015 Q2 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
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on dispositions, net of tax (1)
$
63,780

 
$
62,591

 
 
 
 
 
 
 
 
Add back:
 
 
 
 
 
Fixed charges
47,207

 
65,958

 
 
Amortization of previously capitalized interest
1,028

 
2,105

 
 
Distributed income of Unconsolidated Joint Ventures
31,079

 
26,743

 
 
 
 
 
 
 
 
Deduct:
 
 
 
 
 
Capitalized interest
(16,783
)
 
(11,672
)
 
 
 
 
 
 
 
 
Earnings available for fixed charges and preferred dividends
$
126,311

 
$
145,725

 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest expense
$
28,306

 
$
51,564

 
 
Capitalized interest
16,783

 
11,672

 
 
Interest portion of rent expense
2,118

 
2,722

 
 
 
 
 
 
 
 
Total fixed charges
$
47,207

 
$
65,958

 
 
 
 
 
 
 
 
Preferred dividends
11,569

 
11,569

 
 
 
 
 
 
 
 
Total fixed charges and preferred dividends
$
58,776

 
$
77,527

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred dividends
2.1

 
1.9

 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
In 2014, the gain on dispositions, net of tax, of $476.9 million, which includes the gain on dispositions of interests in International Plaza, Arizona Mills, and land in Syosset, New York related to the former Oyster Bay project, has been excluded from earnings for purposes of calculating the ratio of earnings to fixed charges and preferred dividends.