Earnings Per Share

3 Months Ended

Mar. 31, 2016

Basic earnings per share amounts are based on the weighted average of common shares outstanding for the respective periods. Diluted earnings per share amounts are based on the weighted average of common shares outstanding plus the dilutive effect of potential common stock. Potential common stock includes outstanding partnership units exchangeable for common shares under the Continuing Offer (Note 10), outstanding options for partnership units, PSU, RSU, deferred shares under the Non-Employee Directors’ Deferred Compensation Plan, and unissued partnership units under a unit option deferral election (Note 9). In computing the potentially dilutive effect of potential common stock, partnership units are assumed to be exchanged for common shares under the Continuing Offer, increasing the weighted average number of shares outstanding. The potentially dilutive effects of partnership units outstanding and/or issuable under the unit option deferral elections are calculated using the if-converted method, while the effects of other potential common stock are calculated using the treasury method. Contingently issuable shares are included in diluted EPS based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period.



	Three Months Ended March 31
	2016		2015
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator):
Basic	$	24,613	$	29,622
Impact of additional ownership of TRG	66		125
Diluted	$	24,679	$	29,747

Shares (Denominator) – basic	60,275,004		63,039,777
Effect of dilutive securities	515,997		895,503
Shares (Denominator) – diluted	60,791,001		63,935,280

Earnings per common share – basic	$	0.41	$	0.47
Earnings per common share – diluted	$	0.41	$	0.47

The calculation of diluted earnings per share in certain periods excluded certain potential common stock including outstanding partnership units and unissued partnership units under a unit option deferral election, both of which may be exchanged for common shares of the Company under the Continuing Offer. The table below presents the potential common stock excluded from the calculation of diluted earnings per share as they were anti-dilutive in the period presented.



	Three Months Ended March 31
	2016	2015
Weighted average noncontrolling partnership units outstanding	4,003,975	4,149,149
Unissued partnership units under unit option deferral elections	871,262	871,262