Exhibit 12
TAUBMAN CENTERS, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)
		Year Ended December 31
		2010			2009				2008				2007			2006
Earnings before income from equity investees (1)		$	57,649		$	(88,992	)		$	(42,291	)		$	75,738		$	61,596
Add back:
	Fixed charges		160,741			154,952				163,667				154,332			146,103
	Amortization of previously capitalized interest		4,526			4,558				4,575				4,391			4,329
	Distributed income of Unconsolidated Joint Ventures (2)		45,412			11,488				35,356				40,498			33,544
Deduct:
	Capitalized interest		(319	)		(1,257	)			(7,972	)			(14,613	)		(9,803	)
	Preferred distributions		(2,460	)		(2,460	)			(2,460	)			(2,460	)		(2,460	)
	Earnings available for fixed charges and preferred dividends	$	265,549		$	78,289			$	150,875			$	257,886		$	233,309
Fixed Charges
	Interest expense (3)	$	152,708		$	145,670			$	147,397			$	131,700		$	128,643
	Capitalized interest		319			1,257				7,972				14,613			9,803
	Interest portion of rent expense		5,254			5,565				5,838				5,559			5,197
	Preferred distributions		2,460			2,460				2,460				2,460			2,460
	Total Fixed Charges	$	160,741		$	154,952			$	163,667			$	154,332		$	146,103
Preferred dividends (4)			14,634			14,634				14,634				14,634			23,723
Total fixed charges and preferred dividends		$	175,375		$	169,586			$	178,301			$	168,966		$	169,826
Ratio of earnings to fixed charges and preferred dividends			1.5			0.5	(5	)		0.8	(5	)		1.5			1.4
(1)	Earnings before income from equity investees for the year ended December 31, 2009 includes $166.7 million in impairment charges related to The Pier Shops and Regency Square and a $2.5 million restructuing charge, which primarily represents the costs of terminations of personnel. Earnings before income from equity investees for the year ended December 31, 2008 includes a $117.9 million impairment charge related to our Oyster Bay project.
(2)	Distributed income of Unconsolidated Joint Ventures for the year ended December 31, 2009 includes $30.4 million in litigation charges related to Westfarms. Distributed income of Unconsolidated Joint Ventures for the year ended December 31, 2008 includes an $8.3 million impairment charge related to our investment in University Town Center.
(3)	Interest expense for the year ended December 31, 2006 includes charges of $3.1 million in connection with the write-off of financing costs.
(4)	Preferred dividends for the year ended December 31, 2006 includes $4.7 million of charges recognized in connection with the redemption of Preferred Stock.
(5)	Earnings available for fixed charges and preferred dividends were less than total fixed charges and preferred dividends by $91.3 million and $27.4 million for 2009 and 2008, respectively. See notes (1) and (2) above.