EX-12 2 a2016q2exhibit12.htm EXHIBIT 12 Exhibit


 
 
 
 
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
 
 
2016
 
2015
 
 
 
 
 
 
Income before income tax expense and equity in income of Unconsolidated Joint Ventures 
$
68,429

 
$
63,780

 
 
 
 
 
 
Add back:
 
 
 
 
Fixed charges
54,103

 
47,207

 
Amortization of previously capitalized interest
1,398

 
1,028

 
Distributed income of Unconsolidated Joint Ventures
34,388

 
31,079

 
 
 
 
 
 
Deduct:
 
 
 
 
Capitalized interest
(12,375
)
 
(16,783
)
 
 
 
 
 
 
Earnings available for fixed charges and preferred dividends
$
145,943

 
$
126,311

 
 
 
 
 
 
Fixed charges:
 
 
 
 
Interest expense
$
39,716

 
$
28,306

 
Capitalized interest
12,375

 
16,783

 
Interest portion of rent expense
2,012

 
2,118

 
 
 
 
 
 
Total fixed charges
$
54,103

 
$
47,207

 
 
 
 
 
 
Preferred dividends
11,569

 
11,569

 
 
 
 
 
 
Total fixed charges and preferred dividends
$
65,672

 
$
58,776

 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred dividends
2.2

 
2.1