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Previous: TAUBMAN CENTERS INC, 10-Q, EX-10.(C), 2000-08-11 |
Next: TAUBMAN CENTERS INC, 10-Q, EX-27., 2000-08-11 |
Exhibit 12
TAUBMAN CENTERS, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and
Preferred Dividends and Distributions
(in thousands, except ratios)
<TABLE>
<CAPTION>
Six Months Ended June 30
-----------------------------------
2000 1999
---- ----
<S> <C> <C>
Net Earnings from Continuing Operations $ 31,356 $ 26,788
Add back:
Fixed charges 59,273 50,977
Amortization of previously capitalized
interest (1) 1,101 1,067
Equity in net income in excess of distributions of
less than 50% owned Unconsolidated Joint
Ventures (689)
Deduct:
Capitalized interest (1) (12,209) (7,669)
-------------- -------------
Earnings Available for Fixed Charges
and Preferred Dividends and Distributions $ 79,521 $ 70,474
============= =============
Fixed Charges
Interest expense $ 26,825 $ 24,688
Capitalized interest 10,127 7,313
Interest portion of rent expense 1,950 2,064
Proportionate share of Unconsolidated Joint
Ventures' fixed charges 20,371 16,912
------------- -------------
Total Fixed Charges $ 59,273 $ 50,977
------------- -------------
Preferred Dividends and Distributions 12,800 8,300
------------- -------------
Total Fixed Charges and Preferred
Dividends and Distributions $ 72,073 $ 59,277
============= =============
Ratio of Earnings to Fixed Charges and
Preferred Dividends and Distributions 1.1 1.2
<FN>
(1) Amounts include TRG's pro rata share of capitalized interest and
amortization of previously capitalized interest of the Unconsolidated Joint
Ventures.
</FN>
</TABLE>
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