Attached files
| file | filename |
|---|---|
| EX-31.1 - EXHIBIT 31.1 - TAUBMAN CENTERS INC | a2016q3exhibit311.htm |
| EX-32.2 - EXHIBIT 32.2 - TAUBMAN CENTERS INC | a2016q3exhibit322.htm |
| EX-32.1 - EXHIBIT 32.1 - TAUBMAN CENTERS INC | a2016q3exhibit321.htm |
| EX-31.2 - EXHIBIT 31.2 - TAUBMAN CENTERS INC | a2016q3exhibit312.htm |
| 10-Q - 10-Q - TAUBMAN CENTERS INC | tco-093016x10q.htm |
Exhibit 12 | ||||||||
TAUBMAN CENTERS, INC. | ||||||||
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends | ||||||||
(in thousands, except ratios) | ||||||||
Nine Months Ended September 30 | ||||||||
2016 | 2015 | |||||||
Income before income tax expense and equity in income of Unconsolidated Joint Ventures, and gain on disposition, net of tax (1) | $ | 87,762 | $ | 101,337 | ||||
Add back: | ||||||||
Fixed charges | 84,725 | 72,176 | ||||||
Amortization of previously capitalized interest | 2,146 | 1,545 | ||||||
Distributed income of Unconsolidated Joint Ventures | 49,779 | 46,298 | ||||||
Deduct: | ||||||||
Capitalized interest | (17,892 | ) | (24,569 | ) | ||||
Earnings available for fixed charges and preferred dividends | $ | 206,520 | $ | 196,787 | ||||
Fixed charges: | ||||||||
Interest expense | $ | 61,845 | $ | 44,451 | ||||
Capitalized interest | 17,892 | 24,569 | ||||||
Interest portion of rent expense | 4,988 | 3,156 | ||||||
Total fixed charges | $ | 84,725 | $ | 72,176 | ||||
Preferred dividends | 17,353 | 17,353 | ||||||
Total fixed charges and preferred dividends | $ | 102,078 | $ | 89,529 | ||||
Ratio of earnings to fixed charges and preferred dividends | 2.0 | 2.2 | ||||||
(1) | In 2015, the adjustment of $0.4 million that was made to reduce the tax recognized as a result of the sale of International Plaza has also been excluded from earnings for purposes of calculating the ratio of earnings to fixed charges and preferred dividends. | |||||||