TAUBMAN CENTERS INC - FORM 10-Q - EX-12 - EXHIBIT 12 - October 30, 2018

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EX-32.2 - EXHIBIT 32.2 - TAUBMAN CENTERS INCa2018q3exhibit322.htm
EX-32.1 - EXHIBIT 32.1 - TAUBMAN CENTERS INCa2018q3exhibit321.htm
EX-31.2 - EXHIBIT 31.2 - TAUBMAN CENTERS INCa2018q3exhibit312.htm
EX-31.1 - EXHIBIT 31.1 - TAUBMAN CENTERS INCa2018q3exhibit311.htm
10-Q - 10-Q - TAUBMAN CENTERS INCtco-20180930x10q.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, 2018
 
 
2018
 
2017
 
 
 
 
 
 
Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on disposition, net of tax
$
51,340

 
$
27,949

 
 
 
 
 
 
Add back:
 
 
 
 
Fixed charges
117,360

 
96,353

 
Amortization of previously capitalized interest
2,398

 
2,243

 
Distributed income of Unconsolidated Joint Ventures (1)
47,226

 
50,877

 
 
 
 
 
 
Deduct:
 
 
 
 
Capitalized interest
(12,266
)
 
(9,552
)
 
 
 
 
 
 
Earnings available for fixed charges and preferred dividends
$
206,058

 
$
167,870

 
 
 
 
 
 
Fixed charges:
 
 
 
 
Interest expense
$
97,242

 
$
80,074

 
Capitalized interest
12,266

 
9,552

 
Interest portion of rent expense
7,852

 
6,727

 
 
 
 
 
 
Total fixed charges
$
117,360

 
$
96,353

 
 
 
 
 
 
Preferred dividends
17,353

 
17,353

 
 
 
 
 
 
Total fixed charges and preferred dividends
$
134,713

 
$
113,706

 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred dividends
1.5

 
1.5

 
 
 
 
 
 
 
 
 
 
(1
)
In 2018, the Company adopted ASU No. 2016-15, "Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments", which changed the presentation of certain cash receipts and payments, including the classification of distributions received from equity method investees, on the Consolidated Statement of Cash Flows. In connection with the adoption of this ASU, the Company re-evaluated its current methodology and retrospectively changed the classification of Distributed Income of Unconsolidated Joint Ventures for the nine months ended September 30, 2017 to re-classify prior year balances to correspond with current year classifications.



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