Attached files
| file | filename |
|---|---|
| EX-99 - EXHIBIT 99 - TAUBMAN CENTERS INC | a2016q4exhibit99.htm |
| EX-32.2 - EXHIBIT 32.2 - TAUBMAN CENTERS INC | a2016q4exhibit322.htm |
| EX-32.1 - EXHIBIT 32.1 - TAUBMAN CENTERS INC | a2016q4exhibit321.htm |
| EX-31.2 - EXHIBIT 31.2 - TAUBMAN CENTERS INC | a2016q4exhibit312.htm |
| EX-31.1 - EXHIBIT 31.1 - TAUBMAN CENTERS INC | a2016q4exhibit311.htm |
| EX-23 - EXHIBIT 23 - TAUBMAN CENTERS INC | a2016q4exhibit23.htm |
| EX-21 - EXHIBIT 21 - TAUBMAN CENTERS INC | a2016q4exhibit21.htm |
| EX-10.16.3 - EXHIBIT 10.16.3 - TAUBMAN CENTERS INC | a2016q4exhibit10163.htm |
| EX-10.16.2 - EXHIBIT 10.16.2 - TAUBMAN CENTERS INC | a2016q4exhibit10162.htm |
| EX-10.11.1 - EXHIBIT 10.11.1 - TAUBMAN CENTERS INC | a2016q4exhibit10111.htm |
| EX-10.8 - EXHIBIT 10.8 - TAUBMAN CENTERS INC | a2016q4exhibit108.htm |
| 10-K - 10-K - TAUBMAN CENTERS INC | tco-123116x10k.htm |
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 | |||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||
Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on disposition, net of tax (1) | $ | 120,662 | $ | 138,142 | $ | 111,833 | $ | 140,312 | $ | 114,287 | |||||||||||
Add back: | |||||||||||||||||||||
Fixed charges | 113,016 | 98,334 | 123,223 | 152,438 | 152,517 | ||||||||||||||||
Amortization of previously capitalized interest | 2,894 | 2,146 | 3,121 | 4,438 | 4,427 | ||||||||||||||||
Distributed income of Unconsolidated Joint Ventures (2) | 69,701 | 56,226 | 62,002 | 49,389 | 48,494 | ||||||||||||||||
Deduct: | |||||||||||||||||||||
Capitalized interest | (21,864 | ) | (31,112 | ) | (27,255 | ) | (16,385 | ) | (3,594 | ) | |||||||||||
Earnings available for fixed charges and preferred dividends | $ | 284,409 | $ | 263,736 | $ | 272,924 | $ | 330,192 | $ | 316,131 | |||||||||||
Fixed charges: | |||||||||||||||||||||
Interest expense | $ | 86,285 | $ | 63,041 | $ | 90,803 | $ | 130,023 | $ | 142,616 | |||||||||||
Capitalized interest | 21,864 | 31,112 | 27,255 | 16,385 | 3,594 | ||||||||||||||||
Interest portion of rent expense | 4,867 | 4,181 | 5,165 | 6,030 | 6,307 | ||||||||||||||||
Total fixed charges | $ | 113,016 | $ | 98,334 | $ | 123,223 | $ | 152,438 | $ | 152,517 | |||||||||||
Preferred dividends (3) | 23,138 | 23,138 | 23,138 | 20,933 | 21,051 | ||||||||||||||||
Total fixed charges and preferred dividends | $ | 136,154 | $ | 121,472 | $ | 146,361 | $ | 173,371 | $ | 173,568 | |||||||||||
Ratio of earnings to fixed charges and preferred dividends (1) | 2.1 | 2.2 | 1.9 | 1.9 | 1.8 | ||||||||||||||||
(1 | ) | In 2014, the Company early adopted Accounting Standards Update (ASU) No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity". The operations of the centers sold to Starwood and the gain on disposition are included in continuing operations pursuant to the application of ASU No. 2014-08. In 2014, the gain on dispositions, net of tax, of $1.1 billion, which includes the gain on the sale of seven centers to Starwood and the gain on dispositions of interests in International Plaza, Arizona Mills, and land in Syosset, New York related to the former Oyster Bay project, has been excluded from earnings for purposes of calculating the ratio of earnings to fixed charges and preferred dividends. 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. | |||||||||||||||||||
(2 | ) | Distributed income of Unconsolidated Joint Ventures for the year ended December 31, 2015 includes an $11.8 million impairment charge which represents the Company's previously capitalized costs related to the pre-development of the Miami Worldcenter enclosed mall project. | |||||||||||||||||||
(3 | ) | In September 2012, the Company redeemed its 8% Series G Preferred Stock and its 7.625% Series H Preferred Stock. As a result of these redemptions, the Company recognized a charge of $6.4 million, which represents the difference between the carrying values and the redemption prices of the Series G & H Preferred Stock. This charge is included in preferred dividends for the year ended December 31, 2012. | |||||||||||||||||||