Attached files
| file | filename |
|---|---|
| EX-32.2 - EXHIBIT 32.2 - TAUBMAN CENTERS INC | a2018q2exhibit322.htm |
| EX-32.1 - EXHIBIT 32.1 - TAUBMAN CENTERS INC | a2018q2exhibit321.htm |
| EX-31.2 - EXHIBIT 31.2 - TAUBMAN CENTERS INC | a2018q2exhibit312.htm |
| EX-31.1 - EXHIBIT 31.1 - TAUBMAN CENTERS INC | a2018q2exhibit311.htm |
| EX-10.1 - EXHIBIT 10.1 - TAUBMAN CENTERS INC | a2018q2exhibit101.htm |
| 10-Q - 10-Q - TAUBMAN CENTERS INC | tco-20180630x10q.htm |
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, 2018 | |||||||||
2018 | 2017 | ||||||||
Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on disposition, net of tax | $ | 31,131 | $ | 27,367 | |||||
Add back: | |||||||||
Fixed charges | 76,260 | 63,523 | |||||||
Amortization of previously capitalized interest | 1,597 | 1,492 | |||||||
Distributed income of Unconsolidated Joint Ventures (1) | 32,037 | 35,481 | |||||||
Deduct: | |||||||||
Capitalized interest | (7,180 | ) | (6,834 | ) | |||||
Earnings available for fixed charges and preferred dividends | $ | 133,845 | $ | 121,029 | |||||
Fixed charges: | |||||||||
Interest expense | $ | 63,846 | $ | 52,292 | |||||
Capitalized interest | 7,180 | 6,834 | |||||||
Interest portion of rent expense | 5,234 | 4,397 | |||||||
Total fixed charges | $ | 76,260 | $ | 63,523 | |||||
Preferred dividends | 11,569 | 11,569 | |||||||
Total fixed charges and preferred dividends | $ | 87,829 | $ | 75,092 | |||||
Ratio of earnings to fixed charges and preferred dividends | 1.5 | 1.6 | |||||||
(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 six months ended June 30, 2017 to re-classify prior year balances to correspond with current year classifications. | |||||||