EX-12 3 0003.txt COMPUTATION OF EARNINGS EXHIBIT 12 CLECO POWER LLC COMPUTATION OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
2000 1999 1998 1997 1996 -------- -------- -------- -------- -------- Earnings from continuing operations.................. $ 59,857 $ 56,683 $ 53,801 $ 52,519 $ 52,135 Income taxes................. 30,998 27,272 26,666 27,729 26,154 -------- -------- -------- -------- -------- Earnings from continuing operations before income taxes....................... $ 90,855 $ 83,955 $ 80,467 $ 80,248 $ 78,289 -------- -------- -------- -------- -------- Fixed charges: Interest, long-term debt... $ 24,929 $ 25,377 $ 23,350 $ 23,676 $ 25,134 Interest, other............ 3,427 1,755 3,666 3,873 2,359 Amortization of debt expense and premium, net.. 946 1,282 1,248 1,206 1,107 Portion of rental expense representative of interest factor.................... 493 615 486 487 445 -------- -------- -------- -------- -------- Total fixed charges...... $ 29,795 $ 29,029 $ 28,750 $ 29,242 $ 29,045 -------- -------- -------- -------- -------- Earnings from continuing operations before income taxes and fixed charges..... $120,650 $112,984 $109,217 $109,490 $107,334 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges 4.05x 3.89x 3.80x 3.74x 3.70x -------- -------- -------- -------- -------- Fixed charges from above..... $ 29,795 $ 29,029 $ 28,750 $ 29,242 $ 29,045 Preferred dividends.......... -- 1,315 2,814 2,884 2,909 -------- -------- -------- -------- -------- Total fixed charges and preferred stock dividends. $ 29,795 $ 30,344 $ 31,564 $ 32,126 $ 31,954 ======== ======== ======== ======== ======== Ratio of earnings to combined fixed charges and preferred stock dividends 4.05x 3.72x 3.46x 3.41x 3.36x ======== ======== ======== ======== ========