EX-12 4 dex12.txt COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES EXHIBIT 12 CLECO CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Unaudited)
FOR THE THREE FOR THE TWELVE MONTHS ENDED MONTHS ENDED MARCH 31, 2001 MARCH 31, 2001 --------------- ---------------- (In thousands, except ratios) Earnings $12,100 $ 70,646 Income taxes 6,124 36,216 ------- -------- Earnings from continuing operations before income taxes $18,224 $106,862 ======= ======== Fixed charges: Interest, long-term debt $13,123 $ 56,135 Interest, other (including interest on short-term debt) 2,393 5,830 Amortization of debt expense, premium, net 279 1,186 Portion of rentals representative of an interest factor 171 568 ------- -------- Total fixed charges $15,966 $ 63,719 ======= ======== Earnings from continuing operations before income taxes $18,224 $106,862 Plus: total fixed charges from above 15,966 63,719 Plus: amortization of capitalized interest 126 422 Less: long-term interest capitalized (2,378) (9,532) ------- -------- Earnings from continuing operations before income taxes and fixed charges $31,938 $161,471 ======= ======== Ratio of earnings to fixed charges 2.00x 2.53x ======= ======== Total fixed charges from above $15,966 $ 63,719 Preferred stock dividends* 567 2,267 ------- -------- Total fixed charges and preferred stock dividends $16,533 $ 65,986 ======= ======== Ratio of earnings to combined fixed charges and preferred stock dividends 1.93x 2.45x ======= ========
* Preferred stock dividends multiplied by the ratio of pretax income to net income. CLECO POWER COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Unaudited)
FOR THE THREE FOR THE TWELVE MONTHS ENDED MONTHS ENDED MARCH 31, 2001 MARCH 31, 2001 -------------- -------------- (In thousands, except ratios) Earnings $ 8,824 $ 55,993 Income taxes 4,449 29,366 ------- -------- Earnings from continuing operations before income taxes $13,273 $ 85,359 ======= ======== Fixed charges: Interest, long-term debt $ 6,131 $ 24,491 Interest, other (including interest on short-term debt) 1,172 4,238 Amortization of debt expense, premium, net 225 914 Portion of rentals representative of an interest factor 171 513 ------- -------- Total fixed charges $ 7,699 $ 30,156 ======= ======== Earnings from continuing operations before income taxes and fixed charges $20,972 $115,515 ======= ======== Ratio of earnings to fixed charges 2.72x 3.83x ======= ========