EXHIBIT 12a
CLECO CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
AND EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(UNAUDITED)
		For the			For the
		three			twelve
		months ended			months ended
		March 31, 2003
		(Thousands, except ratios)
Earnings from operations		$          17,813		$          75,635
Income taxes		8,239		42,380
Earnings from operations before income taxes		$          26,052		$        118,015
Fixed charges:
	Interest, long-term debt	$          14,522		$          57,393
	Interest, other (including interest on short-term debt)	2,583		11,023
	Amortization of debt expense, premium, net	618		1,844
	Portion of rentals representative of an interest factor	163		621
Total fixed charges		$          17,886		$          70,881
Earnings from operations before income taxes		26,052		118,015
	Total fixed charges	17,886		70,881
	Amortization of capitalized interest	182		725
	Long-term capitalized interest	-		(3,341)
Earnings from operations before income taxes
	and fixed charges	$          44,120		$        186,280
Ratio of earnings to fixed charges		2.47	x	2.63		x
Total fixed charges from above		$          17,886		$          70,881
Preferred stock dividends		547		2,164
Total fixed charges and preferred stock dividends		$          18,433		$          73,045
Ratio of earnings to combined fixed charges
	and preferred stock dividends	2.39	x	2.55		x