EX-12.A 9 exhibit12a.htm EXHIBIT 12A Exhibit 12a

 

 

 

EXHIBIT 12(a)

CLECO CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
AND EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(UNAUDITED)

For the
three
months ended

For  the
six
months ended

For the
twelve
months ended

 

 

June 30, 2003

 

 

 

(Thousands, except ratios)

Loss from operations

$        (66,401)

 

$        (48,588)

 

$          (8,548)

Income taxes

(40,725)

 

(32,486)

 

(7,908)

 

 

 

 

Loss from operations before income taxes

$      (107,126)

 

$        (81,074)

 

$        (16,456)

 

 

 

 

Fixed charges:

 

 

 

 

Interest, long-term debt

$          15,140 

 

$          28,611 

 

$         55,671 

Interest, other (including interest on short-term debt)

2,438 

 

6,071 

 

15,076 

Amortization of debt expense, premium, net

895 

 

1,514 

 

2,121 

Portion of rentals representative of an interest factor

136 

 

298 

 

593 

 

 

 

 

Total fixed charges

$          18,609 

 

$          36,494 

 

$         73,461 

 

 

 

 

Loss from operations before income taxes

(107,126)

 

(81,074)

 

(16,456)

Total fixed charges

18,609 

 

36,494 

 

73,461 

Amortization of capitalized interest

182 

 

359 

 

725 

Long-term capitalized interest

- 

 

- 

 

(509)

 

 

 

 

Earnings (loss) from operations before income taxes

 

 

 

and fixed charges

$        (88,335)

 

$        (44,221)

 

$         57,221 

 

 

 

 

Ratio of earnings (loss) to fixed charges

* 

x

* 

x

0.78 

x  *

 

 

 

 

Total fixed charges from above

$          18,609 

 

$          36,494 

 

$         73,461 

Preferred stock dividends

513 

 

1,068 

 

2,163 

 

 

 

 

Total fixed charges and preferred stock dividends

$          19,122 

 

$          37,562 

 

$         75,624 

 

 

 

 

Ratio of earnings (loss) to combined fixed charges

 

 

 

 

and preferred stock dividends

** 

x

** 

x

0.76 

x **

 

*

For the three months, six months, and twelve months ended June 30, 2003, earnings were insufficient to cover fixed
      charges by $18.6  million, $36.5 million, and $16.2 million, respectively.

 

**

For the three months, six months, and twelve months ended June 30, 2003, earnings were insufficient to cover fixed
      charges and  preferred stock dividends by $19.1 million, $37.6 million, and $18.4 million, respectively.