EX-12.A 30 exhibit12a.htm EXHIBIT 12(A) EXHIBIT 12(a)

EXHIBIT 12(a)

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

2003

2002

2001

2000

1999

 

(Thousands, except ratios)

 

Earnings (loss) from continuing operations

$   (34,929)

$   71,875 

$   72,273 

$   69,335 

$   58,070 

 

Income taxes (benefit)

(23,974)

42,243 

38,356 

34,961 

27,766 

 

 

 

Earnings (loss) from continuing operations before income taxes

$   (58,903)

$ 114,118 

$ 110,629 

$ 104,296 

$   85,836 

 

 

 

Fixed charges:

 

 

Interest, long-term debt

$     60,998 

$   55,877 

$   51,619 

$   48,919 

$   30,875 

 

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

7,843 

9,606 

6,348 

7,571 

2,838 

 

Amortization of debt expense, premium, net

3,415 

1,742 

1,530 

1,164 

1,282 

 

Portion of rentals representative of an interest factor

549 

643 

527 

574 

579 

 

 

 

Total fixed charges

$     72,805 

$   67,868 

$   60,024 

$   58,228 

$   35,574 

 

 

 

Earnings (loss) from continuing operations before income taxes

(58,903)

114,118 

110,629 

104,296 

85,836 

 

Total fixed charges

72,805

67,868 

60,024 

58,228 

35,574 

 

Amortization of capitalized interest

725 

725 

458 

252 

- 

 

Long-term capitalized interest

- 

(6,013)

(10,115)

(7,769)

(5,301)

 

 

 

Earnings (loss) from continuing operations before income taxes

 

and fixed charges

$    14,627 

$ 176,698 

$ 160,996 

$ 155,007 

$116,109 

 

 

 

Ratio of earnings (loss) to fixed charges

0.20 

x*

2.60 

x

2.68 

x

2.66 

x

3.26 

x

 

 

 

Total fixed charges from above

$    72,805 

$   67,868 

$   60,024 

$   58,228 

$  35,574 

 

Preferred stock dividends

2,096 

2,171 

2,226 

2,285 

2,531 

 

 

 

Total fixed charges and preferred stock dividends

$    74,901 

$   70,039 

$   62,250 

$   60,513 

$  38,105 

 

 

 

Ratio of earnings (loss) to combined fixed charges

 

 

and preferred stock dividends

0.20 

x**

2.52 

x

2.59 

x

2.56 

x

3.05 

x

 

 

 

* For the year ended December 31, 2003, earnings were  insufficient to         cover fixed charges by $58.2 million.

 

** For the year ended December 31, 2003, earnings were

 

 

 

 

 

insufficient to cover fixed charges and preferred stock dividends by $60.3 million.