EX-12.A 8 exhibit12a.htm EXHIBIT 12(A) Exhibit 12(a)

 

CLECO CORPORATION  EXHIBIT 12(a)


Computation of Ratios of Earnings (Loss) to Fixed Charges and of Earnings (Loss) to Combined
Fixed Charges and Preferred Stock Dividends

UNAUDITED (THOUSANDS, EXCEPT RATIOS)

                     2005

                     2004

                     2003

                     2002

                     2001

Earnings (loss) from continuing operations

 $  182,978

   $       66,119

   $     (29,768)

   $       80,373

   $       74,487

Undistributed equity income from investees

       (77,765)

                  2,406

                  9,176

                 (3,967)

                    (660)

Income tax expense (benefit)

      115,951

               35,864

              (21,417)

                39,665

                39,170

Earnings (loss) from continuing operations before income taxes

 $  221,164

   $     104,389

   $     (42,009)

   $     116,071

   $     112,997

Fixed charges:

     Interest, long-term debt

 $    35,780

   $       47,244

   $       60,998

   $       55,621

   $       51,619

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

          3,260

                  2,945

                  7,219

                  9,346

                  4,651

     Amortization of debt expense, premium, net

          2,399

                  3,261

                  3,385

                  1,720

                  1,689

     Portion of rentals representative of an interest factor

             284

                     286

                     518

                      608

                      527

Total fixed charges

 $    41,723

   $       53,736

   $        72,120

   $       67,295

   $       58,486

Earnings (loss) from continuing operations before income taxes

 $  221,164

   $     104,389

   $     (42,009)

   $     116,071

   $     112,997

     Total fixed charges from above

        41,723

               53,736

               72,120

                67,295

                58,486

     Amortization of capitalized interest

             407

                     485

                     725

                      725

                      458

     Long-term capitalized interest

                  -

                           -

                           -

                 (6,013)

              (10,115)

Earnings (loss) from continuing operations before income taxes and fixed charges

  $  263,294

   $     158,610

   $       30,836

   $     178,078

   $     161,826

Ratio of earnings to fixed charges

            6.31

x

                    2.95

x

                    0.43

x*

                    2.65

x

                    2.77

x

Total fixed charges from above

 $    41,723

   $       53,736

   $       72,120

   $       67,295

   $       58,486

Preferred stock dividends

          1,922

                  2,741

                  2,099

                  2,167

                  2,227

Total fixed charges and preferred stock dividends

 $    43,645

   $       56,477

    $       74,219

   $       69,462

   $       60,713

Ratio of earnings to combined fixed charges

     and preferred stock dividends

            6.03

x

                    2.81

x

                    0.42

x**

                    2.56

x

                     2.67

x

*    For the year ended December 31, 2003, earnings were insufficient to cover fixed charges by $41.3 million.

**  For the year ended December 31, 2003, earnings were insufficient to cover fixed charges and preferred stock dividends by $43.4 million.