EX-12.A 4 exhibit12a.htm EXHIBIT 12(A) - CLECO CORPORATION, RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Exhibit 12(a) - Cleco Corporation, Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
 
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)
    
2006
          
2005
          
2004
          
2003
          
2002
        
Earnings (loss) from continuing operations
  
$
74,670
        
$
182,978
        
$
66,119
        
$
(29,768
)
      
$
80,373
        
Undistributed equity income from investees
    
6,201
          
(77,765
)
        
2,406
          
9,176
          
(3,967
)
      
Income tax expense (benefit)
    
42,049
          
115,951
          
35,864
          
(21,417
)
        
39,665
        
Earnings (loss) from continuing operations before income taxes
  
$
122,920
        
$
221,164
        
$
104,389
        
$
(42,009
)
      
$
116,071
        
Fixed charges:
                                                              
Interest, long-term debt
  
$
40,138
        
$
35,780
        
$
47,244
        
$
60,998
        
$
55,621
        
Interest, other (including interest on short-term debt)
    
5,111
          
3,260
          
2,945
          
7,219
          
9,346
        
Amortization of debt expense, premium, net
    
1,867
          
2,399
          
3,261
          
3,385
          
1,720
        
Portion of rentals representative of an interest factor
    
506
          
284
          
286
          
518
          
608
        
Total fixed charges
  
$
47,622
        
$
41,723
        
$
53,736
        
$
72,120
        
$
67,295
        
Earnings (loss) from continuing operations before income taxes
  
$
122,920
        
$
221,164
        
$
104,389
        
$
(42,009
)
      
$
116,071
        
Plus: total fixed charges from above
    
47,622
          
41,723
          
53,736
          
72,120
          
67,295
        
Plus: amortization of capitalized interest
    
407
          
407
          
485
          
725
          
725
        
Long-term capitalized interest
    
-
          
-
          
-
          
-
          
(6,013
)
      
Earnings from continuing operations before income taxes and fixed charges
  
$
170,949
        
$
263,294
        
$
158,610
        
$
30,836
        
$
178,078
        
Ratio of earnings to fixed charges
    
3.59
    
x
    
6.31
    
x
    
2.95
    
x
    
N/A
    
x*
    
2.65
    
x
  
Total fixed charges from above
  
$
47,622
        
$
41,723
        
$
53,736
        
$
72,120
        
$
67,295
        
Preferred stock dividends
    
1,772
          
1,922
          
2,741
          
2,099
          
2,167
        
Total fixed charges and preferred stock dividends
  
$
49,394
        
$
43,645
        
$
56,477
        
$
74,219
        
$
69,462
        
Ratio of earnings to combined fixed charges and preferred stock dividends
    
3.46
    
x
    
6.03
    
x
    
2.81
    
x
    
N/A
    
x**
    
2.56
    
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.