EX-12.A 6 exhibit12a.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS exhibit12a.htm
 
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)
  
2007
    
2006
    
2005
    
2004
    
2003
  
Earnings (loss) from continuing operations
   $
151,789
     $
74,670
     $
182,978
     $
66,119
     $ (29,768 )
Undistributed equity income from investees
     (84,327 )    
6,201
       (77,765 )    
2,406
      
9,176
  
Income tax expense (benefit)
    
70,772
      
42,049
      
115,951
      
35,864
       (21,417 )
Earnings (loss) from continuing operations before income taxes
   $
138,234
     $
122,920
     $
221,164
     $
104,389
     $ (42,009 )
Fixed charges:
                                        
Interest, long-term debt
   $
39,903
     $
40,138
     $
35,780
     $
47,244
     $
60,998
  
Interest, other (including interest on short-term debt)
    
9,236
      
5,111
      
3,260
      
2,945
      
7,219
  
Amortization of debt expense, premium, net
    
1,972
      
1,867
      
2,399
      
3,261
      
3,385
  
Portion of rentals representative of an interest factor
    
558
      
506
      
284
      
286
      
518
  
Total fixed charges
   $
51,669
     $
47,622
     $
41,723
     $
53,736
     $
72,120
  
Earnings (loss) from continuing operations before income taxes
   $
138,234
     $
122,920
     $
221,164
     $
104,389
     $ (42,009 )
Plus:  total fixed charges from above
    
51,669
      
47,622
      
41,723
      
53,736
      
72,120
  
Plus:  amortization of capitalized interest
    
407
      
407
      
407
      
485
      
725
  
Earnings from continuing operations before income taxes and fixed charges
   $
190,310
     $
170,949
     $
263,294
     $
158,610
     $
30,836
  
Ratio of earnings to fixed charges
    
3.68
      
3.59
      
6.31
      
2.95
    
N/A
  (1)
Total fixed charges from above
   $
51,669
     $
47,622
     $
41,723
     $
53,736
     $
72,120
  
Preferred stock dividends
    
480
      
1,772
      
1,922
      
2,741
      
2,099
  
Total fixed charges and preferred stock dividends
   $
52,149
     $
49,394
     $
43,645
     $
56,477
     $
74,219
  
Ratio of earnings to combined fixed charges
                                        
and preferred stock dividends
    
3.65
      
3.46
      
6.03
      
2.81
    
N/A
  (2)
(1) For the year ended December 31, 2003, earnings were insufficient to cover fixed charges by $41.3 million.
                                  
(2) For the year ended December 31, 2003, earnings were insufficient to cover fixed charges and preferred stock dividends by $43.4 million.