EX-12.A 8 exhibit12a.htm EXHIBIT 12(A) - 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 to Fixed Charges and of Earnings to Combined
Fixed Charges and Preferred Stock Dividends
UNAUDITED (THOUSANDS, EXCEPT RATIOS)
 
2010
   
2009
   
2008
   
2007
   
2006
 
Earnings from continuing operations
  $ 255,391     $ 106,308     $ 102,141     $ 151,789     $ 74,670  
Equity (income) loss and dividends from investees
    (38,849 )     19,023       10,648       (84,327 )     6,201  
Income tax expense
    142,498       9,579       18,457       70,772       42,049  
Earnings from continuing operations before income taxes
  $ 359,040     $ 134,910     $ 131,246     $ 138,234     $ 122,920  
Fixed charges:
                                       
Interest, long-term debt
  $ 77,869     $ 65,636     $ 53,969     $ 39,903     $ 40,138  
Interest, other (including interest on short-term debt)
    19,456       9,695       15,831       9,236       5,111  
Amortization of debt expense, premium, net
    3,014       1,897       2,242       1,972       1,867  
Portion of rentals representative of an interest factor
    431       536       523       558       506  
Interest of capitalized lease
    3,972       1,545       -       -       -  
Total fixed charges
  $ 104,742     $ 79,309     $ 72,565     $ 51,669     $ 47,622  
Earnings from continuing operations before income taxes
  $ 359,040     $ 134,910     $ 131,246     $ 138,234     $ 122,920  
Plus:  total fixed charges from above
    104,742       79,309       72,565       51,669       47,622  
Plus:  amortization of capitalized interest
    545       407       407       407       407  
Earnings from continuing operations before income taxes and fixed charges
  $ 464,327     $ 214,626     $ 204,218     $ 190,310     $ 170,949  
Ratio of earnings to fixed charges
    4.43  X     2.71  X     2.81  X     3.68  X     3.59  X
Total fixed charges from above
  $ 104,742     $ 79,309     $ 72,565     $ 51,669     $ 47,622  
Preferred stock dividends
    72       50       55       480       1,772  
Total fixed charges and preferred stock dividends
  $ 104,814     $ 79,359     $ 72,620     $ 52,149     $ 49,394  
Ratio of earnings to combined fixed charges
                                       
and preferred stock dividends
    4.43  X     2.70  X     2.81  X     3.65  X     3.46  X