EX-12.A 6 cnl-12312011xex12a.htm EXHIBIT 12(A) CNL-12.31.2011-EX 12(a)


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)
2011

 
2010

 
2009

 
2008

 
2007

 
Earnings from continuing operations
$
195,848

 
$
255,391

 
$
106,307

 
$
102,141

 
$
151,789

 
Equity (income) loss and dividends from investees
(3,385
)
 
(38,849
)
 
19,023

 
10,648

 
(84,327
)
 
Income tax expense
102,897

 
142,498

 
9,579

 
18,457

 
70,772

 
Earnings from continuing operations before income taxes
$
295,360

 
$
359,040

 
$
134,909

 
$
131,246

 
$
138,234

 
Fixed charges:
 

 
 

 
 

 
 

 
 

 
Interest
$
69,428

 
$
97,325

 
$
75,331

 
$
69,800

 
$
49,139

 
Amortization of debt expense, premium, net
3,017

 
3,014

 
1,897

 
2,242

 
1,972

 
Portion of rentals representative of an interest factor
494

 
431

 
536

 
523

 
558

 
Interest of capitalized lease
1,787

 
3,972

 
1,545

 
—

 
—

 
Total fixed charges
$
74,726

 
$
104,742

 
$
79,309

 
$
72,565

 
$
51,669

 
Earnings from continuing operations before income taxes
$
295,360

 
$
359,040

 
$
134,909

 
$
131,246

 
$
138,234

 
Plus:  total fixed charges from above
74,726

 
104,742

 
79,309

 
72,565

 
51,669

 
Plus:  amortization of capitalized interest
545

 
545

 
407

 
407

 
407

 
Earnings from continuing operations before income taxes and fixed charges
$
370,631

 
$
464,327

 
$
214,625

 
$
204,218

 
$
190,310

 
Ratio of earnings to fixed charges
4.96

x
4.43

x
2.71

x
2.81

x
3.68

x
Total fixed charges from above
$
74,726

 
$
104,742

 
$
79,309

 
$
72,565

 
$
51,669

 
Preferred stock dividends
40

 
72

 
50

 
55

 
480

 
Total fixed charges and preferred stock dividends
$
74,766

 
$
104,814

 
$
79,359

 
$
72,620

 
$
52,149

 
Ratio of earnings to combined fixed charges and preferred stock dividends
4.96

x
4.43

x
2.70

x
2.81

x
3.65

x