EX-12.A 6 cnl-12312012xex12a.htm EXHIBIT 12(A) CNL-12.31.2012-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)
2012

 
2011

 
2010

 
2009

 
2008

 
Earnings from continuing operations
$
163,648

 
$
195,848

 
$
255,391

 
$
106,307

 
$
102,141

 
Equity (income) loss and dividends from investees
—

 
(3,385
)
 
(38,849
)
 
19,023

 
10,648

 
Income tax expense
65,327

 
102,897

 
142,498

 
9,579

 
18,457

 
Earnings from continuing operations before income taxes
$
228,975

 
$
295,360

 
$
359,040

 
$
134,909

 
$
131,246

 
Fixed charges:
 

 
 

 
 

 
 

 
 

 
Interest
$
83,064

 
$
69,428

 
$
97,325

 
$
75,331

 
$
69,800

 
Amortization of debt expense, premium, net
3,156

 
3,017

 
3,014

 
1,897

 
2,242

 
Portion of rentals representative of an interest factor
489

 
494

 
431

 
536

 
523

 
Interest of capitalized lease
1,618

 
1,787

 
3,972

 
1,545

 
—

 
Total fixed charges
$
88,327

 
$
74,726

 
$
104,742

 
$
79,309

 
$
72,565

 
Earnings from continuing operations before income taxes
$
228,975

 
$
295,360

 
$
359,040

 
$
134,909

 
$
131,246

 
Plus:  total fixed charges from above
88,327

 
74,726

 
104,742

 
79,309

 
72,565

 
Plus:  amortization of capitalized interest
511

 
545

 
545

 
407

 
407

 
Earnings from continuing operations before income taxes and fixed charges
$
317,813

 
$
370,631

 
$
464,327

 
$
214,625

 
$
204,218

 
Ratio of earnings to fixed charges
3.60

x
4.96

x
4.43

x
2.71

x
2.81

x
Total fixed charges from above
$
88,327

 
$
74,726

 
$
104,742

 
$
79,309

 
$
72,565

 
Preferred stock dividends
—

 
40

 
72

 
50

 
55

 
Total fixed charges and preferred stock dividends
$
88,327

 
$
74,766

 
$
104,814

 
$
79,359

 
$
72,620

 
Ratio of earnings to combined fixed charges and preferred stock dividends
3.60

x
4.96

x
4.43

x
2.70

x
2.81

x