EX-12.A 3 cnl-12312013xex12a.htm EXHIBIT 12(A) CNL-12.31.2013-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)
2013

 
2012

 
2011

 
2010

 
2009

 
Earnings from continuing operations
$
160,685

 
$
163,648

 
$
195,848

 
$
255,391

 
$
106,307

 
Equity (income) loss and dividends from investees
—

 
—

 
(3,385
)
 
(38,849
)
 
19,023

 
Income tax expense
79,575

 
65,327

 
102,897

 
142,498

 
9,579

 
Earnings from continuing operations before income taxes
$
240,260

 
$
228,975

 
$
295,360

 
$
359,040

 
$
134,909

 
Fixed charges:
 

 
 

 
 

 
 

 
 

 
Interest
$
81,173

 
$
83,064

 
$
69,428

 
$
97,325

 
$
75,331

 
Amortization of debt expense, premium, net
4,397

 
3,156

 
3,017

 
3,014

 
1,897

 
Portion of rentals representative of an interest factor
488

 
489

 
494

 
431

 
536

 
Interest of capitalized lease
622

 
1,618

 
1,787

 
3,972

 
1,545

 
Total fixed charges
$
86,680

 
$
88,327

 
$
74,726

 
$
104,742

 
$
79,309

 
Earnings from continuing operations before income taxes
$
240,260

 
$
228,975

 
$
295,360

 
$
359,040

 
$
134,909

 
Plus:  total fixed charges from above
86,680

 
88,327

 
74,726

 
104,742

 
79,309

 
Plus:  amortization of capitalized interest
511

 
511

 
545

 
545

 
407

 
Earnings from continuing operations before income taxes and fixed charges
$
327,451

 
$
317,813

 
$
370,631

 
$
464,327

 
$
214,625

 
Ratio of earnings to fixed charges
3.78

x
3.60

x
4.96

x
4.43

x
2.71

x
Total fixed charges from above
$
86,680

 
$
88,327

 
$
74,726

 
$
104,742

 
$
79,309

 
Preferred stock dividends
—

 
—

 
40

 
72

 
50

 
Total fixed charges and preferred stock dividends
$
86,680

 
$
88,327

 
$
74,766

 
$
104,814

 
$
79,359

 
Ratio of earnings to combined fixed charges and preferred stock dividends
3.78

x
3.60

x
4.96

x
4.43

x
2.70

x