EX-12.A 4 cnl-12312014xex12a.htm EXHIBIT 12(A) CNL-12.31.2014-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)
2014

 
2013

 
2012

 
2011

 
2010

 
Earnings from continuing operations
$
154,739

 
$
160,685

 
$
163,648

 
$
195,848

 
$
255,391

 
Equity income and dividends from investees
—

 
—

 
—

 
(3,385
)
 
(38,849
)
 
Income tax expense
67,116

 
79,575

 
65,327

 
102,897

 
142,498

 
Earnings from continuing operations before income taxes
$
221,855

 
$
240,260

 
$
228,975

 
$
295,360

 
$
359,040

 
Fixed charges:
 

 
 

 
 

 
 

 
 

 
Interest
$
71,959

 
$
81,173

 
$
83,064

 
$
69,428

 
$
97,325

 
Amortization of debt expense, premium, net
3,227

 
4,397

 
3,156

 
3,017

 
3,014

 
Portion of rentals representative of an interest factor
489

 
488

 
489

 
494

 
431

 
Interest of capitalized lease
488

 
622

 
1,618

 
1,787

 
3,972

 
Total fixed charges
$
76,163

 
$
86,680

 
$
88,327

 
$
74,726

 
$
104,742

 
Earnings from continuing operations before income taxes
$
221,855

 
$
240,260

 
$
228,975

 
$
295,360

 
$
359,040

 
Plus:  total fixed charges from above
76,163

 
86,680

 
88,327

 
74,726

 
104,742

 
Plus:  amortization of capitalized interest
511

 
511

 
511

 
545

 
545

 
Earnings from continuing operations before income taxes and fixed charges
$
298,529

 
$
327,451

 
$
317,813

 
$
370,631

 
$
464,327

 
Ratio of earnings to fixed charges
3.92

x
3.78

x
3.60

x
4.96

x
4.43

x
Total fixed charges from above
$
76,163

 
$
86,680

 
$
88,327

 
$
74,726

 
$
104,742

 
Preferred stock dividends
—

 
—

 
—

 
40

 
72

 
Total fixed charges and preferred stock dividends
$
76,163

 
$
86,680

 
$
88,327

 
$
74,766

 
$
104,814

 
Ratio of earnings to combined fixed charges and preferred stock dividends
3.92

x
3.78

x
3.60

x
4.96

x
4.43

x