EX-12.B 5 cnl-12312014xex12b.htm EXHIBIT 12(B) CNL-12.31.2014-EX 12(b)


CLECO POWER LLC 
EXHIBIT 12(b)
 
 
Computation of Ratios of Earnings to Fixed Charges
UNAUDITED (THOUSANDS, EXCEPT RATIOS)
2014

 
2013

 
2012

 
2011

 
2010

 
Earnings from continuing operations
$
154,316

 
$
150,410

 
$
146,848

 
$
142,835

 
$
147,405

 
Income taxes
76,974

 
79,381

 
68,133

 
69,409

 
75,107

 
Earnings from continuing operations before income taxes
$
231,290

 
$
229,791

 
$
214,981

 
$
212,244

 
$
222,512

 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest
$
73,140

 
$
80,905

 
$
81,515

 
$
96,495

 
$
81,015

 
Amortization of debt expense, premium, net
3,113

 
3,088

 
2,819

 
2,382

 
2,279

 
Portion of rentals representative of an interest factor
489

 
488

 
489

 
493

 
431

 
Interest of capitalized lease
488

 
622

 
1,618

 
1,787

 
3,972

 
Total fixed charges
$
77,230

 
$
85,103

 
$
86,441

 
$
101,157

 
$
87,697

 
Earnings from continuing operations before income taxes
$
231,290

 
$
229,791

 
$
214,981

 
$
212,244

 
$
222,512

 
Plus: total fixed charges from above
77,230

 
85,103

 
86,441

 
101,157

 
87,697

 
Plus: amortization of capitalized interest
447

 
204

 
—

 
—

 
—

 
Earnings from continuing operations before income taxes and fixed charges
$
308,967

 
$
315,098

 
$
301,422

 
$
313,401

 
$
310,209

 
Ratio of earnings to fixed charges
4.00

x
3.70

x
3.49

x
3.10

x
3.54

x