EX-12.B 4 cnl-12312015xex12b.htm EXHIBIT 12.B Exhibit


CLECO POWER 
EXHIBIT 12(b)
 
 
Computation of Ratios of Earnings to Fixed Charges (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FOR THE YEAR ENDED DEC. 31,
(THOUSANDS, EXCEPT RATIOS)
2015

 
2014

 
2013

 
2012

 
2011

 
Net income
$
141,350

 
$
154,316

 
$
150,410

 
$
146,848

 
$
142,835

 
Income tax expense
79,294

 
76,974

 
79,381

 
68,133

 
69,409

 
Total fixed charges (from below)
78,364

 
77,230

 
85,103

 
84,901

 
101,157

 
Total earnings
$
299,008

 
$
308,520

*
$
314,894

*
$
299,882

 
$
313,401

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
 
 
Interest
$
74,394

 
$
73,140

 
$
80,905

 
$
79,975

 
$
96,495

 
Amortization of debt expense, premium, net
3,052

 
3,113

 
3,088

 
2,819

 
2,382

 
Portion of rentals representative of an interest factor
572

 
489

 
488

 
489

 
493

 
Interest of capitalized lease
346

 
488

 
622

 
1,618

 
1,787

 
Total fixed charges
$
78,364

 
$
77,230

 
$
85,103

 
$
84,901

†
$
101,157

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
3.82

x
3.99

x
3.70

x
3.53

x
3.10

x
*
For the years ended December 31, 2014 and 2013, the calculation of total earnings was corrected to remove the effects of approximately $0.4 million and $0.2 million, respectively, of amortization of capitalized interest.
† 
For the year ended December 31, 2012, total fixed charges was corrected to exclude the effects of approximately $1.5 million of interest charges.