EX-12.A 2 cnl-12312017xex12a.htm EXHIBIT 12.A Exhibit
CLECO CORPORATE HOLDINGS LLC
EXHIBIT 12(a)
 
 
Computation of Ratios of Earnings to Fixed Charges (Unaudited)
 
 
 
 
 
 
 
 
 
 
SUCCESSOR
PREDECESSOR
(THOUSANDS, EXCEPT RATIOS)
FOR THE
YEAR ENDED
DEC. 31, 2017

 
APR. 13, 2016 - DEC. 31, 2016

 
JAN. 1, 2016 -
APR. 12, 2016

 
FOR THE
YEAR ENDED
DEC. 31, 2015

 
FOR THE
YEAR ENDED
DEC. 31, 2014

 
FOR THE
YEAR ENDED
DEC. 31, 2013

 
Net income (loss)
$
138,080

 
$
(24,113
)
 
$
(3,960
)
 
$
133,669

 
$
154,739

 
$
160,685

 
Income tax expense (benefit)
7,079

 
(22,822
)
 
3,468

 
77,704

 
67,116

 
79,575

 
Undistributed equity loss from investees

 

 

 
7

 

 

 
Amortization of capitalized interest

 

 

 

 
77

 
308

 
Total fixed charges (from below)
126,303

 
91,338

 
22,547

 
79,795

 
76,163

 
86,680

 
Total earnings
$
271,462

 
$
44,403

 
$
22,055

 
$
291,175

 
$
298,095

 
$
327,248

 
Fixed charges
 
 
 
 
 

 
 

 
 

 
 

 
Interest
$
118,775

 
$
87,315

 
$
21,491

 
$
75,535

 
$
71,959

 
$
81,173

 
Amortization of debt expense, premium, net
6,425

 
3,537

 
839

 
3,342

 
3,227

 
4,397

 
Portion of rentals representative of an interest factor**
1,062

 
362

 
146

 
572

 
489

 
488

 
Interest of capitalized lease
41

 
124

 
71

 
346

 
488

 
622

 
Total fixed charges
$
126,303

 
$
91,338

 
$
22,547

 
$
79,795

 
$
76,163

 
$
86,680

 
Ratio of earnings to fixed charges
2.15

 
*

 
*

 
3.65
x
3.91

x
3.78

x
*
Earnings were inadequate to cover fixed charges. The earnings did not cover the fixed charges by $46.9 million and $0.5 million for the successor period April 13, 2016, through December 31, 2016, and the predecessor period January 1, 2016, through April 12, 2016, respectively.
**The interest portion of rental expenses, that cannot be imputed, is estimated to equal 11% of such expenses, and the imputed interest portion of rental expenses is calculated between 3.62% and 6.08% of such expenses, which are considered reasonable approximations of the interest factors.