EX-12.B 3 cnl-12312017xex12b.htm EXHIBIT 12.B Exhibit


CLECO POWER LLC
EXHIBIT 12(b)
 
 
Computation of Ratios of Earnings to Fixed Charges (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FOR THE YEAR ENDED DEC. 31,
(THOUSANDS, EXCEPT RATIOS)
2017

 
2016

 
2015

 
2014

 
2013

 
Net income
$
150,738

 
$
39,128

 
$
141,350

 
$
154,316

 
$
150,410

 
Income tax expense
67,331

 
18,369

 
79,294

 
76,974

 
79,381

 
Total fixed charges (from below)
72,752

 
78,442

 
78,364

 
77,230

 
85,103

 
Total earnings
$
290,821

 
$
135,939

 
$
299,008

 
$
308,520

 
$
314,894

 
Fixed charges
 
 
 
 
 
 
 
 
 
 
Interest
$
66,491

 
$
74,450

 
$
74,394

 
$
73,140

 
$
80,905

 
Amortization of debt expense, premium, net
5,158

 
3,289

 
3,052

 
3,113

 
3,088

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

 
508

 
572

 
489

 
488

 
Interest of capitalized lease
41

 
195

 
346

 
488

 
622

 
Total fixed charges
$
72,752

 
$
78,442

 
$
78,364

 
$
77,230

 
$
85,103

 
Ratio of earnings to fixed charges
4.00

x
1.73

x
3.82

x
3.99

x
3.70

x
*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.