CLECO CORPORATE HOLDINGS LLC | EXHIBIT 12(a) |
Computation of Ratios of Earnings to Fixed Charges (Unaudited) | ||||||||||||||||||||||||
SUCCESSOR(1) | PREDECESSOR(2) | |||||||||||||||||||||||
(THOUSANDS, EXCEPT RATIOS) | FOR THE THREE MONTHS ENDED MAR. 31, 2018 | FOR THE TWELVE MONTHS ENDED DEC. 31, 2017 | APR. 13, 2016 - DEC. 31, 2016 | JAN. 1, 2016 - APR. 12, 2016 | FOR THE TWELVE MONTHS ENDED DEC. 31, 2015 | FOR THE TWELVE MONTHS ENDED DEC. 31, 2014 | ||||||||||||||||||
Net income (loss) | $ | 10,861 | $ | 138,080 | $ | (24,113 | ) | $ | (3,960 | ) | $ | 133,669 | $ | 154,739 | ||||||||||
Income tax expense (benefit) | 2,862 | 7,079 | (22,822 | ) | 3,468 | 77,704 | 67,116 | |||||||||||||||||
Undistributed equity loss from investees | — | — | — | — | 7 | — | ||||||||||||||||||
Amortization of capitalized interest | — | — | — | — | — | 77 | ||||||||||||||||||
Total fixed charges (from below) | 32,287 | 126,303 | 91,338 | 22,547 | 79,795 | 76,163 | ||||||||||||||||||
Total earnings | $ | 46,010 | $ | 271,462 | $ | 44,403 | $ | 22,055 | $ | 291,175 | $ | 298,095 | ||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest | $ | 30,537 | $ | 118,775 | $ | 87,315 | $ | 21,491 | $ | 75,535 | $ | 71,959 | ||||||||||||
Amortization of debt expense, premium, net | 1,493 | 6,425 | 3,537 | 839 | 3,342 | 3,227 | ||||||||||||||||||
Portion of rentals representative of an interest factor(3) | 257 | 1,062 | 362 | 146 | 572 | 489 | ||||||||||||||||||
Interest of capitalized lease | — | 41 | 124 | 71 | 346 | 488 | ||||||||||||||||||
Total fixed charges | $ | 32,287 | $ | 126,303 | $ | 91,338 | $ | 22,547 | $ | 79,795 | $ | 76,163 | ||||||||||||
Ratio of earnings to fixed charges | 1.43 | x | 2.15 | x | (4) | (4) | 3.65 | x | 3.91 | x | ||||||||||||||
(1) Successor is the post-merger activity of Cleco. Cleco has accounted for the Merger transaction by applying the acquisition method of accounting. The successor period is not comparable to the predecessor period. (2) Predecessor is the pre-merger activity of Cleco. Cleco has accounted for the Merger transaction by applying the acquisition method of accounting. The predecessor period is not comparable to the successor period. (3) Interest portion of rental expenses, that cannot be imputed, is estimated to equal 11% of such expense, 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. (4) 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. |