Cleco Corporate 10-Q2018 Q1 Quarterly report

Filed: 2 May 18, 1:08pm

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CLECO POWER LLC	EXHIBIT 12(b)



Computation of Ratios of Earnings to Fixed Charges (Unaudited)
(THOUSANDS, EXCEPT RATIOS)	FOR THE THREE MONTHS ENDED MAR. 31, 2018			FOR THE TWELVE MONTHS ENDED DEC. 31, 2017			FOR THE TWELVE MONTHS ENDED DEC. 31, 2016			FOR THE TWELVE MONTHS ENDED DEC. 31, 2015			FOR THE TWELVE MONTHS ENDED DEC. 31, 2014
Net income	$	26,004		$	150,738		$	39,128		$	141,350		$	154,316
Income tax expense	7,997			67,331			18,369			79,294			76,974
Total fixed charges (from below)	18,786			72,752			78,442			78,364			77,230
Total earnings	$	52,787		$	290,821		$	135,939		$	299,008		$	308,520
Fixed charges
Interest	$	17,355		$	66,491		$	74,450		$	74,394		$	73,140
Amortization of debt expense, premium, net	1,174			5,158			3,289			3,052			3,113
Portion of rentals representative of an interest factor*	257			1,062			508			572			489
Interest of capitalized lease	—			41			195			346			488
Total fixed charges	$	18,786		$	72,752		$	78,442		$	78,364		$	77,230
Ratio of earnings to fixed charges	2.81		x	4.00		x	1.73		x	3.82		x	3.99		x
* 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.