EXHIBIT 12
CLECO CORPORATION
Computation of Earnings to Fixed Charges
And Earnings To Combined Fixed Charges
and Preferred Stock Dividends
(Unaudited)
2000 1999 1998 1997 1996
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(Thousands, except ratios)
Earnings from continuing operations $ 69,335 $ 58,070 $ 53,970 $ 52,543 $ 52,135
Income taxes 34,961 27,766 26,771 27,729 26,154
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Earnings from continuing operations before income taxes $104,296 $ 85,836 $ 80,741 $ 80,272 $ 78,289
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Fixed charges:
Interest, long-term debt $ 48,919 $ 30,875 $ 23,850 $ 23,676 $ 25,134
Interest, other (including interest on short-term 7,571 2,838 3,666 3,873 2,359
debt)
Amortization of debt expense, premium, net 1,164 1,282 1,248 1,206 1,107
Portion of rentals representative of an interest
factor 574 579 448 487 445
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Total fixed charges $ 58,228 $ 35,574 $ 29,212 $ 29,242 $ 29,045
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Earnings from continuing operations before income taxes $104,296 $ 85,836 $ 80,741 $ 80,272 $ 78,289
Plus: total fixed charges from above 58,228 35,574 29,212 29,242 29,045
Plus: amortization of capitalized interest 252 - - - -
Less: long-term interest capitalized (7,769) (5,301) (500) - -
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Earnings from continuing operations before income taxes
and fixed charges $155,007 $116,109 $109,453 $109,514 $ 107,334
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Ratio of earnings to fixed charges 2.66X 3.26X 3.75X 3.75X 3.70X
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Total fixed charges from above $ 58,228 $ 35,574 $ 29,212 $ 29,242 $ 29,045
Preferred stock dividends* 2,285 2,531 2,819 2,799 2,909
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Total fixed charges and preferred stock dividends $ 60,513 $ 38,105 $ 32,031 $ 32,041 $ 31,954
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Ratio of earnings to combined fixed charges and
preferred stock dividends 2.56X 3.05X 3.42X 3.42X 3.36X
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* Preferred stock dividends multiplied by the pretax income to net income