Cleco Corporate Holdings LLC - FORM 10-Q - EX-12.A - EXHIBIT 12.A - October 31, 2018

Attached files

file	filename
EX-95 - EXHIBIT 95 - Cleco Corporate Holdings LLC	cnl-9302018xq3ex95.htm
EX-32.4 - EXHIBIT 32.4 - Cleco Corporate Holdings LLC	cnl-9302018xq3ex324.htm
EX-32.3 - EXHIBIT 32.3 - Cleco Corporate Holdings LLC	cnl-9302018xq3ex323.htm
EX-32.2 - EXHIBIT 32.2 - Cleco Corporate Holdings LLC	cnl-9302018xq3ex322.htm
EX-32.1 - EXHIBIT 32.1 - Cleco Corporate Holdings LLC	cnl-9302018xq3ex321.htm
EX-31.4 - EXHIBIT 31.4 - Cleco Corporate Holdings LLC	cnl-9302018xq3ex314.htm
EX-31.3 - EXHIBIT 31.3 - Cleco Corporate Holdings LLC	cnl-9302018xq3ex313.htm
EX-31.2 - EXHIBIT 31.2 - Cleco Corporate Holdings LLC	cnl-9302018xq3ex312.htm
EX-31.1 - EXHIBIT 31.1 - Cleco Corporate Holdings LLC	cnl-9302018xq3ex311.htm
EX-12.B - EXHIBIT 12.B - Cleco Corporate Holdings LLC	cnl-9302018xq3ex12b.htm
10-Q - 10-Q - Cleco Corporate Holdings LLC	cnl-9302018xq3.htm



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 NINE MONTHS ENDED SEPT. 30, 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)	$	84,060			$	138,080			$	(24,113	)		$	(3,960	)		$	133,669			$	154,739
Income tax expense (benefit)	21,947				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)	99,654				126,303				91,338				22,547				79,795				76,163
Total earnings	$	205,661			$	271,462			$	44,403			$	22,055			$	291,175			$	298,095
Fixed charges
Interest	$	93,570			$	118,775			$	87,315			$	21,491			$	75,535			$	71,959
Amortization of debt expense, premium, net	4,489				6,425				3,537				839				3,342				3,227
Portion of rentals representative of an interest factor⁽³⁾	745				1,062				362				146				572				489
Interest of capitalized lease	850				41				124				71				346				488
Total fixed charges	$	99,654			$	126,303			$	91,338			$	22,547			$	79,795			$	76,163
Ratio of earnings to fixed charges	2.06			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.