<PAGE>
                                                                      EXHIBIT 12

                               CLECO CORPORATION
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                     AND EARNINGS TO COMBINED FIXED CHARGES
                         AND PREFERRED STOCK DIVIDENDS
                                  (Unaudited)


<TABLE>
<CAPTION>
                                                                           FOR THE THREE       FOR THE TWELVE
                                                                           MONTHS ENDED        MONTHS ENDED
                                                                           MARCH 31, 2001      MARCH 31, 2001
                                                                           ---------------    ----------------
                                                                              (In thousands, except ratios)
<S>                                                                   <C>                 <C>
Earnings                                                                        $12,100            $ 70,646
Income taxes                                                                      6,124              36,216
                                                                                -------            --------
Earnings from continuing operations before income taxes                         $18,224            $106,862
                                                                                =======            ========
Fixed charges:
Interest, long-term debt                                                        $13,123            $ 56,135
Interest, other (including interest on short-term debt)                           2,393               5,830
Amortization of debt expense, premium, net                                          279               1,186
Portion of rentals representative of an interest factor                             171                 568
                                                                                -------            --------
Total fixed charges                                                             $15,966            $ 63,719
                                                                                =======            ========
Earnings from continuing operations before income taxes                         $18,224            $106,862
    Plus: total fixed charges from above                                         15,966              63,719
    Plus: amortization of capitalized interest                                      126                 422
    Less: long-term interest capitalized                                         (2,378)             (9,532)
                                                                                -------            --------
Earnings from continuing operations before income taxes
   and fixed charges                                                            $31,938            $161,471
                                                                                =======            ========
Ratio of earnings to fixed charges                                                 2.00x               2.53x
                                                                                =======            ========
Total fixed charges from above                                                  $15,966            $ 63,719
Preferred stock dividends*                                                          567               2,267
                                                                                -------            --------
Total fixed charges and preferred stock dividends                               $16,533            $ 65,986
                                                                                =======            ========
Ratio of earnings to combined fixed charges and
   preferred stock dividends                                                       1.93x               2.45x
                                                                                =======            ========
</TABLE>


* Preferred stock dividends multiplied by the ratio of pretax income to net
  income.


<PAGE>


                                  CLECO POWER
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                  (Unaudited)


<TABLE>
<CAPTION>
                                                                            FOR THE THREE      FOR THE TWELVE
                                                                            MONTHS ENDED        MONTHS ENDED
                                                                           MARCH 31, 2001      MARCH 31, 2001
                                                                           --------------      --------------
                                                                              (In thousands, except ratios)
<S>                                                                   <C>                 <C>
Earnings                                                                        $ 8,824            $ 55,993
Income taxes                                                                      4,449              29,366
                                                                                -------            --------
Earnings from continuing operations before income taxes                         $13,273            $ 85,359
                                                                                =======            ========
Fixed charges:
Interest, long-term debt                                                        $ 6,131            $ 24,491
Interest, other (including interest on short-term debt)                           1,172               4,238
Amortization of debt expense, premium, net                                          225                 914
Portion of rentals representative of an interest factor                             171                 513
                                                                                -------            --------
Total fixed charges                                                             $ 7,699            $ 30,156
                                                                                =======            ========
Earnings from continuing operations before
    income taxes and fixed charges                                              $20,972            $115,515
                                                                                =======            ========
Ratio of earnings to fixed charges                                                 2.72x               3.83x
                                                                                =======            ========
</TABLE>