Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2011

Summary of Significant Accounting Policies [Abstract]

Property, plant and equipment consist of:

(THOUSANDS)	AT JUNE 30, 2011			AT DECEMBER 31, 2010
Regulated utility plants	$	3,582,201		$	3,552,054
Other		257,010			258,842
Total property, plant and equipment		3,839,211			3,810,896
Accumulated depreciation		(1,198,373	)		(1,162,456	)
Net property, plant and equipment	$	2,640,838		$	2,648,440

Reclassifications

The corrections to the Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Cash Flows for each of the reporting periods are presented in the following tables.

Cleco

	FOR THE YEAR ENDED
				2008						2009						2010
(THOUSANDS)	AS REPORTED			AS ADJUSTED			AS REPORTED			AS ADJUSTED			AS REPORTED			AS ADJUSTED
Accounts receivable	$	(5,557	)	$	(5,557	)	$	8,310		$	8,310		$	(35,156	)	$	(16,156	)
Accounts payable	$	2,806		$	(6,334	)	$	11,231		$	18,593		$	3,459		$	8,167
Retainage payable	$	12,709		$	(60	)	$	(11,921	)	$	(13,011	)	$	1,913		$	(27	)
Net cash provided by operating activities	$	89,526		$	67,618		$	135,179		$	141,452		$	193,405		$	215,173
Additions to property, plant and equipment	$	(335,757	)	$	(313,848	)	$	(250,286	)	$	(256,558	)	$	(283,389	)	$	(305,157	)
Net cash used in investing activities	$	(368,725	)	$	(346,817	)	$	(177,176	)	$	(183,449	)	$	(285,137	)	$	(306,905	)
Net decrease in cash and cash equivalents	$	(31,530	)	$	(31,530	)	$	47,710		$	47,710		$	45,935		$	45,935
Cash and cash equivalents at the beginning of the period	$	129,013		$	129,013		$	97,483		$	97,483		$	145,193		$	145,193
Cash and cash equivalents at the end of the period	$	97,483		$	97,483		$	145,193		$	145,193		$	191,128		$	191,128
Accrued additions to property, plant and equipment	$	16,935		$	36,074		$	3,069		$	11,396		$	17,765		$	6,032

	FOR THE THREE MONTHS ENDED						FOR THE SIX MONTHS ENDED						FOR THE NINE MONTHS ENDED						FOR THE THREE MONTHS ENDED
				MARCH 31, 2010						JUNE 30, 2010			SEPTEMBER 30, 2010									MARCH 31, 2011
(THOUSANDS)	AS REPORTED*			AS ADJUSTED			AS REPORTED			AS ADJUSTED			AS REPORTED			AS ADJUSTED			AS REPORTED			AS ADJUSTED
Accounts receivable	$	(17,889	)	$	(17,889	)	$	(19,498	)	$	(19,498	)	$	(49,329	)	$	(30,329	)	$	5,042		$	(13,958	)
Accounts payable	$	(50,499	)	$	(53,362	)	$	(31,420	)	$	(25,684	)	$	(17,248	)	$	(13,277	)	$	(31,823	)	$	(35,617	)
Retainage payable	$	(862	)	$	-		$	195		$	-		$	745		$	-		$	1,004		$	(13	)
Net cash provided by operating activities	$	60,792		$	58,791		$	102,437		$	107,978		$	170,141		$	192,368		$	26,111		$	2,302
Additions to property, plant and equipment	$	(183,561	)	$	(181,560	)	$	(212,119	)	$	(217,660	)	$	(230,485	)	$	(252,711	)	$	(45,692	)	$	(21,883	)
Net cash used in investing activities	$	(149,609	)	$	(147,608	)	$	(191,363	)	$	(196,904	)	$	(212,592	)	$	(234,819	)	$	(43,346	)	$	(19,537	)
Net decrease in cash and cash equivalents	$	(52,971	)	$	(52,971	)	$	(93,038	)	$	(93,038	)	$	(77,357	)	$	(77,357	)	$	(53,937	)	$	(53,937	)
Cash and cash equivalents at the beginning of the period	$	145,193		$	145,193		$	145,193		$	145,193		$	145,193		$	145,193		$	191,128		$	191,128
Cash and cash equivalents at the end of the period	$	92,222		$	92,222		$	52,155		$	52,155		$	67,836		$	67,836		$	137,191		$	137,191
Accrued additions to property, plant and equipment	$	4,039		$	10,268		$	2,738		$	7,232		$	17,506		$	5,314		$	17,155		$	23,245
*These amounts were previously revised in the Registrants’ Combined Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011.

Cleco Power

	FOR THE YEAR ENDED
				2008						2009						2010
(THOUSANDS)	AS REPORTED			AS ADJUSTED			AS REPORTED			AS ADJUSTED			AS REPORTED			AS ADJUSTED
Accounts receivable	$	(5,972	)	$	(5,972	)	$	9,646		$	9,646		$	(35,261	)	$	(16,261	)
Accounts payable	$	942		$	(8,197	)	$	10,831		$	18,254		$	3,936		$	8,934
Retainage payable	$	12,709		$	(60	)	$	(11,921	)	$	(13,011	)	$	1,913		$	(27	)
Net cash provided by operating activities	$	62,078		$	40,170		$	141,726		$	148,059		$	148,701		$	170,759
Additions to property, plant and equipment	$	(334,652	)	$	(312,744	)	$	(249,252	)	$	(255,585	)	$	(127,153	)	$	(149,211	)
Net cash used in investing activities	$	(353,248	)	$	(331,340	)	$	(141,998	)	$	(148,331	)	$	(112,614	)	$	(134,672	)
Net decrease in cash and cash equivalents	$	79,598		$	79,598		$	46,571		$	46,571		$	46,799		$	46,799
Cash and cash equivalents at the beginning of the period	$	11,944		$	11,944		$	91,542		$	91,542		$	138,113		$	138,113
Cash and cash equivalents at the end of the period	$	91,542		$	91,542		$	138,113		$	138,113		$	184,912		$	184,912
Accrued additions to property, plant and equipment	$	16,935		$	36,074		$	3,069		$	11,335		$	17,765		$	5,697

	FOR THE THREE MONTHS ENDED						FOR THE SIX MONTHS ENDED						FOR THE NINE MONTHS ENDED						FOR THE THREE MONTHS ENDED
				MARCH 31, 2010						JUNE 30, 2010			SEPTEMBER 30, 2010									MARCH 31, 2011
(THOUSANDS)	AS REPORTED*			AS ADJUSTED			AS REPORTED			AS ADJUSTED			AS REPORTED			AS ADJUSTED			AS REPORTED			AS ADJUSTED
Accounts receivable	$	(20,597	)	$	(20,597	)	$	(20,812	)	$	(20,812	)	$	(50,579	)	$	(31,579	)	$	8,280		$	(10,720	)
Accounts payable	$	(43,863	)	$	(46,245	)	$	(27,280	)	$	(21,494	)	$	(16,621	)	$	(12,137	)	$	(31,202	)	$	(34,966	)
Retainage payable	$	(862	)	$	-		$	195		$	-		$	745		$	-		$	1,004		$	(13	)
Net cash provided by operating activities	$	(12,130	)	$	(13,650	)	$	29,341		$	34,932		$	76,949		$	99,688		$	29,081		$	5,299
Additions to property, plant and equipment	$	(30,257	)	$	(28,737	)	$	(58,190	)	$	(63,781	)	$	(75,660	)	$	(98,399	)	$	(44,501	)	$	(20,720	)
Net cash used in investing activities	$	(12,126	)	$	(10,606	)	$	(40,796	)	$	(46,387	)	$	(49,780	)	$	(72,519	)	$	(32,737	)	$	(8,955	)
Net decrease in cash and cash equivalents	$	(55,625	)	$	(55,625	)	$	(93,339	)	$	(93,339	)	$	(110,729	)	$	(110,729	)	$	(60,472	)	$	(60,472	)
Cash and cash equivalents at the beginning of the period	$	138,113		$	138,113		$	138,113		$	138,113		$	138,113		$	138,113		$	184,912		$	184,912
Cash and cash equivalents at the end of the period	$	82,488		$	82,488		$	44,774		$	44,774		$	27,384		$	27,384		$	124,440		$	124,440
Accrued additions to property, plant and equipment	$	4,039		$	9,742		$	2,738		$	7,137		$	17,506		$	4,757		$	17,233		$	23,246
*These amounts were previously revised in the Registrants’ Combined Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011.

Earnings Per Average Common Share

The following table shows the calculation of basic and diluted earnings per share.

							FOR THE THREE MONTHS ENDED JUNE 30,
					2011						2010
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)	INCOME		SHARES		PER SHARE AMOUNT		INCOME		SHARES		PER SHARE AMOUNT
Income from continuing operations	$	70,348					$	35,186
Deduct: non-participating stock dividends (4.5% preferred stock)		15						12
Deduct: non-participating stock redemption costs (4.5% preferred stock)		112						-
Basic net income applicable to common stock	$	70,221		60,655,538	$	1.16	$	35,174		60,431,930	$	0.58
Effect of dilutive securities
Add: stock option grants				21,634						28,742
Add: restricted stock (LTICP)				346,267						244,597
Diluted net income applicable to common stock	$	70,221		61,023,439	$	1.15	$	35,174		60,705,269	$	0.58

							FOR THE SIX MONTHS ENDED JUNE 30,
					2011						2010
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)	INCOME		SHARES		PER SHARE AMOUNT		INCOME		SHARES		PER SHARE AMOUNT
Income from continuing operations	$	99,363					$	185,155
Deduct: non-participating stock dividends (4.5% preferred stock)		26						23
Deduct: non-participating stock redemption costs (4.5% preferred stock)		112						-
Basic net income applicable to common stock	$	99,225		60,613,371	$	1.64	$	185,132		60,374,233	$	3.07
Effect of dilutive securities
Add: stock option grants				21,067						29,713
Add: restricted stock (LTICP)				163,107						115,120
Diluted net income applicable to common stock	$	99,225		60,797,545	$	1.63	$	185,132		60,519,066	$	3.06

Stock Based Compensation

Cleco and Cleco Power reported pre-tax compensation expense for their share-based compensation plans as shown in the following table:

	CLECO CORPORATION				CLECO POWER				CLECO CORPORATION				CLECO POWER
			FOR THE THREE MONTHS ENDED JUNE 30,								FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2011		2010		2011		2010		2011		2010		2011		2010
Equity classification
Non-vested stock	$	796	$	468	$	201	$	98	$	1,947	$	1,130	$	522	$	268
Stock options		23		13		-		-		36		25		-		-
Total equity classification	$	819	$	481	$	201	$	98	$	1,983	$	1,155	$	522	$	268
Liability classification
Common stock equivalent units	$	364	$	481	$	154	$	174	$	1,559	$	630	$	586	$	348
Total pre-tax compensation expense	$	1,183	$	962	$	355	$	272	$	3,542	$	1,785	$	1,108	$	616
Tax benefit (excluding income tax gross-up)	$	455	$	370	$	137	$	105	$	1,363	$	687	$	426	$	237

- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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