Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2011

Summary of Significant Accounting Policies [Abstract]

Property Plant and Equipment

Property, plant and equipment consist of:

(THOUSANDS)	AT SEPTEMBER 30, 2011			AT DECEMBER 31, 2010
Regulated utility plants	$	3,604,938		$	3,552,054
Other		254,683			258,842
Total property, plant and equipment		3,859,621			3,810,896
Accumulated depreciation		(1,218,818	)		(1,162,456	)
Net property, plant and equipment	$	2,640,803		$	2,648,440

Restricted Cash Table

Cleco’s restricted cash consisted of:  

(THOUSANDS)	AT SEPTEMBER 30, 2011		AT DECEMBER 31, 2010
Diversified Lands’ mitigation escrow	$	97	$	97
Cleco Power’s future storm restoration costs		24,652		25,992
Cleco Power’s renewable energy grant		600		-
Cleco Katrina/Rita’s storm recovery bonds		3,554		8,822
Cleco Power’s GO Zone bonds		-		6,137
Total restricted cash	$	28,903	$	41,048

Reclassifications

The corrections to the September 30, 2010 Condensed Consolidated Statements of Cash Flows are presented in the following table.

	CLECO						CLECO POWER
	FOR THE NINE MONTHS ENDED						FOR THE NINE MONTHS ENDED
	SEPTEMBER 30, 2010						SEPTEMBER 30, 2010
(THOUSANDS)	AS REPORTED			AS ADJUSTED			AS REPORTED			AS ADJUSTED
Accounts receivable	$	(49,329	)	$	(30,329	)	$	(50,579	)	$	(31,579	)
Accounts payable	$	(17,248	)	$	(13,277	)	$	(16,621	)	$	(12,137	)
Retainage payable	$	745		$	-		$	745		$	-
Net cash provided by operating activities	$	170,141		$	192,368		$	76,949		$	99,688
Additions to property, plant and equipment	$	(230,485	)	$	(252,711	)	$	(75,660	)	$	(98,399	)
Net cash used in investing activities	$	(212,592	)	$	(234,819	)	$	(49,780	)	$	(72,519	)
Net decrease in cash and cash equivalents	$	(77,357	)	$	(77,357	)	$	(110,729	)	$	(110,729	)
Cash and cash equivalents at the beginning of the period	$	145,193		$	145,193		$	138,113		$	138,113
Cash and cash equivalents at the end of the period	$	67,836		$	67,836		$	27,384		$	27,384
Accrued additions to property, plant and equipment	$	17,506		$	5,314		$	17,506		$	4,757

Earnings Per Average Common Share

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

							FOR THE THREE MONTHS ENDED SEPTEMBER 30,
					2011						2010
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)	INCOME		SHARES		PER SHARE AMOUNT		INCOME		SHARES		PER SHARE AMOUNT
Income from continuing operations	$	65,842					$	49,612
Deduct:  non-participating stock dividends (4.5% preferred stock)		-						12
Basic net income applicable to common stock	$	65,842		60,467,595	$	1.09	$	49,600		60,471,183	$	0.82
Effect of dilutive securities
Add:  stock option grants				20,441						26,680
Add:  restricted stock (LTICP)				385,275						327,435
Diluted net income applicable to common stock	$	65,842		60,873,311	$	1.08	$	49,600		60,825,298	$	0.82

							FOR THE NINE MONTHS ENDED SEPTEMBER 30,
					2011						2010
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)	INCOME		SHARES		PER SHARE AMOUNT		INCOME		SHARES		PER SHARE AMOUNT
Income from continuing operations	$	165,205					$	234,768
Deduct:  non-participating stock dividends (4.5% preferred stock)		26						35
Deduct:  non-participating stock redemption costs (4.5% preferred stock)		112						-
Basic net income applicable to common stock	$	165,067		60,549,860	$	2.73	$	234,733		60,405,388	$	3.89
Effect of dilutive securities
Add:  stock option grants				20,965						29,771
Add:  restricted stock (LTICP)				259,426						196,979
Diluted net income applicable to common stock	$	165,067		60,830,251	$	2.71	$	234,733		60,632,138	$	3.87

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 SEPTEMBER 30,								FOR THE NINE MONTHS ENDED SEPTEMBER 30,
(THOUSANDS)	2011		2010		2011		2010		2011		2010		2011		2010
Equity classification
Non-vested stock	$	1,095	$	573	$	225	$	150	$	3,042	$	1,703	$	748	$	418
Stock options		69		13		-		-		105		38		-		-
Total equity classification	$	1,164	$	586	$	225	$	150	$	3,147	$	1,741	$	748	$	418
Liability classification
Common stock equivalent units	$	1,024	$	1,237	$	435	$	537	$	2,583	$	1,867	$	1,020	$	885
Total pre-tax compensation expense	$	2,188	$	1,823	$	660	$	687	$	5,730	$	3,608	$	1,768	$	1,303
Tax benefit (excluding income tax gross-up)	$	842	$	702	$	254	$	264	$	2,205	$	1,388	$	680	$	501