Common and Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2011

Equity [Abstract]

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						CLECO POWER
			FOR THE YEAR ENDED DECEMBER 31,						FOR THE YEAR ENDED DECEMBER 31,
(THOUSANDS)	2011		2010		2009		2011		2010		2009
Equity classification
Non-vested stock	$	3,391	$	2,276	$	2,084	678		$	575	$	549
Stock options(1)	103		51		51		—		—		—
Total equity classification	$	3,494	$	2,327	$	2,135	$	678	$	575	$	549
Liability classification
Common stock equivalent units	$	3,509	$	2,812	$	3,545	$	1,118	$	1,271	$	1,306
Total pre-tax compensation expense	$	7,003	$	5,139	$	5,680	$	1,796	$	1,846	$	1,855
Tax benefit (excluding income tax gross-up)	$	2,695	$	1,977	$	2,186	$	691	$	710	$	714

⁽¹⁾ For the years ended December 31, 2011, 2010, and 2009 compensation expense charged against income for non-forfeitable dividends paid on non-vested stock not expected to vest and stock options was $0.1 million.

Summary of Stock Option Activity

A summary of LTICP stock option activity during the year ended December 31, 2011, is presented in the following table.

	SHARES		WEIGHTED- AVERAGE EXERCISE PRICE		WEIGHTED- AVERAGE REMAINING  CONTRACTUAL TERM (YEARS)	AGGREGATE INTRINSIC  VALUE (THOUSANDS)
Outstanding at January 1, 2011	134,070		$	21.32	11.04	$	1,266
Exercised	(39,700	)	$	21.77	—	$	—
Forfeited	(300	)	$	22.25	—	$	—
Outstanding at December 31, 2011	94,070		$	21.12	14.92	$	1,597
Exercisable at December 31, 2011	90,570		$	21.03	15.34	$	1,546

Fair Value Assumptions of Non-Vested Stock

The fair value of shares of non-vested stock granted in 2011, 2010, and 2009 under the LTICP is estimated on the date of grant, and the CEUs granted in 2010 and 2009 under the LTICP are marked-to-market using the Monte Carlo simulation model with the assumptions listed in the following table. There were no CEUs granted in 2011.

												AT DECEMBER 31,
				2011					2010						2009
	NON-VESTED STOCK			CEUs		NON-VESTED  STOCK			CEUs			NON-VESTED  STOCK			CEUs
Expected term (in years)(1)	3.0			—		3.0			3.0			3.0			3.0
Volatility of Cleco stock (2)	28.5		%	—		30.6		%	28.6		%	29.9		%	30.0		%
Correlation between Cleco stock volatility and peer group	63.2		%	—		60.6		%	62.5		%	62.5		%	63.0		%
Expected dividend yield	3.3		%	—		3.5		%	3.9		%	4.1		%	4.0		%
Weighted average fair value (Monte Carlo model)	$	34.88		$	—	$	27.92		$	32.81		$	25.93		$	30.81

(1) The expected term was based on the service period of the award.

(2) The volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term.

Summary of Non-Vested Stock Activity

A summary of non-vested stock activity during the year ended December 31, 2011, is presented in the following table.

	SHARES		WEIGHTED-AVERAGE GRANT-DATE FAIR VALUE		UNITS		WEIGHTED-AVERAGE FAIR VALUE
	NON-VESTED STOCK				CEUs
Non-vested at January 1, 2011	263,709		$	25.34	126,547		$	38.86
Granted	223,662		$	34.72	—		$	—
Vested	(112,049	)	$	24.78	(66,663	)	$	73.62
Forfeited	(4,591	)	$	34.88	—		$	—
Non-vested at December 31, 2011	370,731		$	31.05	59,884		$	42.22