Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2012

Accounting Policies [Abstract]

Property, Plant and Equipment

Property, plant, and equipment consist of:

(THOUSANDS)	AT MARCH 31, 2012			AT DECEMBER 31, 2011
Regulated utility plants	$	3,768,322		$	3,759,541
Other	266,764			264,114
Total property, plant, and equipment	4,035,086			4,023,655
Accumulated depreciation	(1,252,575		)	(1,230,783		)
Net property, plant, and equipment	$	2,782,511		$	2,792,872

Restricted Cash

Cleco’s restricted cash consisted of:  

(THOUSANDS)	AT MARCH 31, 2012		AT DECEMBER 31, 2011
Diversified Lands’ mitigation escrow	$	97	$	97
Cleco Katrina/Rita’s storm recovery bonds	3,320		8,761
Cleco Power’s future storm restoration costs	25,450		24,876
Cleco Power’s renewable energy grant	—		381
Cleco Power’s NOx allowance escrow	1,713		1,713
Total restricted cash	$	30,580	$	35,828

Reclassifications

The corrections to the March 31, 2011 Condensed Consolidated Statements of Cash Flows are presented in the following table.

	CLECO						CLECO POWER
	FOR THE THREE MONTHS ENDED MARCH 31, 2011						FOR THE THREE MONTHS ENDED MARCH 31, 2011
(THOUSANDS)	AS REPORTED			AS ADJUSTED			AS REPORTED			AS ADJUSTED
Accounts receivable	$	5,042		$	(13,958	)	$	8,280		$	(10,720	)
Accounts payable	$	(31,823	)	$	(35,617	)	$	(31,202	)	$	(34,966	)
Retainage payable	$	1,004		$	(13	)	$	1,004		$	(13	)
Net cash provided by operating activities	$	26,111		$	2,302		$	29,081		$	5,299
Additions to property, plant, and equipment	$	(45,692	)	$	(21,883	)	$	(44,501	)	$	(20,720	)
Net cash used in investing activities	$	(43,346	)	$	(19,537	)	$	(32,737	)	$	(8,955	)
Net decrease in cash and cash equivalents	$	(53,937	)	$	(53,937	)	$	(60,472	)	$	(60,472	)
Cash and cash equivalents at the beginning of the period	$	191,128		$	191,128		$	184,912		$	184,912
Cash and cash equivalents at the end of the period	$	137,191		$	137,191		$	124,440		$	124,440
Accrued additions to property, plant, and equipment	$	17,155		$	23,245		$	17,233		$	23,246

Earnings Per Average Common Share

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

						FOR THE THREE MONTHS ENDED MARCH 31,
				2012					2011
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)	INCOME		SHARES	PER SHARE AMOUNT		INCOME		SHARES	PER SHARE AMOUNT
Income from continuing operations	$	30,031				$	29,016
Deduct:  non-participating stock dividends (4.5% preferred stock)	—					12
Basic net income applicable to common stock	$	30,031	60,372,567	$	0.50	$	29,004	60,576,004	$	0.48
Effect of dilutive securities
Add:  stock option grants			13,097					22,701
Add:  restricted stock (LTICP)			213,311					306,162
Diluted net income applicable to common stock	$	30,031	60,598,975	$	0.50	$	29,004	60,904,867	$	0.48

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
	FOR THE THREE MONTHS ENDED MARCH 31,
(THOUSANDS)	2012		2011		2012		2011
Equity classification
Non-vested stock	$	1,055	$	1,151	$	214	$	322
Stock options	5		13		—		—
Total equity classification	$	1,060	$	1,164	$	214	$	322
Liability classification
Common stock equivalent units	$	188	$	1,194	$	83	$	431
Total pre-tax compensation expense	$	1,248	$	2,358	$	297	$	753
Tax benefit (excluding income tax gross-up)	$	480	$	907	$	114	$	290