Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Property, Plant and Equipment

Property, plant, and equipment consisted of:

(THOUSANDS)	AT SEPT. 30, 2012			AT DEC. 31, 2011
Regulated utility plants	$	3,815,608		$	3,759,541
Other	267,028			264,114
Total property, plant, and equipment	4,082,636			4,023,655
Accumulated depreciation	(1,291,862		)	(1,230,783		)
Net property, plant, and equipment	$	2,790,774		$	2,792,872

Restricted Cash

Cleco’s restricted cash and cash equivalents consisted of:  

(THOUSANDS)	AT SEPT. 30, 2012		AT DEC. 31, 2011
Diversified Lands’ mitigation escrow	$	97	$	97
Cleco Katrina/Rita’s storm recovery bonds	3,406		8,761
Cleco Power’s future storm restoration costs	11,510		24,876
Cleco Power’s renewable energy grant	—		381
Cleco Power’s NOx allowance escrow	1,713		1,713
Total restricted cash and cash equivalents	$	16,726	$	35,828

Reclassifications

The corrections to the September 30, 2011 Condensed Consolidated Statements of Cash Flows are presented in the following table:

				CLECO						CLECO POWER
	FOR THE NINE MONTHS ENDED SEPT. 30, 2011
(THOUSANDS)	AS REPORTED			AS ADJUSTED			AS REPORTED			AS ADJUSTED
Accounts receivable	$	(18,274	)	$	(21,691	)	$	(20,442	)	$	(23,859	)
Other deferred accounts	$	(2,184	)	$	2,181		$	(6,361	)	$	(1,996	)
Net cash provided by operating activities	$	262,642		$	263,590		$	184,688		$	185,636
Additions to property, plant, and equipment	$	(145,669	)	$	(146,617	)	$	(131,014	)	$	(131,962	)
Net cash used in investing activities	$	(54,097	)	$	(55,045	)	$	(112,856	)	$	(113,804	)
Net decrease in cash and cash equivalents	$	(32,896	)	$	(32,896	)	$	(41,897	)	$	(41,897	)
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	$	158,232		$	158,232		$	143,015		$	143,015

Earnings per Average Common Share

The following tables show the calculation of basic and diluted earnings per share:

						FOR THE THREE MONTHS ENDED SEPT. 30,
				2012					2011
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)	INCOME		SHARES	PER SHARE AMOUNT		INCOME		SHARES	PER SHARE AMOUNT
Basic net income applicable to common stock	$	63,818	60,346,476	$	1.06	$	65,842	60,467,595	$	1.09
Effect of dilutive securities
Add:  stock option grants			1,536					20,441
Add:  restricted stock (LTICP)			251,191					385,275
Diluted net income applicable to common stock	$	63,818	60,599,203	$	1.05	$	65,842	60,873,311	$	1.08

						FOR THE NINE MONTHS ENDED SEPT. 30,
				2012					2011
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)	INCOME		SHARES	PER SHARE AMOUNT		INCOME		SHARES	PER SHARE AMOUNT
Net income	$	140,536				$	165,205
Deduct:  non-participating stock dividends (4.5% preferred stock)	—					26
Deduct:  non-participating stock redemption costs (4.5% preferred stock)	—					112
Basic net income applicable to common stock	$	140,536	60,375,538	$	2.33	$	165,067	60,549,860	$	2.73
Effect of dilutive securities
Add:  stock option grants			4,518					20,965
Add:  restricted stock (LTICP)			246,415					259,426
Diluted net income applicable to common stock	$	140,536	60,626,471	$	2.32	$	165,067	60,830,251	$	2.71

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 SEPT. 30,								FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	2012		2011		2012		2011		2012		2011		2012		2011
Equity classification
Non-vested stock	$	1,139	$	1,095	$	301	$	225	$	3,271	$	3,042	$	792	$	748
Stock options	2		69		—		—		11		105		—		—
Total equity classification	$	1,141	$	1,164	$	301	$	225	$	3,282	$	3,147	$	792	$	748
Liability classification
Common stock equivalent units	$	847	$	1,024	$	338	$	435	$	1,552	$	2,583	$	631	$	1,020
Total pre-tax compensation expense	$	1,988	$	2,188	$	639	$	660	$	4,834	$	5,730	$	1,423	$	1,768
Tax benefit	$	765	$	842	$	246	$	254	$	1,860	$	2,205	$	548	$	680