Common and Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock Option Activity

A summary of LTICP stock option activity during the year ended December 31, 2012, 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, 2012	94,070		$	21.12	14.92	$	1,597
Exercised	(94,070	)	$	21.12		$	1,765
Forfeited	—		$	—
Outstanding at December 31, 2012	—		$	—	—	$	—
Exercisable at December 31, 2012	—		$	—	—	$	—

Summary of Non-Vested Stock Activity

A summary of non-vested stock activity during the year ended December 31, 2012, is presented in the following table.

	SHARES		WEIGHTED-AVERAGE GRANT-DATE FAIR VALUE		UNITS		WEIGHTED-AVERAGE FAIR VALUE
	NON-VESTED STOCK				COMMON STOCK EQUIVALENT UNITS
Non-vested at January 1, 2012	370,731		$	31.27	59,884		$	42.22
Granted	148,186		$	38.41	—		$	—
Vested	(114,061	)	$	26.97	(52,986	)	$	42.22
Forfeited	(55,081	)	$	34.93	(6,898	)	$	42.22
Non-vested at December 31, 2012	349,775		$	35.12	—		$	—

Fair Value Assumptions of Non-Vested Stock

The fair value of shares of non-vested stock granted in 2012, 2011, and 2010 under the LTICP is estimated on the date of grant and the common stock equivalent units granted in 2010 under the LTICP are marked-to-market using the Monte Carlo simulation model with the assumptions listed in the following table.

													AT DEC. 31,
				2012						2011						2010
	NON-VESTED STOCK			COMMON STOCK EQUIVALENT UNITS			NON-VESTED  STOCK			COMMON STOCK EQUIVALENT UNITS			NON-VESTED  STOCK			COMMON STOCK EQUIVALENT UNITS
Expected term (in years)(1)	3.0			—			3.0			—			3.0			3.0
Volatility of Cleco stock (2)	21.5		%	—		%	28.5		%	—		%	30.6		%	28.6		%
Correlation between Cleco stock volatility and peer group	66.0		%	—		%	63.2		%	—		%	60.6		%	62.5		%
Expected dividend yield	3.3		%	—		%	3.3		%	—		%	3.5		%	3.9		%
Weighted average fair value (Monte Carlo model)	$	41.56		$	—		$	34.88		$	—		$	27.92		$	32.81

⁽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.

Stock Based Compensation

Pre-tax compensation expense reported by Cleco and Cleco Power relating to their share-based compensation plans is shown in the following table:

	CLECO						CLECO POWER
			FOR THE YEAR ENDED DEC. 31,						FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2012		2011		2010		2012		2011		2010
Equity classification
Non-vested stock(1)	$	4,429	$	3,391	$	2,276	$	1,074	$	678	$	575
Stock options(1)	11		103		51		—		—		—
Total equity classification	$	4,440	$	3,494	$	2,327	$	1,074	$	678	$	575
Liability classification
Common stock equivalent units	$	1,506	$	3,509	$	2,812	$	609	$	1,118	$	1,271
Total pre-tax compensation expense	$	5,946	$	7,003	$	5,139	$	1,683	$	1,796	$	1,846
Tax benefit (excluding income tax gross-up)	$	2,288	$	2,695	$	1,977	$	648	$	691	$	710

⁽¹⁾ For each of the years ended December 31, 2012, 2011, and 2010, compensation expense included in Cleco’s Consolidated Statements of Income related to non-forfeitable dividends paid on non-vested stock that is not expected to vest and stock options was $0.1 million