Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2013

Cleco’s property, plant, and equipment consisted of:



(THOUSANDS)	AT MAR. 31, 2013			AT DEC. 31, 2012
Regulated utility plants	$	3,917,225		$	3,871,940
Other	268,607			268,254
Total property, plant, and equipment	4,185,832			4,140,194
Accumulated depreciation	(1,332,760		)	(1,311,273		)
Net property, plant, and equipment	$	2,853,072		$	2,828,921

Restricted Cash

Cleco’s restricted cash and cash equivalents consisted of:



(THOUSANDS)	AT MAR. 31, 2013		AT DEC. 31, 2012
Diversified Lands’ mitigation escrow	$	97	$	97
Cleco Katrina/Rita’s storm recovery bonds	3,278		8,781
Cleco Power’s future storm restoration costs	5,691		5,343
Total restricted cash and cash equivalents	$	9,066	$	14,221

Reclassifications

The corrections to the March 31, 2012 Condensed Consolidated Statements of Cash Flows are presented in the following table:



				CLECO						CLECO POWER
	FOR THE THREE MONTHS ENDED MAR. 31, 2012
(THOUSANDS)	AS REPORTED			AS ADJUSTED			AS REPORTED			AS ADJUSTED
Accounts receivable	$	6,253		$	7,812	*	$	5,767		$	7,326	*
Other deferred accounts	$	(5,835	)	$	(1,883	)*	$	(8,747	)	$	(4,795	)*
Net cash provided by operating activities	$	41,373		$	45,719	*	$	47,513		$	51,667	*
Additions to property, plant, and equipment	$	(39,380	)	$	(43,487	)*	$	(38,507	)	$	(42,661	)*
Net cash used in investing activities	$	(40,825	)	$	(44,932	)*	$	(30,759	)	$	(34,913	)*
Net decrease in cash and cash equivalents	$	(46,327	)	$	(46,327	)	$	(31,573	)	$	(31,573	)
Cash and cash equivalents at the beginning of the period	$	93,576		$	93,576		$	67,458		$	67,458
Cash and cash equivalents at the end of the period	$	47,249		$	47,249		$	35,885		$	35,885
*These amounts have been revised from the amounts reported in the Registrants’ Combined Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012 to conform to the presentation in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2012.

Earnings per Average Common Share

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



						FOR THE THREE MONTHS ENDED MAR. 31,
				2013					2012
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)	INCOME		SHARES	PER SHARE AMOUNT		INCOME		SHARES	PER SHARE AMOUNT
Basic net income applicable to common stock	$	27,133	60,399,697	$	0.45	$	30,031	60,372,567	$	0.50
Effect of dilutive securities
Add: stock option grants			—					13,097
Add: restricted stock (LTICP)			267,704					213,311
Diluted net income applicable to common stock	$	27,133	60,667,401	$	0.45	$	30,031	60,598,975	$	0.50

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 MAR. 31,
(THOUSANDS)	2013		2012		2013		2012
Equity classification
Non-vested stock	$	1,428	$	1,055	$	331	$	214
Stock options	—		5		—		—
Total equity classification	$	1,428	$	1,060	$	331	$	214
Liability classification
Common stock equivalent units	$	1	$	188	$	—	$	83
Total pre-tax compensation expense	$	1,429	$	1,248	$	331	$	297
Tax benefit	$	550	$	480	$	127	$	114

- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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- Definition

Tabular disclosure of the cash and cash items which are restricted as to withdrawal or usage. The provisions of any restrictions are described in a note to the financial statements. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits.

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