Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Property, Plant, and Equipment

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

(THOUSANDS)	AT JUNE 30, 2013			AT DEC. 31, 2012
Regulated utility plants	$	3,964,491		$	3,871,940
Other	269,500			268,254
Total property, plant, and equipment	4,233,991			4,140,194
Accumulated depreciation	(1,350,533		)	(1,311,273		)
Net property, plant, and equipment	$	2,883,458		$	2,828,921

Restricted Cash and Cash Equivalents

Cleco’s restricted cash and cash equivalents consisted of:  

(THOUSANDS)	AT JUNE 30, 2013		AT DEC. 31, 2012
Diversified Lands’ mitigation escrow	$	97	$	97
Cleco Katrina/Rita’s storm recovery bonds	8,067		8,781
Cleco Power’s future storm restoration costs	4,326		5,343
Total restricted cash and cash equivalents	$	12,490	$	14,221

Earnings per Average Common Share

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

						FOR THE THREE MONTHS ENDED JUNE 30,
				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	$	42,032	60,445,617	$	0.70	$	46,686	60,421,028	$	0.77
Effect of dilutive securities
Add:  stock option grants			—					1,504
Add:  restricted stock (LTICP)			267,757					238,170
Diluted net income applicable to common stock	$	42,032	60,713,374	$	0.69	$	46,686	60,660,702	$	0.77

						FOR THE SIX MONTHS ENDED JUNE 30,
				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	$	69,166	60,419,588	$	1.15	$	76,718	60,387,388	$	1.27
Effect of dilutive securities
Add:  stock option grants			—					4,455
Add:  restricted stock (LTICP)			250,524					233,534
Diluted net income applicable to common stock	$	69,166	60,670,112	$	1.14	$	76,718	60,625,377	$	1.27

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 JUNE 30,								FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2013		2012		2013		2012		2013		2012		2013		2012
Equity classification
Non-vested stock	$	1,474	$	1,076	$	381	$	277	$	2,902	$	2,132	$	711	$	491
Stock options	—		5		—		—		—		9		—		—
Total equity classification	$	1,474	$	1,081	$	381	$	277	$	2,902	$	2,141	$	711	$	491
Liability classification
Common stock equivalent units	$	—	$	518	$	—	$	210	$	1	$	706	$	1	$	294
Total pre-tax compensation expense	$	1,474	$	1,599	$	381	$	487	$	2,903	$	2,847	$	712	$	785
Tax benefit	$	567	$	615	$	146	$	187	$	1,117	$	1,095	$	274	$	302