Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2013

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



(THOUSANDS)	AT SEPT. 30, 2013			AT DEC. 31, 2012
Regulated utility plants	$	4,001,194		$	3,871,940
Other	271,713			268,254
Total property, plant, and equipment	4,272,907			4,140,194
Accumulated depreciation	(1,371,857		)	(1,311,273		)
Net property, plant, and equipment	$	2,901,050		$	2,828,921

Cleco’s restricted cash and cash equivalents consisted of:



(THOUSANDS)	AT SEPT. 30, 2013		AT DEC. 31, 2012
Diversified Lands’ mitigation escrow	$	97	$	97
Cleco Katrina/Rita’s storm recovery bonds	3,359		8,781
Cleco Power’s future storm restoration costs	4,944		5,343
Cleco Power’s building renovation escrow	71		—
Total restricted cash and cash equivalents	$	8,471	$	14,221

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



						FOR THE THREE MONTHS ENDED SEPT. 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	$	66,407	60,450,384	$	1.10	$	63,818	60,346,476	$	1.06
Effect of dilutive securities
Add: stock option grants			—					1,536
Add: restricted stock (LTICP)			298,263					251,191
Diluted net income applicable to common stock	$	66,407	60,748,647	$	1.09	$	63,818	60,599,203	$	1.05



						FOR THE NINE MONTHS ENDED SEPT. 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	$	135,572	60,428,944	$	2.25	$	140,536	60,375,538	$	2.33
Effect of dilutive securities
Add: stock option grants			—					4,518
Add: restricted stock (LTICP)			265,688					246,415
Diluted net income applicable to common stock	$	135,572	60,694,632	$	2.23	$	140,536	60,626,471	$	2.32

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)	2013		2012		2013		2012		2013		2012		2013		2012
Equity classification
Non-vested stock	$	1,585	$	1,139	$	492	$	301	$	4,487	$	3,271	$	1,204	$	792
Stock options	—		2		—		—		—		11		—		—
Total equity classification	$	1,585	$	1,141	$	492	$	301	$	4,487	$	3,282	$	1,204	$	792
Liability classification
Common stock equivalent units	$	—	$	847	$	—	$	338	$	1	$	1,552	$	1	$	631
Total pre-tax compensation expense	$	1,585	$	1,988	$	492	$	639	$	4,488	$	4,834	$	1,205	$	1,423
Tax benefit	$	610	$	765	$	189	$	246	$	1,727	$	1,860	$	463	$	548