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Common and Preferred Stock (Tables)
 12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Non-Vested Stock Activity
A summary of non-vested stock activity during the year ended December 31, 2013, is presented in the following table.
 
SHARES

 
WEIGHTED-AVERAGE
GRANT-DATE
FAIR VALUE

Non-vested at January 1, 2013
349,775

 
$
35.12

Granted
139,048

 
$
42.60

Vested
(147,825
)
 
$
34.90

Non-vested at December 31, 2013
340,998

 
$
38.26
Fair Value Assumptions of Non-Vested Stock
The fair value of shares of non-vested stock granted during 2013, 2012, and 2011 under the LTICP is estimated on the date of grant are marked-to-market using the Monte Carlo simulation model with the assumptions listed in the following table.
 
 
 
AT DEC. 31,

 
2013

 
2012

 
2011

Expected term (in years) (1)
3.0

 
3.0

 
3.0

Volatility of Cleco stock (2)
18.1
%
 
21.5
%
 
28.5
%
Correlation between Cleco stock volatility and peer group
69.7
%
 
66.0
%
 
63.2
%
Expected dividend yield
3.2
%
 
3.3
%
 
3.3
%
Weighted average fair value (Monte Carlo model)
$
42.66

 
$
41.56

 
$
34.88

(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)
2013

 
2012

 
2011

 
2013

 
2012

 
2011

Equity classification
 
 
 
 
 
 
 
 
 
 
 
Non-vested stock (1)
$
6,147

 
$
4,429

 
$
3,391

 
$
1,754

 
$
1,074

 
$
678

Stock options (1)
—

 
11

 
103

 
—

 
—

 
—

Total equity classification
$
6,147

 
$
4,440

 
$
3,494

 
$
1,754

 
$
1,074

 
$
678

Liability classification
 
 
 

 
 

 
 

 
 

 
 

Common stock equivalent units
$
1

 
$
1,506

 
$
3,509

 
$
—

 
$
609

 
$
1,118

Total pre-tax compensation expense
$
6,148

 
$
5,946

 
$
7,003

 
$
1,754

 
$
1,683

 
$
1,796

Tax benefit (excluding income tax gross-up)
$
2,366

 
$
2,288

 
$
2,695

 
$
675

 
$
648

 
$
691

(1) For each of the years ended December 31, 2013, 2012, and 2011, 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