Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2014

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



(THOUSANDS)	AT JUNE 30, 2014			AT DEC. 31, 2013
Regulated utility plants	$	4,407,672		$	4,052,774
Other	15,057			273,748
Total property, plant, and equipment	4,422,729			4,326,522
Accumulated depreciation	(1,395,839		)	(1,351,223		)
Net property, plant, and equipment	$	3,026,890		$	2,975,299

Cleco’s restricted cash and cash equivalents consisted of:



(THOUSANDS)	AT JUNE 30, 2014		AT DEC. 31, 2013
Diversified Lands’ mitigation escrow	$	21	$	21
Cleco Katrina/Rita’s storm recovery bonds	8,516		8,986
Cleco Power’s future storm restoration costs	14,365		4,726
Cleco Power’s building renovation escrow	675		286
Total restricted cash and cash equivalents	$	23,577	$	14,019

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



						FOR THE THREE MONTHS ENDED JUNE 30,
				2014					2013
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)	INCOME		SHARES	PER SHARE AMOUNT		INCOME		SHARES	PER SHARE AMOUNT
Basic net income applicable to common stock	$	36,633	60,359,949	$	0.61	$	42,032	60,445,617	$	0.70
Effect of dilutive securities
Add: restricted stock (LTICP)			266,186					267,757
Diluted net income applicable to common stock	$	36,633	60,626,135	$	0.60	$	42,032	60,713,374	$	0.69



						FOR THE SIX MONTHS ENDED JUNE 30,
				2014					2013
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)	INCOME		SHARES	PER SHARE AMOUNT		INCOME		SHARES	PER SHARE AMOUNT
Basic net income applicable to common stock	$	62,557	60,424,591	$	1.04	$	69,166	60,419,588	$	1.15
Effect of dilutive securities
Add: restricted stock (LTICP)			253,435					250,524
Diluted net income applicable to common stock	$	62,557	60,678,026	$	1.03	$	69,166	60,670,112	$	1.14

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)	2014		2013		2014		2013		2014		2013		2014		2013
Equity classification
Non-vested stock	$	1,533	$	1,474	$	507	$	381	$	3,454	$	2,902	$	934	$	711
Total equity classification	$	1,533	$	1,474	$	507	$	381	$	3,454	$	2,902	$	934	$	711
Liability classification
Common stock equivalent units	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	1
Total pre-tax compensation expense	$	1,533	$	1,474	$	507	$	381	$	3,454	$	2,903	$	934	$	712
Tax benefit	$	590	$	567	$	195	$	146	$	1,329	$	1,117	$	359	$	274