Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Property, Plant, and Equipment

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

(THOUSANDS)	AT SEPT. 30, 2014			AT DEC. 31, 2013
Regulated utility plants	$	4,429,881		$	4,052,774
Other	15,012			273,748
Total property, plant, and equipment	4,444,893			4,326,522
Accumulated depreciation	(1,419,001		)	(1,351,223		)
Net property, plant, and equipment	$	3,025,892		$	2,975,299

Restricted Cash and Cash Equivalents

Cleco’s restricted cash and cash equivalents consisted of:  

(THOUSANDS)	AT SEPT. 30, 2014		AT DEC. 31, 2013
Diversified Lands’ mitigation escrow	$	21	$	21
Cleco Katrina/Rita’s storm recovery bonds	3,471		8,986
Cleco Power’s future storm restoration costs	14,706		4,726
Cleco Power’s building renovation escrow	810		286
Total restricted cash and cash equivalents	$	19,008	$	14,019

Earnings per Average Common Share

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

						FOR THE THREE MONTHS ENDED SEPT. 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	$	70,835	60,372,569	$	1.17	$	66,407	60,450,384	$	1.10
Effect of dilutive securities
Add:  restricted stock (LTICP)			317,027					298,263
Diluted net income applicable to common stock	$	70,835	60,689,596	$	1.17	$	66,407	60,748,647	$	1.09

						FOR THE NINE MONTHS ENDED SEPT. 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	$	133,392	60,410,122	$	2.21	$	135,572	60,428,944	$	2.25
Effect of dilutive securities
Add:  restricted stock (LTICP)			301,421					265,688
Diluted net income applicable to common stock	$	133,392	60,711,543	$	2.20	$	135,572	60,694,632	$	2.23

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 SEPT. 30,								FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	2014		2013		2014		2013		2014		2013		2014		2013
Equity classification
Non-vested stock	$	1,344	$	1,585	$	528	$	492	$	4,798	$	4,487	$	1,461	$	1,204
Total equity classification	$	1,344	$	1,585	$	528	$	492	$	4,798	$	4,487	$	1,461	$	1,204
Liability classification
Common stock equivalent units	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	1
Total pre-tax compensation expense	$	1,344	$	1,585	$	528	$	492	$	4,798	$	4,488	$	1,461	$	1,205
Tax benefit	$	517	$	610	$	203	$	189	$	1,846	$	1,727	$	562	$	463