Common Stock (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015, is presented in the following table:

	SHARES		WEIGHTED- AVERAGE GRANT-DATE FAIR VALUE
Non-vested at Jan. 1, 2015	301,049		$	43.29
Granted	90,050		$	54.74
Vested	(82,322	)	$	40.26
Forfeited	(38,789	)	$	42.75
Non-vested at Dec. 31, 2015	269,988		$	48.11

Fair Value Assumptions of Non-Vested Stock

The fair value of shares of non-vested stock granted during 2015, 2014, and 2013 under the LTIP is estimated on the date of grant and the expense is calculated using the Monte Carlo simulation model with the assumptions listed in the following table:

							AT DEC. 31,
	2015			2014			2013
Expected term (in years)(1)	3.0			3.0			3.0
Volatility of Cleco stock (2)	15.8		%	17.3		%	18.1		%
Correlation between Cleco stock volatility and peer group	63.1		%	66.5		%	69.7		%
Expected dividend yield	2.92		%	3.0		%	3.2		%
Weighted average fair value (Monte Carlo model)	$	45.60		$	54.58		$	42.66

⁽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

Pretax 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)	2015		2014		2013		2015		2014		2013
Equity classification
Non-vested stock (1)	$	6,110	$	6,308	$	6,147	$	2,000	$	2,004	$	1,754
Total equity classification	6,110		6,308		6,147		2,000		2,004		1,754
Liability classification
Common stock equivalent units	—		—		1		—		—		—
Total pretax compensation expense	$	6,110	$	6,308	$	6,148	$	2,000	$	2,004	$	1,754
Tax benefit	$	2,351	$	2,427	$	2,366	$	770	$	771	$	675

⁽¹⁾ For each of the years ended December 31, 2015, 2014, and 2013, 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