Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Capitalized Cost of Utility Plant

At December 31, 2012 and 2011, the capitalized cost of the Companies’ utility plant, net of accumulated depreciation, was as follows:

	Con Edison				CECONY
(Millions of Dollars)	2012		2011		2012		2011
Electric
Generation	$	434	$	400	$	434	$	400
Transmission		2,698		2,654		2,518		2,476
Distribution		14,658		13,805		13,930		13,125
Gas*		4,170		3,858		3,735		3,455
Steam		1,674		1,651		1,674		1,651
General		1,567		1,282		1,439		1,162
Held for future use		72		74		62		62
Construction work in progress		1,027		1,241		947		1,165
Net Utility Plant	$	26,300	$	24,965	$	24,739	$	23,496

* Primarily distribution.

Research and Development Costs

Research and development costs were as follows:

	For the Years Ended December 31,
(Millions of Dollars)	2012		2011		2010
Con Edison	$	21	$	23	$	23
CECONY		19		21		21

Earnings Per Common Share

Basic and diluted EPS for Con Edison are calculated as follows:

	For the Years Ended December 31,
(Millions of Dollars, except per share amounts/Shares in Millions)	2012		2011		2010
Net income for common stock	$	1,138	$	1,051	$	992
Weighted average common shares outstanding – Basic		292.9		292.6		284.3
Add: Incremental shares attributable to effect of potentially dilutive securities		1.6		1.8		1.6
Adjusted weighted average common shares outstanding – Diluted		294.5		294.4		285.9
Net Income for common stock per common share – basic	$	3.88	$	3.59	$	3.49
Net Income for common stock per common share – diluted	$	3.86	$	3.57	$	3.47