Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense recognized by the Companies in the period ended December 31, 2012, 2011, and 2010:

	Con Edison						CECONY
(Millions of Dollars)	2012		2011		2010		2012		2011		2010
Performance-based restricted stock	$	14	$	48	$	27	$	13	$	44	$	25
Restricted stock units		1		3		1		1		3		1
Non-officer director deferred stock compensation		1		1		1		1		1		1
Total	$	16	$	52	$	29	$	15	$	48	$	27
Income Tax Benefit	$	6	$	21	$	12	$	6	$	20	$	11

Summary of Status of Stock Options Awarded

A summary of changes in the status of stock options awarded as of December 31, 2012 is as follows:

	Con Edison					CECONY
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding at 12/31/11		927,025		$	43.046		740,875		$	43.066
Exercised		(318,550	)		43.128		(258,700	)		43.238
Forfeited		(2,000	)		41.665		(1,000	)		43.005
Outstanding at 12/31/12		606,475		$	43.008		481,175		$	42.973

Summary of Stock Options Outstanding

The following table summarizes stock options outstanding at December 31, 2012 for each plan year for the Companies:

			Con Edison				CECONY
Plan Year	Remaining Contractual Life		Options Outstanding/ Exercisable		Weighted Average Exercise Price		Options Outstanding/ Exercisable		Weighted Average Exercise Price
2006		3		228,250	$	43.870		188,150	$	43.841
2005		2		170,125		42.243		139,025		42.258
2004		1		157,000		44.060		112,400		44.072
2003		<1		51,100		38.470		41,600		38.470
Total				606,475	$	43.008		481,175	$	42.973

Assumptions Used to Calculate Fair Value

The following table illustrates the assumptions used to calculate the fair value of the awards:

	2012
Risk-free interest rate		0.15% - 3.69%
Expected term		3 years
Expected volatility		15.27%

Restricted Stock Units [Member]

Summary of Changes in Status of Restricted Stock

A summary of changes in the status of restricted stock (other than Performance RSUs or awards under the directors’ deferred compensation plan) during the period ended December 31, 2012 is as follows:

	Con Edison					CECONY
	Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Non-vested at 12/31/11		65,420		$	45.049		61,920		$	45.049
Granted		22,860			58.420		21,660			58.420
Vested		(21,130	)		39.610		(19,980	)		39.610
Forfeited		(2,010	)		50.452		(1,910	)		50.600
Non-vested at 12/31/12		65,140		$	51.339		61,690		$	51.334

TSR portion [Member]

Summary of Changes in Status of Performance RSUs

A summary of changes in the status of the Performance RSUs TSR portion during the period ended December 31, 2012 is as follows:

	Con Edison					CECONY
	Units			Weighted Average Grant Date Fair Value*		Units			Weighted Average Grant Date Fair Value*
Non-vested at 12/31/11		474,517		$	42.511		387,379		$	42.542
Granted		191,280			49.507		157,348			49.416
Vested		(36,075	)		41.868		(33,653	)		41.869
Forfeited		(10,812	)		45.452		(8,373	)		46.023
Non-vested at 12/31/12		618,910		$	44.659		502,701		$	44.681

* Fair value is determined using the Monte Carlo simulation described above. Weighted average grant date fair value does not reflect any accrual or payment of dividends prior to vesting.

EIP portion [Member]

Summary of Changes in Status of Performance RSUs

A summary of changes in the status of the Performance RSUs’ EIP portion during the period ended December 31, 2012 is as follows:

	Con Edison					CECONY
	Units			Weighted Average Grant Date Fair Value*		Units			Weighted Average Grant Date Fair Value*
Non-vested at 12/31/11		474,517		$	46.660		387,379		$	46.599
Granted		191,280			58.852		157,348			58.838
Vested		(36,075	)		39.663		(33,653	)		39.666
Forfeited		(10,812	)		52.247		(8,373	)		53.183
Non-vested at 12/31/12		618,910		$	50.738		502,701		$	50.783

* Fair value is determined using the market price of one share of Con Edison common stock on the grant date. The market price has not been discounted to reflect that dividends do not accrue and are not payable on Performance RSUs until vesting.