Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2013

Earnings Per Common Share

For the three months ended March 31, 2013 and 2012, basic and diluted earnings per share (EPS) for Con Edison are calculated as follows:

(Millions of Dollars, except per share amounts/Shares in Millions)	2013		2012
Net income for common stock		$  192		$ 277
Weighted average common shares outstanding – basic		292.9		292.9
Add: Incremental shares attributable to effect of potentially dilutive securities		1.3		1.6
Adjusted weighted average common shares outstanding – diluted		294.2		294.5
Net Income for common stock per common share – basic		$0.66		$0.95
Net Income for common stock per common share – diluted		$0.65		$0.94

Changes in Accumulated Other Comprehensive Income by Component

For the three months ended March 31, 2013, changes to accumulated other comprehensive income (OCI) for Con Edison and CECONY are as follows:

(Millions of Dollars)	Con Edison			CECONY
Accumulated OCI at December 31, 2012		$(53	)		$ (9)
OCI before reclassifications		1			—
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $1 and $- for Con Edison and CECONY, respectively (a) (b)		2			—
Net OCI at March 31, 2013		$   3			$ —
Accumulated OCI, net of taxes, at March 31, 2013 (b)		$(50	)		$ (9	)

(a) For the portion of unrecognized pension and other postretirement benefit costs relating to the regulated Utilities, costs are recorded into, and amortized out of, regulatory assets instead of OCI. The net actuarial losses and prior service costs recognized during the period are included in the computation of net periodic pension and other postretirement benefit cost. For further detail, see Note E and Note F.

(b) Tax reclassified from accumulated OCI is reported in the income tax expense line item of the income statement.

CECONY [Member]

Earnings Per Common Share

For the three months ended March 31, 2013 and 2012, basic and diluted earnings per share (EPS) for Con Edison are calculated as follows:

(Millions of Dollars, except per share amounts/Shares in Millions)	2013		2012
Net income for common stock		$  192		$ 277
Weighted average common shares outstanding – basic		292.9		292.9
Add: Incremental shares attributable to effect of potentially dilutive securities		1.3		1.6
Adjusted weighted average common shares outstanding – diluted		294.2		294.5
Net Income for common stock per common share – basic		$0.66		$0.95
Net Income for common stock per common share – diluted		$0.65		$0.94

Changes in Accumulated Other Comprehensive Income by Component

For the three months ended March 31, 2013, changes to accumulated other comprehensive income (OCI) for Con Edison and CECONY are as follows:

(Millions of Dollars)	Con Edison			CECONY
Accumulated OCI at December 31, 2012		$(53	)		$ (9)
OCI before reclassifications		1			—
Amounts reclassified from accumulated OCI related to pension plan liabilities, net of tax of $1 and $- for Con Edison and CECONY, respectively (a) (b)		2			—
Net OCI at March 31, 2013		$   3			$ —
Accumulated OCI, net of taxes, at March 31, 2013 (b)		$(50	)		$ (9	)

(a) For the portion of unrecognized pension and other postretirement benefit costs relating to the regulated Utilities, costs are recorded into, and amortized out of, regulatory assets instead of OCI. The net actuarial losses and prior service costs recognized during the period are included in the computation of net periodic pension and other postretirement benefit cost. For further detail, see Note E and Note F.

(b) Tax reclassified from accumulated OCI is reported in the income tax expense line item of the income statement.