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Miscellaneous Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Miscellaneous Financial Information (Unaudited)
Note 19 — Miscellaneous Financial Information (Unaudited)
Cleco
Quarterly information for Cleco for 2015 and 2014 is shown in the following tables:
 
 

 
 

 
 

 
2015

(THOUSANDS, EXCEPT PER SHARE AMOUNTS)
1ST
QUARTER

 
2ND
QUARTER

 
3RD
QUARTER

 
4TH
QUARTER

Operating revenue, net
$
295,457

 
$
289,074

 
$
345,468

 
$
279,403

Operating income
$
62,722

 
$
69,884

 
$
102,572

 
$
52,162

Net income applicable to common stock
$
26,922

 
$
30,234

 
$
54,663

 
$
21,850

Basic earnings per average common share outstanding
$
0.45

 
$
0.50

 
$
0.90

 
$
0.36

Diluted earnings per average common share outstanding
$
0.44

 
$
0.50

 
$
0.90

 
$
0.36

Dividends on common stock
$
0.40

 
$
0.40

 
$
0.40

 
$
0.40

Market sales price per share
 

 
 

 
 

 
 

High
$
55.24

 
$
54.88

 
$
54.76

 
$
53.75

Low
$
53.69

 
$
53.59

 
$
53.02

 
$
48.47

 
 
 

 
 

 
 

 
2014

(THOUSANDS, EXCEPT PER SHARE AMOUNTS)
1ST
QUARTER

 
2ND
QUARTER

 
3RD
QUARTER

 
4TH
QUARTER

Operating revenue, net
$
284,387

 
$
309,070

 
$
371,386

 
$
304,643

Operating income
$
57,338

 
$
66,721

 
$
107,242

 
$
54,729

Net income applicable to common stock
$
25,924

 
$
36,633

 
$
70,835

 
$
21,347

Basic earnings per average common share outstanding
$
0.43

 
$
0.61

 
$
1.17

 
$
0.35

Diluted earnings per average common share outstanding
$
0.43

 
$
0.60

 
$
1.17

 
$
0.35

Dividends on common stock
$
0.3625

 
$
0.40

 
$
0.40

 
$
0.40

Market sales price per share
 

 
 

 
 

 
 

High
$
50.99

 
$
59.13

 
$
59.21

 
$
55.36

Low
$
45.52

 
$
49.32

 
$
48.06

 
$
46.11


 
Cleco Corporation’s common stock is listed for trading on the NYSE under the ticker symbol “CNL.” On December 31, 2015, Cleco had 5,047 common shareholders and no preferred shareholders, as determined from the records of the transfer agent.
On January 28, 2016, Cleco Corporation’s Board of Directors declared a quarterly dividend of $0.40 per share payable on February 16, 2016, to common shareholders of record at the close of business on February 8, 2016.
In accordance with the Merger Agreement, until the completion of the Merger, Cleco Corporation’s Board of Directors may continue the declaration and payment of regular quarterly cash dividends to its shareholders, not to exceed $0.40 per share of common stock, with usual record and payment dates for such dividends in accordance with past dividend practices. For more information about the Merger, see Note 20 — “Agreement and Plan of Merger.”
Cleco Power
Quarterly information for Cleco Power for 2015 and 2014 is shown in the following tables:
 
 

 
 

 
 

 
2015

(THOUSANDS)
1ST
QUARTER

 
2ND
QUARTER

 
3RD
QUARTER

 
4TH
QUARTER

Operating revenue, net
$
295,271

 
$
288,885

 
$
345,189

 
$
279,122

Operating income
$
65,670

 
$
70,243

 
$
103,966

 
$
54,321

Net income
$
28,605

 
$
31,813

 
$
58,661

 
$
22,270

Distribution to Cleco Corporation (as sole member)
$
25,000

 
$
35,000

 
$
40,000

 
$
35,000

 
 
 
 
 
 
 
 
2014

(THOUSANDS)
1ST
QUARTER

 
2ND
QUARTER

 
3RD
QUARTER

 
4TH
QUARTER

Operating revenue, net
$
284,180

 
$
308,859

 
$
371,178

 
$
304,432

Operating income
$
58,188

 
$
67,032

 
$
108,303

 
$
66,189

Net income
$
26,307

 
$
32,658

 
$
65,544

 
$
29,806

Contributions from Cleco Corporation
$
138,080

 
$
—

 
$
—

 
$
—

Distribution to Cleco Corporation (as sole member)
$
35,000

 
$
35,000

 
$
15,000

 
$
30,000