EX-11.B 3 dex11b.txt COMPUTATION OF NET INCOME BEFORE EXTRAORDINARY EXHIBIT 11.B CLECO CORPORATION COMPUTATION OF NET INCOME BEFORE EXTRAORDINARY ITEM PER COMMON SHARE (Unaudited)
FOR THE THREE MONTHS ENDED MARCH 31 2001 2000 ----------- ----------- (Thousands, except share and per share amounts) BASIC Net income before extraordinary item and after preferred dividend requirements, net $ 10,221 $ 9,750 =========== =========== Weighted average number of shares of common stock outstanding during the period 45,005,892 44,884,258 =========== =========== Basic net income per common share, before extraordinary item and after preferred dividend requirements, net $0.23 $0.22 =========== =========== DILUTED Net income before extraordinary item and after preferred dividend requirements, net $ 10,221 $ 9,750 Adjustments to net income related to Employee Stock Ownership Plan (ESOP) under the "if-converted" method: Add loss of deduction from net income for actual Dividends paid on convertible preferred stock, net of tax 338 348 Deduct additional cash contribution required, which is equal to dividends on preferred stock less dividends 1 (7) paid at the common dividend rate, net of tax Add tax benefit associated with dividends Paid on allocated common shares 121 106 ----------- ----------- Adjusted income applicable to common stock before Extraordinary item and after preferred dividend Requirements, net $ 10,681 $ 10,197 =========== =========== Weighted average number of shares of common Stock outstanding during the period 45,005,892 44,884,258 Number of equivalent common shares Attributable to ESOP 2,597,846 2,673,728 Common stock under stock option grants 292,670 4,922 ----------- ----------- Average shares 47,896,408 47,562,908 =========== =========== Diluted net income per common share $0.22 $0.21 =========== ===========