Exhibit 11(b)

CLECO CORPORATION
COMPUTATION OF NET INCOME BEFORE EXTRAORDINARY ITEM
PER COMMON SHARE
(UNAUDITED)

	For the six months ended June 30
	2001	2000
	(Thousands, except share and per share amounts)
BASIC
Net income before extraordinary item and after      preferred dividend requirements, net	$         25,290	$         26,203
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Weighted average number of shares of common      stock outstanding during the period	45,012,715	44,914,866
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Basic net income per common share, before      extraordinary item and after preferred dividend      requirements, net	$             0.56	$             0.58
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DILUTED
Net income before extraordinary item and after      preferred dividend requirements, net	$25,290	$26,203
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	668	687
Deduct additional cash contribution required, which is      equal to dividends on preferred stock less dividends      paid at the common dividend rate, net of tax	11	(6)
Add tax benefit associated with dividends    Paid on allocated common shares	246	226
Adjusted income applicable to common stock before    Extraordinary item and after preferred dividend    Requirements, net	$         26,215	$         27,110
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Weighted average number of shares of common    Stock outstanding during the period	45,012,715	44,914,866
Number of equivalent common shares    Attributable to ESOP	2,570,133	2,652,048
Common stock under stock option grants	271,815	10,610
Average shares	47,854,663	47,577,524
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Diluted net income per common share	$             0.55	$             0.57
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