Exhibit 11(c)

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

	For the six months ended June 30
	2001	2000
	(Thousands, except share and per share amounts)
BASIC
Net income applicable to common stock	$         22,822	$         28,711
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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	$              0.51	$              0.64
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DILUTED
Net income applicable to common stock	$         22,822	$         28,711
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
Add/(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	$        23,747	$        29,618
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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	$              0.50	$              0.62
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