Exhibit 11(a)

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

	For the three months ended September 30
	2001	2000
	(Thousands, except share and per share amounts)
BASIC
Net income applicable to common stock	$        30,595	$       29,677
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Weighted average number of shares of common      stock outstanding during the period	45,004,241	44,976,074
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Basic net income per common share	$             .68	$            .66
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DILUTED
Net income applicable to common stock	$        30,595	$       29,677
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	329	338
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	(13)	1
Add tax benefit associated with dividends    paid on allocated common shares	138	120
Adjusted income applicable to common stock	$        31,049	$      30,136
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Weighted average number of shares of common    stock outstanding during the period	45,004,241	44,976,074
Number of equivalent common shares    attributable to ESOP	2,530,335	2,597,904
Common stock under stock option grants	188,214	88,266
Average shares	47,722,790	47,662,244
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Diluted net income per common share	$             .65	$            .63
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