Exhibit 11(b)

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

	For the nine months ended September 30
	2001	2000
	(Thousands, except share and per share amounts)
BASIC
Net income before extraordinary item and after      preferred dividend requirements, net	$       53,417	$       55,879
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Weighted average number of shares of common      stock outstanding during the period	45,008,890	44,934,720
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Basic net income per common share, before      extraordinary item and after preferred dividend      requirements, net	$           1.19	$           1.25
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DILUTED
Net income before extraordinary item and after      preferred dividend requirements, net	$       53,417	$       55,879
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	997	1,024
Deduct additional cash contribution required, which is      equal to dividends on preferred stock less dividends      paid at the common dividend rate, net of tax	(24)	(3)
Add tax benefit associated with dividends    paid on allocated common shares	384	346
Adjusted income applicable to common stock before    extraordinary item and after preferred dividend    requirements, net	$       54,774	$       57,246
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Weighted average number of shares of common    stock outstanding during the period	45,008,890	44,934,720
Number of equivalent common shares    attributable to ESOP	2,557,946	2,635,810
Common stock under stock option grants	250,336	33,348
Average shares	47,817,172	47,603,878
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Diluted net income per common share	$           1.14	$           1.20
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