EXHIBIT 11

CLECO CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE

				For the years ended December 31,
				2002	2001	2000
				(Thousands, except share and per share amounts)
Basic
	Net income from continuing operations			$ 71,875	$ 72,273	$ 69,335
	Preferred dividend requirements, net			(1,872)	(1,876)	(1,870)
		Net income applicable to common stock from
			continuing operations	70,003	70,397	67,465
	Basic net income per common share from continuing operations			$ 1.51	$ 1.56	$ 1.50
	Loss from discontinued operation, net			-	(2,035)	(6,861)
	Basic loss per common share from discontinued operation			$ -	$ (0.04)	$ (0.15)
	Extraordinary item, net			-	-	2,508
	Basic net gain per common share			$ -	$ -	$ 0.06
	Total basic net income applicable to common stock			70,003	68,362	63,112
	Total basic net income per common share			$ 1.51	$ 1.52	$ 1.41
	Weighted average number of shares of common stock
		outstanding during the year		46,245,104	45,000,955	44,947,718
Diluted
	Net income applicable to common stock from continuing operations			$ 70,003	$ 70,397	$ 67,465
	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		1,287	1,325	1,362
	Deduct additional cash contribution required which is equal to
		dividends on preferred stock less dividends paid at the common
		dividend rate, net of tax		(74)	(37)	(2)
	Add tax benefit associated with dividends paid on allocated
		common shares		590	526	470
	Adjusted income applicable to common stock from continuing
		operations		71,806	72,211	69,295
	Diluted net income per share from continuing operations			$ 1.47	$ 1.51	$ 1.46
	Loss from discontinued operation, net			-	(2,035)	(6,861)
	Diluted net income per share from discontinued operation			$ -	$ (0.04)	$ (0.15)
	Extraordinary item, net			-	-	2,508
	Diluted net gain per share from extraordinary item			$ -	$ -	$ 0.05
	Total adjusted net income applicable to common stock			71,806	70,176	64,942
	Total diluted net income per common stock			$ 1.47	$ 1.47	$ 1.36
	Weighted average number of shares of common stock
		outstanding during the year		46,245,104	45,000,955	44,947,718
	Number of equivalent common shares attributable to ESOP			2,479,806	2,550,234	2,627,032
	Common stock under stock option grants average shares			46,954	212,524	80,204
	Average diluted shares			48,771,864	47,763,713	47,654,954