EXHIBIT 11
CLECO CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE
(UNAUDITED)
			For the three months ended March 31,
			2003	2002
			(Thousands, except share and per share amounts)
Basic
	Net income before preferred dividend requirements		$           17,813		$            14,053
	Preferred dividend requirements, net		(477)		(472)
	Net income applicable to common stock		17,336		13,581
	Total basic net income applicable to common stock		17,336		13,581
	Total basic net income per common share		$0.37		$0.30
	Weighted average number of shares of common stock      outstanding during the year		47,068,584		44,973,466
Diluted
	Net income applicable to common stock		$17,336		$13,581
	Adjustments to net income related to Employee Stock
		Ownership Plan (ESOP) under the "if-converted" method:
	Add:  Loss of deduction for actual dividends paid
		on convertible preferred stock, net of tax	319		328
	Deduct:  Tax benefit lost on above @ 38.48%
	Deduct:  Additional cash contribution equal to preferred dividends
		less dividends paid at common dividend rate	(20)		(13)
	Add:  tax benefit gained on above @ 38.48%
	Add:  tax benefit on dividends paid on ESOP common shares assuming
		plan was based on common stock and benefit reduced income tax expense on income statement @ 38.48% (as of 1/1/95 only on allocated shares)
			159		147
	Adjusted net income applicable to common stock		17,794		14,043
	Total adjusted net income applicable to common stock		17,794		14,043
	Total diluted net income per common stock		$               0.36		$               0.29
	Weighted average number of shares of common stock
		outstanding during the year	47,068,584		44,973,466
	Number of equivalent common shares attributable to ESOP		2,417,082		2,512,260
	Common stock under stock option grants average shares		-		177,493
	Average diluted shares		49,485,666		47,663,219