EXHIBIT 11
CLECO CORPORATION COMPUTATION OF NET INCOME PER COMMON SHARE (UNAUDITED)
				For the three months ended June 30,
				2003			2002
				(Thousands, except share and per share amounts)
Basic
		Net income (loss) before preferred dividend requirements			$         (66,401)			$        17,782
		Preferred dividend requirements, net			(457)			(465)
		Net income (loss) applicable to common stock			(66,858)			17,317
		Total basic net income (loss) applicable to common stock			(66,858)			17,317
		Total basic net income (loss) per common share			$             (1.42)			$            0.38
		Weighted average number of shares of common stock
			outstanding during the year		47,225,304			46,025,014
Diluted
		Net income (loss) applicable to common stock			$         (66,858)			$        17,317
		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			-			520
		Deduct: Tax benefit lost on above @ 38.48%			-			(200)
		Deduct:  Additional cash contribution equal to preferred dividends
			less dividends paid at common dividend  rate		-			(36)
		Add: tax benefit gained on above @ 38.48%			-			14
		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)		-			152
		Adjusted net income (loss) applicable to common stock			(66,858)			17,767
		Total adjusted net income (loss) applicable to common stock			(66,858)			17,767
		Total diluted net income (loss) per common stock			$             (1.42)			$            0.36
		Weighted average number of shares of common stock
			outstanding during the year		47,225,304			46,025,014
		Number of equivalent common shares attributable to ESOP			-			2,485,748
		Common stock under stock option grants average shares			-			235,272
		Average diluted shares			47,225,304	*		48,746,034
	*	For the three months ended June 30, 2003, as Cleco incurred a loss from operations, there is no assumption of any      potentially dilutive shares in the computation of diluted earnings per share.

						EXHIBIT 11
CLECO CORPORATION COMPUTATION OF NET INCOME PER COMMON SHARE (UNAUDITED)
				For the six months ended June 30,
				2003			2002
				(Thousands, except share and per share amounts)
Basic
		Net income (loss) before preferred dividend requirements			$         (48,588)				$        31,835
		Preferred dividend requirements, net			(934)				(937)
		Net income (loss) applicable to common stock			(49,522)				30,898
		Total basic net income (loss) applicable to common stock			(49,522)				30,898
		Total basic net income (loss) per common share			$             (1.05)				$            0.68
		Weighted average number of shares of common stock
			outstanding during the year		47,138,454				45,569,170
Diluted
		Net income (loss) applicable to common stock			$         (49,522)				$        30,898
		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			-				1,054
		Deduct: Tax  benefit lost on above @ 38.48%			-				(406)
		Deduct: Additional cash contribution equal to preferred dividends
			less dividends paid at common dividend  rate		-				(54)
		Add: tax benefit gained on above @ 38.48%			-				21
		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)		-				299
		Adjusted net income (loss) applicable to common stock			(49,522)				31,812
		Total adjusted net income (loss) applicable to common stock			(49,522)				31,812
		Total diluted net income (loss) per common stock			$             (1.05)				$            0.66
		Weighted average number of shares of common stock
			outstanding during the year		47,138,454				45,569,170
		Number of equivalent common shares attributable to ESOP			-				2,502,367
		Common stock under stock option grants average shares			-				198,376
		Average diluted shares			47,138,454			*	48,269,913
	*	For the six months ended June 30, 2003, as Cleco incurred a loss from operations, there is no assumption of any      potentially dilutive shares in the computation of diluted earnings per share.