EXHIBIT 11
CLECO CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE
(UNAUDITED)
			For the three months ended September 30,
			2003	2002
			(Thousands, except share and per share amounts)
Basic
	Net income before preferred dividend requirements		$          23,803	$       36,860
	Preferred dividend requirements, net		461	468
	Net income applicable to common stock		23,342	36,392
	Total basic net income applicable to common stock		23,342	36,392
	Total basic net income per common share		$              0.49	$           0.77
	Weighted average number of shares of common stock
		outstanding during the year	47,239,652	47,033,832
Diluted
	Net income applicable to common stock		$          23,342	$       36,392
	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	494	319
	Deduct: Tax benefit lost on above @ 38.48%		(190)	-
	Deduct:  Additional cash contribution equal to preferred dividends
		less dividends paid at common dividend rate	(31)	(20)
	Add: tax benefit gained on above @ 38.48%		12	-
	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)	169	151
	Adjusted net income applicable to common stock		23,796	36,842
	Total adjusted net income applicable to common stock		23,796	36,842
	Total diluted net income per common stock		$              0.48	$           0.74
	Weighted average number of shares of common stock
		outstanding during the year	47,239,652	47,033,832
	Number of equivalent common shares attributable to ESOP		2,335,193	2,453,746
	Common stock under stock option grants average shares		5,012	11,387
	Average diluted shares		49,579,857	49,498,965

					EXHIBIT 11
CLECO CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE
(UNAUDITED)
			For the nine months ended September 30,
			2003		2002
			(Thousands, except share and per share amounts)
Basic
	Net income (loss) before preferred dividend requirements		$         (24,785)		$         68,695
	Preferred dividend requirements, net		1,395		1,405
	Net income (loss) applicable to common stock		(26,180)		67,290
	Total basic net income (loss) applicable to common stock		(26,180)		67,290
	Total basic net income (loss) per common share		$             (0.56)		$             1.46
	Weighted average number of shares of common stock
		outstanding during the year	47,169,527		46,008,615
Diluted
	Net income (loss) applicable to common stock		$         (26,180)		$         67,290
	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	-		968
	Deduct: Tax  benefit lost on above @ 38.48%		-		-
	Deduct:  Additional cash contribution equal to preferred dividends
		less dividends paid at common dividend  rate	-		(54)
	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)	-		434
	Adjusted net income (loss) applicable to common stock		(26,180)		68,638
	Total adjusted net income (loss) applicable to common stock		(26,180)		68,638
	Total diluted net income (loss) per common stock		$             (0.56)		$             1.41
	Weighted average number of shares of common stock
		outstanding during the year	47,169,527		46,008,615
	Number of equivalent common shares attributable to ESOP		-		2,487,763
	Common stock under stock option grants average shares		-		70,886
	Average diluted shares		47,169,527	*	48,567,264
* For the nine months ended September 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.