EXHIBIT 11

CLECO CORPORATION

COMPUTATION OF NET INCOME PER COMMON SHARE

(UNAUDITED)

			For the three months ended March 31,
			2004		2003
			(Thousands, except share and per share amounts)
Basic
	Net income before preferred dividend requirements		$	13,378	$	17,813
	Preferred dividend requirements, net			(499)		(477)
	Net income applicable to common stock			12,879		17,336
	Total basic net income applicable to common stock			12,879		17,336
	Total basic net income per common share		$	0.27	$	0.37
	Weighted average number of shares of common stock
		outstanding during the year		46,916,535		47,068,584
Diluted
	Net income applicable to common stock		$	12,879	$	17,336
	Adjustments to net income related to Employee Stock
		Ownership Plan under the "if-converted" method:
	Add:  Loss of deduction for actual dividends paid
		on convertible preferred stock, net of tax		525		319
	Deduct: Tax benefit lost on above @ 38.48%			(202)
	Deduct: Additional cash contribution equal to preferred dividends
		less dividends paid at common dividend  rate		-		(20)
	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)		179		159
	Adjusted net income applicable to common stock			13,381		17,794
	Total adjusted net income applicable to common stock			13,381		17,794
	Total diluted net income per common stock		$	0.27	$	0.36
	Weighted average number of shares of common stock
		outstanding during the year		46,916,535		47,068,584
	Common stock under stock option grants average shares			43,184		-
	Number of equivalent common shares attributable to ESOP			2,305,620		2,417,082
	Restricted stock (LTICP)			1,253		-
	Average diluted shares			49,266,592		49,485,666