EXHIBIT 11

CLECO CORPORATION

COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE

(UNAUDITED)

	For the three months ended June 30,
	2004		2003
	(Thousands, except share and per share amounts)
Basic earnings per share
Net income (loss) from continuing operations	$	10,969	$	(66,750)
Deduct:  Non-participating stock dividends (4.5% preferred dividends)		11		11
Deduct:  Participating preferred stock dividends		784		495
Income (loss) available to common shareholders from continuing operations		10,174		(67,256)
Basic net earnings (loss) per common share from continuing operations		0.22		(1.43)
(Loss) income from discontinued operations	$	(288)	$	349
Basic (loss) earnings per common share from discontinued operations		(0.01)		0.01
Total basic net income (loss) applicable to common stock	$	9,886	$	(66,907)
Basic earnings (loss) per common share		0.21		(1.42)
Weighted average common shares outstanding		47,078,622		47,225,304
Diluted earnings per share
Net income (loss) from continuing operations	$	10,969	$	(66,750)
Deduct:  Non-participating stock dividends (4.5% preferred dividends)		11		11
Deduct:  Participating preferred stock dividends		784		495
Income (loss) available to common shareholders from continuing operations		10,174		(67,256)
Diluted net earnings (loss) per common share from continuing operations		0.22		(1.43)
(Loss) income from discontinued operations	$	(288)	$	349
Diluted (loss) earnings per common share from discontinued operations		(0.01)		0.01
Total diluted net income (loss) applicable to common stock	$	9,886	$	(66,907)
Diluted earnings (loss) per common share		0.21		(1.42)
Weighted average common shares outstanding		47,078,622		47,225,304
Average shares of common stock under stock option grants		34,977		-
Average diluted shares		47,113,599		47,225,304

EXHIBIT 11

CLECO CORPORATION

COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE

(UNAUDITED)

	For the six months ended June 30,
	2004		2003
	(Thousands, except share and per share amounts)
Basic earnings per share
Net income (loss) from continuing operations	$	24,189		$	(48,474)
Deduct:  Non-participating stock dividends (4.5% preferred dividends)		23			23
Deduct:  Participating preferred stock dividends		1,308			1,014
Deduct:  Amount allocated to participating preferred shareholders		72			-
Income (loss) available to common shareholders from continuing operations		22,786			(49,511)
Basic net earnings (loss) per common share from continuing operations		0.48			(1.05)
Loss from discontinued operations	$	(130)		$	(114)
Basic (loss) per common share from discontinued operations		-			-
Total basic net income (loss) applicable to common stock	$	22,656		$	(49,625)
Basic earnings (loss) per common share		0.48			(1.05)
Weighted average common shares outstanding		46,994,132			47,138,454
Diluted earnings per share
Net income (loss) from continuing operations	$	24,189		$	(48,474)
Deduct:  Non-participating stock dividends (4.5% preferred dividends)		23			23
Deduct:  Participating preferred stock dividends		1,308			1,014
Deduct:  Amount allocated to participating preferred shareholders		72			-
Income (loss) available to common shareholders from continuing operations		22,786			(49,511)
Diluted net earnings (loss) per common share from continuing operations		0.48			(1.05)
Loss from discontinued operations	$	(130)		$	(114)
Diluted (loss) per common share from discontinued operations		-			-
Total diluted net income (loss) applicable to common stock	$	22,656		$	(49,625)
Diluted earnings (loss) per common share		0.48			(1.05)
Weighted average common shares outstanding		46,994,132			47,138,454
Average shares of common stock under stock option grants		37,254			-
Restricted stock (LTICP)		2,514			-
Average diluted shares		47,033,900			47,138,454