EX-11 7 exhibit11.htm EXHIBIT 11 Exhibit 11


CLECO CORPORATION                                                                                                                                                                                                                                                                       EXHIBIT 11



Computation of Earnings (Loss) Per Common Share

                               FOR THE YEAR ENDED DECEMBER 31,

(Thousands, except share and per share amounts)

                      2004

 

                      2003

                      2002

Basic earnings per common share

 

     Income (loss) from continuing operations

 $     66,119

   $          (29,768)

   $            80,373

     Deduct:  non-participating stock dividends (4.5% preferred stock)

                46

                         46

                         46

     Deduct:  participating preferred stock dividends

          2,293

                   2,001

                   2,092

     Deduct:  amount allocated to participating preferred stock

              951

                            -

                   1,902

     Income (loss) available to common stockholders from continuing operations

        62,829

               (31,815)

                 76,333

     Basic earnings (loss) per common share from continuing operations

            1.33

                    (0.68)

                      1.65

     Income (loss) from discontinued operations

                70

                  (5,161)

                  (8,498)

     Basic earnings (loss) per common share from discontinued operations

                  -

                    (0.11)

                    (0.18)

          Deduct:  amount allocated to participating preferred stock

                  3

                            -

                            -

          Total basic net income (loss) applicable to common stock

 $     62,896

   $          (36,976)

   $             67,835

          Basic earnings (loss) per common share

 $         1.33

   $              (0.79)

   $                 1.47

          Weighted average common shares outstanding

 47,371,319

        46,820,058

        46,245,104

Diluted earnings per common share

     Income (loss) from continuing operations

 $     66,119

   $          (29,768)

   $             80,373

     Deduct:  non-participating stock dividends (4.5% preferred stock)

                46

                         46

                         46

     Deduct:  participating preferred stock dividends

          2,293

                   2,001

                   2,092

     Deduct:  amount allocated to participating preferred stock

              951

                            -

                   1,902

     Income (loss) available to common stockholders from continuing operations

        62,829

               (31,815)

                 76,333

     Diluted earnings (loss) per common share from continuing operations

             1.32

                    (0.68)

                      1.65

     Income (loss) from discontinued operations

                70

                  (5,161)

                  (8,498)

     Diluted earnings (loss) per common share from discontinued operations

                   -

                    (0.11)

                    (0.18)

          Deduct:  amount allocated to participating preferred stock

                  3

                            -

                            -

          Total diluted net income (loss) applicable to common stock

 $     62,896

   $           (36,976)

   $             67,835

          Diluted earnings (loss) per common share

 $         1.32

   $               (0.79)

   $                 1.47

          Weighted average common shares outstanding

 47,371,319

        46,820,058

        46,245,104

          Common stock under stock option grants average shares

        38,219

                    -  

                 46,954

          Restricted stock (LTICP)

      119,348

                            -

                            -

          Average diluted shares

 47,528,886

        46,820,058

        46,292,058