----

**EXHIBIT 11**

**CLECOCORPORATION**

**Computationof Earnings Per Common Share**

**(Unaudited)**

| For the three months  ended September 30,                                               |
|-----------------------------------------------------------------------------------------|
| (Thousands,  except share and per share amounts)                                        | **2004** |  | 2003 |
| **Basic  earnings per common share**                                                    |  |  |  |  |  |
|    Net income from continuing operations                                           | **$** | **27,689 ** |  | $ | 23,688  |
|    Deduct:  Non-participating stock dividends (4.5% preferred dividends)      | ** ** | **11 ** |  |  | 11  |
|    Deduct:  Participating preferred stock dividends                           | ** ** | **471 ** |  |  | 494  |
|    Deduct:  Amount allocated to participating preferred                       | ** ** | **727 ** |  |  | 595  |
|    Income available to common stockholders from continuing operations              | ** ** | **26,480 ** |  |  | 22,588  |
|    Basic net income per common share from continuing operations                    | ** ** | **0.56 ** |  |  | 0.48  |
|                                                                                         | ** ** | ** ** |  |  |  |
|    (Loss) income from discontinued operations                                      | **$** | **(306)** |  | $ | 115  |
|    Basic (loss) income per common share from discontinued operations               | ** ** | **(0.01)** |  |  | -  |
|                                                                                         | ** ** | ** ** |  |  |  |
|       Total basic net income applicable to common stock             | **$** | **26,174 ** |  | $ | 22,703  |
|       Basic earnings per common share                               | ** ** | **0.55 ** |  |  | 0.48  |
|                                                                                         | ** ** | ** ** |  |  |  |
|       Weighted average common shares outstanding                    | ** ** | **47,114,330 ** |  |  | 47,239,652  |
|                                                                                         | ** ** | ** ** |  |  |  |
| **Diluted  earnings per common share**                                                  | ** ** | ** ** |  |  |  |
|    Net income from continuing operations                                           | **$** | **26,480** |  | $ | 22,588  |
|    Deduct:  Non-participating stock dividends (4.5% preferred dividends)      | ** ** | **- ** |  |  | -  |
|    Add:  Participating preferred stock dividends                              | ** ** | **471 ** |  |  | 494  |
|    Add:  Amount allocated to participating preferred                          | ** ** | **727 ** |  |  | 595  |
|    Income available to common stockholders from continuing operations              | ** ** | **27,678 ** |  |  | 23,677  |
|    Diluted net income per common share from continuing operations                  | ** ** | **0.56 ** |  |  | 0.48  |
|                                                                                         | ** ** | ** ** |  |  |  |
|    (Loss) income from discontinued operations                                      | **$** | **(306)** |  | $ | 115  |
|    Diluted (loss) income per common share from discontinued operations             | ** ** | **(0.01)** |  |  | -  |
|                                                                                         | ** ** | ** ** |  |  |  |
|       Total diluted net income applicable to common stock           | **$** | **27,372 ** |  | $ | 23,792  |
|       Diluted earnings per common share                             | ** ** | **0.55 ** |  |  | 0.48  |
|                                                                                         | ** ** | ** ** |  |  |  |
|       Weighted average common shares outstanding                    | ** ** | **47,114,330 ** |  |  | 47,239,652  |
|     Common stock under  stock option grants average shares          | ** ** | **24,806 ** |  |  | 5,012  |
|       Number of equivalent common shares attributable to  ESOP | ** ** | **2,157,845 ** |  |  | 2,335,193  |
|       Restricted stock (LTICP)                                      | ** ** | **5,906 ** |  |  | -  |
|                                                                                         | ** ** | ** ** |  |  |  |
|       Average diluted shares                                        | ** ** | **49,302,887 ** |  |  | 49,579,857  |
|                                                                                         |  |  |  |  |  |

----

**EXHIBIT 11**

**CLECOCORPORATION**

**Computationof Earnings (Loss) Per Common Share**

**(Unaudited)**

| For the nine months  ended September 30,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (Thousands,  except share and per share amounts)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **2004** |  | 2003 |
|  
**Basic  earnings per common share**

 
   Net income (loss) from continuing operations

**$**

**52,314 **

$

(24,786)

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

** **

**35 **

35 

 
   Deduct:  Participating preferred stock dividends

** **

**1,810 **

1,507 

 
   Deduct:  Amount allocated to participating preferred

** **

**842 **

- 

 
   Income (loss) available to common stockholders from continuing operations

** **

**49,627 **

(26,328)

 
   Basic net income (loss) per common share from continuing operations

** **

**1.05 **

(0.56)

 
** **

** **

 
   (Loss) income from discontinued operations

**$**

**(436)**

$

1 

 
   Basic (loss) per common share from discontinued operations

** **

**(0.01)**

- 

 
** **

** **

 
      Total basic net income (loss) applicable to common stock

**$**

**49,191 **

$

(26,327)

 
      Basic earnings (loss) per common share

** **

**1.04 **

(0.56)

 
** **

** **

 
      Weighted average common shares outstanding 

** **

**47,031,650 **

47,169,527 

 
** **

** **

 
**Diluted  earnings per common share**

** **

** **

 
   Net income (loss) from continuing operations

**$**

**52,314 **

$

(24,786)

 
   Deduct:  Non-participating stock dividends 

** **

**35 **

35 

 
   Deduct:  Participating preferred stock dividends

** **

**1,810 **

1,507 

 
   Deduct:  Amount allocated to participating preferred

** **

**842 **

- 

 
   Income (loss) available to common stockholders from continuing operations

** **

**49,627 **

(26,328)

 
   Diluted net income (loss) per common share from continuing operations

** **

**1.05 **

(0.56)

 
** **

** **

 
   (Loss) income from discontinued operations

**$**

**(436)**

$

1 

 
   Diluted (loss) per common share from discontinued operations 

** **

**(0.01)**

- 

 
** **

** **

 
      Total diluted net income (loss) applicable to common stock

**$**

**49,191 **

$

(26,327)

 
      Diluted earnings (loss) per common share

** **

**1.04 **

(0.56)

 
** **

** **

 
      Weighted average common shares outstanding

** **

**47,031,650 **

47,169,527 

 
     Common stock under  stock option grants average shares

** **

**32,686 **

46 

 
      Number of equivalent common shares attributable to ESOP

** **

**- **

- 

 
      Restricted stock (LTICP)

** **

**5,316 **

- 

 
** **

** **

 
      Average diluted shares

** **

**47,069,652 **

47,169,573 

 
** **

** ** |