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Exhibit 11

CLECO CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE(UNAUDITED)

|                                                                                                                                                                     | For the three months ended March 31            
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------
|                                                                                                                                                                     | 2002                                           
|                                                                                                                                                                     | (Thousands, except share and per share amounts)
|BASIC                                                                                                                                                                |                                                
|                                                                                                                                                                     |                                                
|Net income applicable to common stock                                                                                                                                | $          13,581                              
|                                                                                                                                                                     | ========                                       
|Weighted average number of shares of common stock
     outstanding during the period                                                                                 | 44,973,466                                     
|                                                                                                                                                                     | ========                                       
|                                                                                                                                                                     |                                                
|Basic net income per common share                                                                                                                                    | $              0.30                            
|                                                                                                                                                                     | ========                                       
|DILUTED                                                                                                                                                              |                                                
|                                                                                                                                                                     |                                                
|Net income applicable to common stock                                                                                                                                | $          13,581                              
|                                                                                                                                                                     |                                                
|Adjustments to net income related to ESOP under the
   "if-converted" method:                                                                                        |                                                
|Add loss of deduction from net income for actual
   dividends paid on convertible preferred stock,
   net of tax                                                     | 328                                            
|Add/(Deduct) additional cash contribution required,
   which is equal to dividends on preferred stock
   less dividends paid at the common dividend rate, net of tax | (13)                                           
|Add tax benefit associated with dividends
   paid on allocated common shares                                                                                         | 147                                            
|Adjusted income applicable to common stock                                                                                                                           | $         14,043                               
|                                                                                                                                                                     | ========                                       
|Weighted average number of shares of common
   stock outstanding during the period                                                                                   | 44,973,466                                     
|                                                                                                                                                                     |                                                
|Number of equivalent common shares
   attributable to ESOP                                                                                                           | 2,512,260                                      
|                                                                                                                                                                     |                                                
|Common stock under stock option grants                                                                                                                               | 177,493                                        
|                                                                                                                                                                     |                                                
|Average shares                                                                                                                                                       | 47,663,219                                     
|                                                                                                                                                                     | ========                                       
|Diluted net income per common share                                                                                                                                  | $             0.29                             
|                                                                                                                                                                     | ========                                       
|                                                                                                                                                                     |                                                

49

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