----

**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  |
|             |                                                                    |                                                                              |                                                 |  |  |  |  |

 

----