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| CLECO CORPORATION | EXHIBIT11 |
|-------------------|-----------|

Computation of Earnings Per CommonShare

|                                                                                                               |               FOR THE    THREE MONTHS ENDED JUNE  30,                                    |
|---------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| (THOUSANDS,    EXCEPT SHARE AND PER SHARE AMOUNTS)                                                            | **                         2005** | ** ** |                           2004 |
| **Basic earnings per common share**                                                                           | ** **                                                                                                                                                |  |  |
|      Income from continuing operations                                                    | **$         20,699**                                                                                              |  |    $          11,187 |
|      Deduct:  non-participating stock dividends  (4.5% preferred stock)              | **                  12**                                             |  |                              12 |
|      Deduct:  participating preferred stock  dividends                               | **                451**                                                        |  |                            486 |
|      Deduct:  amount allocated to participating  preferred stock                     | **                358**                                                        |  |                                 4 |
|      Income available to common stockholders from  continuing operations                  | **          19,878**                                                                                         |  |                      10,685 |
|      Basic earnings per common share from  continuing operations                          | **               0.40**                                                             |  |                           0.23 |
|      (Loss) income from discontinued operations                                           | **                (72)**                                                       |  |                          (288) |
|      Basic earnings (loss) per common share from  discontinued operations                 | **                    -**                                  |  |                         (0.01) |
|           Amount allocated to participating  preferred stock     | **                    -**                                  |  |                                 4 |
|           Total basic net income applicable to  common stock     | **$         19,806**                                                                                              |  |    $             10,401 |
|           Basic earnings per common share                        | **$             0.40**                                                                        |  |    $              0.22 |
|           Weighted average common shares  outstanding            | **   49,507,159**                                                                                                                               |  |             47,078,622 |
| **Diluted earnings per common share**                                                                         |                                                                                                                                                           |  |  |
|      Income from continuing operations                                                    | ** $         20,699**                                                                                        |  |    $          11,187 |
|      Deduct:  non-participating stock dividends  (4.5% preferred stock)              | **                  12**                                             |  |                              12 |
|      Deduct:  participating preferred stock  dividends                               | **                    -**                                  |  |                                 - |
|      Deduct:  amount allocated to participating  preferred stock                     | **                    -**                                  |  |                                 - |
|      Income available to common stockholders from  continuing operations                  | **          20,687**                                                                                         |  |                      11,175 |
|      Diluted earnings per common share from  continuing operations                        | **               0.40**                                                             |  |                           0.23 |
|      (Loss) income from discontinued operations                                           | **                (72)**                                                       |  |                          (288) |
|      Diluted earnings (loss) per common share  from discontinued operations               | **                    -**                                  |  |                         (0.01) |
|           Amount allocated to participating  preferred stock     | **                    -**                                  |  |                                 - |
|           Total diluted net income applicable to  common stock   | **$         20,615**                                                                                              |  |    $          10,887 |
|           Diluted earnings per common share                      | **$             0.40**                                                                        |  |    $              0.22 |
|           Weighted average common shares  outstanding            | ** 49,507,159**                                                                                                                                      |  |             47,078,622 |
|           Common stock under stock option grants  average shares | **          85,310**                                                                                         |  |                      34,977 |
|           Restricted stock (LTICP)                               | **          12,955**                                                                                         |  |                      33,981 |
|           ESOP shares                                            | **     2,023,253**                                                                                                                    |  |                2,175,988 |
|           Average diluted shares                                 | ** 51,628,677**                                                                                                                                      |  |             49,323,568 |

 

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| CLECO CORPORATION   | EXHIBIT11 |
|-------------------------------|-----------|

Computation of Earnings Per CommonShare

|                                                                                                               |                    FOR THE    SIX MONTHS ENDED JUNE  30,        |
|---------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| (THOUSANDS,    EXCEPT SHARE AND PER SHARE AMOUNTS)                                                            | **                         2005** | ** ** |                           2004 |
| **Basic earnings per common share**                                                                           | ** **                                                                                                                                                |  |  |
|      Income from continuing operations                                                    | ** $         30,273**                                                                                        |  |    $          24,625 |
|      Deduct:  non-participating stock dividends  (4.5% preferred stock)              | **                  23**                                             |  |                              23 |
|      Deduct:  participating preferred stock  dividends                               | **                935**                                                        |  |                        1,325 |
|      Deduct:  amount allocated to participating  preferred stock                     | **                288**                                                        |  |                              97 |
|      Income available to common stockholders from  continuing operations                  | **          29,027**                                                                                         |  |                      23,180 |
|      Basic earnings per common share from  continuing operations                          | **               0.59**                                                             |  |                           0.49 |
|      (Loss) income from discontinued operations                                           | **              (205)**                                                                  |  |                          (130) |
|      Basic earnings (loss) per common share from  discontinued operations                 | **              (0.01)**                                                                 |  |                                 - |
|           Total basic net income applicable to  common stock     | ** $         28,822**                                                                                        |  |    $          23,050 |
|           Basic earnings per common share                        | ** $             0.58**                                                                  |  |    $              0.49 |
|           Weighted average common shares  outstanding            | **   49,396,105**                                                                                                                               |  |             46,994,132 |
| **Diluted earnings per common share**                                                                         |                                                                                                                                                           |  |  |
|      Income from continuing operations                                                    | ** $         30,273**                                                                                        |  |    $          24,625 |
|      Deduct:  non-participating stock dividends  (4.5% preferred stock)              | **                  23**                                             |  |                              23 |
|      Deduct:  participating preferred stock  dividends                               | **                    -**                                  |  |                        1,325 |
|      Deduct:  amount allocated to participating  preferred stock                     | **                    -**                                  |  |                              97 |
|      Income available to common stockholders from  continuing operations                  | **          30,250**                                                                                         |  |                      23,180 |
|      Diluted earnings per common share from  continuing operations                        | **               0.59**                                                             |  |                           0.49 |
|      (Loss) income from discontinued operations                                           | **              (205)**                                                                  |  |                          (130) |
|      Diluted earnings (loss) per common share  from discontinued operations               | **              (0.01)**                                                                 |  |                                 - |
|           Amount allocated to participating  preferred stock     | **                    -**                                  |  |                                 - |
|           Total diluted net income applicable to  common stock   | ** $         30,045**                                                                                        |  |    $             23,050 |
|           Diluted earnings per common share                      | ** $             0.58**                                                                  |  |    $              0.49 |
|           Weighted average common shares  outstanding            | **   49,396,105**                                                                                                                               |  |             46,994,132 |
|           Common stock under stock option grants  average shares | **          72,955**                                                                                         |  |                      37,254 |
|           Restricted stock (LTICP)                               | **          12,692**                                                                                         |  |                      33,981 |
|           ESOP shares                                            | **     2,077,168**                                                                                                                    |  |                                 - |
|           Average diluted shares                                 | **   51,558,920**                                                                                                                               |  |             47,065,367 |

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