Exhibit 11(b)





CLECO CORPORATIONCOMPUTATION OF NET INCOME BEFORE EXTRAORDINARY ITEM 
PER COMMON SHARE(UNAUDITED)

|                                                                                                                                                                   | For the six months ended June 30               
|------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -----------------------------------------------
|                                                                                                                                                                   | 2001                                           
|                                                                                                                                                                   | (Thousands, except share and per share amounts)
|BASIC                                                                                                                                                              |                                                
|                                                                                                                                                                   |                                                
|Net income before extraordinary item and after
     preferred dividend requirements, net                                                                           | $         25,290                               
|                                                                                                                                                                   | ==========                                     
|Weighted average number of shares of common
     stock outstanding during the period                                                                               | 45,012,715                                     
|                                                                                                                                                                   | ==========                                     
|Basic net income per common share, before
     extraordinary item and after preferred dividend
     requirements, net                                              | $             0.56                             
|                                                                                                                                                                   | ==========                                     
|                                                                                                                                                                   |                                                
|DILUTED                                                                                                                                                            |                                                
|                                                                                                                                                                   |                                                
|Net income before extraordinary item and after
     preferred dividend requirements, net                                                                           | $25,290                                        
|                                                                                                                                                                   |                                                
|Adjustments to net income related to Employee
   Stock Ownership Plan (ESOP) under the
   "if-converted" method:                                                   |                                                
|Add loss of deduction from net income for actual
     Dividends paid on convertible preferred stock,
     net of tax                                               | 668                                            
|Deduct additional cash contribution required, which is
     equal to dividends on preferred stock less dividends
     paid at the common dividend rate, net of tax | 11                                             
|Add tax benefit associated with dividends
   Paid on allocated common shares                                                                                       | 246                                            
|Adjusted income applicable to common stock before
   Extraordinary item and after preferred dividend
   Requirements, net                                          | $         26,215                               
|                                                                                                                                                                   | ==========                                     
|                                                                                                                                                                   |                                                
|Weighted average number of shares of common
   Stock outstanding during the period                                                                                 | 45,012,715                                     
|                                                                                                                                                                   |                                                
|Number of equivalent common shares
   Attributable to ESOP                                                                                                         | 2,570,133                                      
|                                                                                                                                                                   |                                                
|Common stock under stock option grants                                                                                                                             | 271,815                                        
|                                                                                                                                                                   |                                                
|Average shares                                                                                                                                                     | 47,854,663                                     
|                                                                                                                                                                   | ==========                                     
|Diluted net income per common share                                                                                                                                | $             0.55                             
|                                                                                                                                                                   | ==========