Exhibit 11(b)

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

|                                                                                                                                                                   | For the nine months ended September 30         
|------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -----------------------------------------------
|                                                                                                                                                                   | 2001                                           
|                                                                                                                                                                   | (Thousands, except share and per share amounts)
|BASIC                                                                                                                                                              |                                                
|                                                                                                                                                                   |                                                
|Net income before extraordinary item and after
     preferred dividend requirements, net                                                                           | $       53,417                                 
|                                                                                                                                                                   | ========                                       
|Weighted average number of shares of common
     stock outstanding during the period                                                                               | 45,008,890                                     
|                                                                                                                                                                   | ========                                       
|Basic net income per common share, before
     extraordinary item and after preferred dividend
     requirements, net                                              | $           1.19                               
|                                                                                                                                                                   | ========                                       
|                                                                                                                                                                   |                                                
|DILUTED                                                                                                                                                            |                                                
|                                                                                                                                                                   |                                                
|Net income before extraordinary item and after
     preferred dividend requirements, net                                                                           | $       53,417                                 
|                                                                                                                                                                   |                                                
|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                                               | 997                                            
|Deduct additional cash contribution required, which is
     equal to dividends on preferred stock less dividends
     paid at the common dividend rate, net of tax | (24)                                           
|Add tax benefit associated with dividends
   paid on allocated common shares                                                                                       | 384                                            
|Adjusted income applicable to common stock before
   extraordinary item and after preferred dividend
   requirements, net                                          | $       54,774                                 
|                                                                                                                                                                   | ========                                       
|                                                                                                                                                                   |                                                
|Weighted average number of shares of common
   stock outstanding during the period                                                                                 | 45,008,890                                     
|                                                                                                                                                                   |                                                
|Number of equivalent common shares
   attributable to ESOP                                                                                                         | 2,557,946                                      
|                                                                                                                                                                   |                                                
|Common stock under stock option grants                                                                                                                             | 250,336                                        
|                                                                                                                                                                   |                                                
|Average shares                                                                                                                                                     | 47,817,172                                     
|                                                                                                                                                                   | ========                                       
|Diluted net income per common share                                                                                                                                | $           1.14                               
|                                                                                                                                                                   | ========