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|                                                 |                                                                          |                                                                        |                                                                                                     |                                                  |            |                                                                               | **EXHIBIT 11**   |
|-------------------------------------------------|--------------------------------------------------------------------------|------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|--------------------------------------------------|------------|-------------------------------------------------------------------------------|------------------|
|                                                 |                                                                          |                                                                        |                                                                                                     |                                                  |            |                                                                               | ** **       |
| **CLECO  CORPORATION**                          |
| **COMPUTATION OF  NET INCOME PER COMMON SHARE** |
| **(UNAUDITED)**                                 |
|                                                 |                                                                          |                                                                        |                                                                                                     | For the three  months ended September 30,        |
|                                                 |                                                                          |                                                                        |                                                                                                     | **2003**                                         |       |                                                                          | 2002             |
|                                                 |                                                                          |                                                                        |                                                                                                     | (Thousands, except  share and per share amounts) |
| **Basic**                                       |                                                                          |                                                                        |                                                                                                     |                                                  |            |
|                                                 | Net income before preferred  dividend requirements                       |                                                                        | **$          23,803 **                       | ** **                                       |            | $       36,860                        |
|                                                 | Preferred dividend  requirements, net                                    |                                                                        | **461 **                                                                                       | ** **                                       |            | 468                                                                      |
|                                                 |                                                                          |                                                                        |                                                                                                     | ** **                                       | ** ** |                                                                               |                  |
|                                                 | Net income applicable  to common stock                                   |                                                                        | **23,342 **                                                                                    | ** **                                       |            | 36,392                                                                   |
|                                                 |                                                                          |                                                                        |                                                                                                     | ** **                                       | ** ** |                                                                               |                  |
|                                                 | Total basic net income  applicable to common stock                       |                                                                        | **23,342 **                                                                                    | ** **                                       |            | 36,392                                                                   |
|                                                 | Total basic net income  per common share                                 |                                                                        | **$              0.49 ** | ** **                                       |            | $           0.77  |
|                                                 |                                                                          |                                                                        |                                                                                                     | ** **                                       | ** ** |                                                                               |                  |
|                                                 | Weighted average number  of shares of common stock                       |                                                                        | ** **                                                                                          | ** **                                       |            |                                                                               |
|                                                 |                                                                          | outstanding during the  year                                           |                                                                                                     | **47,239,652 **                             |            |                                                                               | 47,033,832  |
|                                                 |                                                                          |                                                                        |                                                                                                     | ** **                                       | ** ** |                                                                               |                  |
| **Diluted**                                     |                                                                          | ** **                                                             | ** **                                                                                          |                                                  |            |
|                                                 | Net income applicable  to common stock                                   |                                                                        | **$          23,342 **                       | ** **                                       |            | $       36,392                        |
|                                                 | Adjustments to net  income related to Employee Stock                     |                                                                        | ** **                                                                                          | ** **                                       |            |                                                                               |
|                                                 |                                                                          | Ownership Plan (ESOP)  under the "if-converted" method:      |                                                                                                     | ** **                                       | ** ** |                                                                               |                  |
|                                                 | Add:  Loss of deduction  for actual dividends paid                  |                                                                        | ** **                                                                                          | ** **                                       |            |                                                                               |
|                                                 |                                                                          |      on convertible  preferred stock, net of tax   |                                                                                                     | **494 **                                    | ** ** |                                                                               | 319         |
|                                                 | Deduct: Tax benefit  lost on above @ 38.48%                              |                                                                        | **(190)**                                                                                           | ** **                                       |            | -                                                                        |
|                                                 | Deduct:  Additional  cash contribution equal to preferred dividends |                                                                        | ** **                                                                                          | ** **                                       |            |                                                                               |
|                                                 |                                                                          | less dividends paid at  common dividend rate                           |                                                                                                     | **(31)**                                         | ** ** |                                                                               | (20)             |
|                                                 | Add: tax benefit gained  on above @ 38.48%                               |                                                                        | **12 **                                                                                        | ** **                                       |            | -                                                                        |
|                                                 | 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)  |                                                                                                     | **169 **                                    | ** ** |                                                                               | 151         |
|                                                 | Adjusted net income  applicable to common stock                          |                                                                        | **23,796 **                                                                                    | ** **                                       |            | 36,842                                                                   |
|                                                 |                                                                          |                                                                        |                                                                                                     | ** **                                       | ** ** |                                                                               |                  |
|                                                 | Total adjusted net  income applicable to common stock                    |                                                                        | **23,796 **                                                                                    | ** **                                       |            | 36,842                                                                   |
|                                                 | Total diluted net  income per common stock                               |                                                                        | **$              0.48 ** | ** **                                       |            | $           0.74  |
|                                                 |                                                                          |                                                                        |                                                                                                     | ** **                                       | ** ** |                                                                               |                  |
|                                                 | Weighted average number  of shares of common stock                       |                                                                        | ** **                                                                                          | ** **                                       |            |                                                                               |
|                                                 |                                                                          | outstanding during the  year                                           |                                                                                                     | **47,239,652 **                             | ** ** |                                                                               | 47,033,832  |
|                                                 | Number of equivalent  common shares attributable to ESOP                 |                                                                        | **2,335,193 **                                                                                 | ** **                                       |            | 2,453,746                                                                |
|                                                 | Common stock under  stock option grants average shares                   |                                                                        | **5,012 **                                                                                     | ** **                                       |            | 11,387                                                                   |
|                                                 |                                                                          |                                                                        |                                                                                                     |                                                  |            |                                                                               |                  |
|                                                 | Average diluted shares                                                   |                                                                        | **49,579,857 **                                                                                | ** **                                       |            | 49,498,965                                                               |
|                                                 |                                                                          |                                                                        |                                                                                                     |                                                  |            |                                                                               |                  |

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|                                                                                                                                                                                                                                               |                                                                          |                                                                              |                                                                                           |                                                  |                                                                                           | **EXHIBIT 11**   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|--------------------------------------------------|-------------------------------------------------------------------------------------------|------------------|
|                                                                                                                                                                                                                                                    |                                                                          |                                                                              |                                                                                           |                                                  |                                                                                           | ** **       |
| **CLECO  CORPORATION**                                                                                                                                                                                                                             |
| **COMPUTATION OF  NET INCOME PER COMMON SHARE**                                                                                                                                                                                                    |
| **(UNAUDITED)**                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                    |                                                                          |                                                                              |                                                                                           | For the nine months  ended September 30,         |
|                                                                                                                                                                                                                                                    |                                                                          |                                                                              |                                                                                           | **2003**                                         |                                                                                      | 2002             |
|                                                                                                                                                                                                                                                    |                                                                          |                                                                              |                                                                                           | (Thousands, except  share and per share amounts) |
| **Basic**                                                                                                                                                                                                                                          |                                                                          |                                                                              |                                                                                           |                                                  |                                                                                           |
|                                                                                                                                                                                                                                                    | Net income (loss)  before preferred dividend requirements                |                                                                              | **$         (24,785)**                       |                                                  | $         68,695                        |
|                                                                                                                                                                                                                                                    | Preferred dividend  requirements, net                                    |                                                                              | **1,395 **                                                                           |                                                  | 1,405                                                                                |
|                                                                                                                                                                                                                                                    |                                                                          |                                                                              |                                                                                           | ** **                                       |                                                                                           |                  |
|                                                                                                                                                                                                                                                    | Net income (loss) applicable  to common stock                            |                                                                              | **(26,180)**                                                                              |                                                  | 67,290                                                                               |
|                                                                                                                                                                                                                                                    |                                                                          |                                                                              |                                                                                           | ** **                                       |                                                                                           |                  |
|                                                                                                                                                                                                                                                    | Total basic net income  (loss) applicable to common stock                |                                                                              | **(26,180)**                                                                              |                                                  | 67,290                                                                               |
|                                                                                                                                                                                                                                                    | Total basic net income  (loss) per common share                          |                                                                              | **$             (0.56)** |                                                  | $             1.46  |
|                                                                                                                                                                                                                                                    |                                                                          |                                                                              |                                                                                           | ** **                                       |                                                                                           |                  |
|                                                                                                                                                                                                                                                    | Weighted average number  of shares of common stock                       |                                                                              | ** **                                                                                |                                                  |                                                                                           |
|                                                                                                                                                                                                                                                    |                                                                          | outstanding during the  year                                                 |                                                                                           | **47,169,527**                                   |                                                                                           | 46,008,615  |
|                                                                                                                                                                                                                                                    |                                                                          |                                                                              |                                                                                           | ** **                                       |                                                                                           |                  |
| **Diluted**                                                                                                                                                                                                                                        |                                                                          | ** **                                                                   |                                                                                           |                                                  |
|                                                                                                                                                                                                                                                    | Net income (loss)  applicable to common stock                            |                                                                              | **$         (26,180)**                       |                                                  | $         67,290                        |
|                                                                                                                                                                                                                                                    | Adjustments to net  income related to Employee Stock                     |                                                                              | ** **                                                                                |                                                  |                                                                                           |
|                                                                                                                                                                                                                                                    |                                                                          | Ownership Plan (ESOP)  under the "if-converted" method:            |                                                                                           | ** **                                       |                                                                                           |                  |
|                                                                                                                                                                                                                                                    | Add:  Loss of deduction  for actual dividends paid                  |                                                                              | ** **                                                                                |                                                  |                                                                                           |
|                                                                                                                                                                                                                                                    |                                                                          |      on convertible  preferred stock, net of tax         |                                                                                           | **- **                                      |                                                                                           | 968         |
|                                                                                                                                                                                                                                                    | Deduct: Tax  benefit  lost on above @ 38.48%                        |                                                                              | **- **                                                                               |                                                  | -                                                                                    |
|                                                                                                                                                                                                                                                    | Deduct:  Additional  cash contribution equal to preferred dividends |                                                                              | ** **                                                                                |                                                  |                                                                                           |
|                                                                                                                                                                                                                                                    |                                                                          | less dividends paid at  common dividend  rate                           |                                                                                           | **- **                                      |                                                                                           | (54)             |
|                                                                                                                                                                                                                                                    | 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)        |                                                                                           | **- **                                      |                                                                                           | 434         |
|                                                                                                                                                                                                                                                    | Adjusted net income  (loss) applicable to common stock                   |                                                                              | **(26,180)**                                                                              |                                                  | 68,638                                                                               |
|                                                                                                                                                                                                                                                    |                                                                          |                                                                              |                                                                                           | ** **                                       |                                                                                           |                  |
|                                                                                                                                                                                                                                                    | Total adjusted net  income (loss) applicable to common stock             |                                                                              | **(26,180)**                                                                              |                                                  | 68,638                                                                               |
|                                                                                                                                                                                                                                                    | Total diluted net  income (loss) per common stock                        |                                                                              | **$             (0.56)** |                                                  | $             1.41  |
|                                                                                                                                                                                                                                                    |                                                                          |                                                                              |                                                                                           | ** **                                       |                                                                                           |                  |
|                                                                                                                                                                                                                                                    | Weighted average number  of shares of common stock                       |                                                                              | ** **                                                                                |                                                  |                                                                                           |
|                                                                                                                                                                                                                                                    |                                                                          | outstanding during the  year                                                 |                                                                                           | **47,169,527 **                             |                                                                                           | 46,008,615  |
|                                                                                                                                                                                                                                                    | Number of equivalent  common shares attributable to ESOP                 |                                                                              | **- **                                                                               |                                                  | 2,487,763                                                                            |
|                                                                                                                                                                                                                                                    | Common stock under  stock option grants average shares                   |                                                                              | **- **                                                                               |                                                  | 70,886                                                                               |
|                                                                                                                                                                                                                                                    |                                                                          |                                                                              |                                                                                           |                                                  |                                                                                           |                  |
|                                                                                                                                                                                                                                                    | Average diluted shares                                                   |                                                                              | **47,169,527 **                                                                      | *****                                            | 48,567,264                                                                           |
|                                                                                                                                                                                                                                                    |                                                                          |                                                                              |                                                                                           |                                                  |                                                                                           |                  |
| ******For the nine months ended**September 30, 2003**, as Cleco incurred a loss from operations, there is no assumption of  any      potentially dilutive shares in the computation of diluted earnings  per share.* |

 

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