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CLECO CORPORATION                                                                                                                                                                                                                                                                      EXHIBIT 11

 

Computation of Earnings Per CommonShare

|                                                                                                                         |            FOR THE    THREE MONTHS ENDED MARCH  31,                                                     |
|-------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| (Thousands, except  share and per share amounts)                                                                        | **                         2005** | ** ** |                           2004 |
| **Basic earnings per common share**                                                                                     | ** **                                                                                                                                                |  |  |
|      Income from continuing operations                                                              | ** $         9,575**                                                                                         |  |    $                13,438 |
|      Deduct:  non-participating stock dividends  (4.5% preferred stock)                        | **                  12**                                             |  |                              12 |
|      Deduct:  participating preferred stock  dividends                                         | **                483**                                                        |  |                            839 |
|      Deduct:  amount allocated to participating  preferred stock                               | **                    -**                                  |  |                              95 |
|      Income available to common stockholders from  continuing operations                            | **            9,080**                                                                              |  |                      12,492 |
|      Basic earnings per common share from  continuing operations                                    | **               0.18**                                                             |  |                           0.27 |
|      (Loss) income from discontinued operations                                                     | **              (134)**                                                                  |  |                            158 |
|      Basic earnings (loss) per common share from  discontinued operations                           | **                    -**                                  |  |                                 - |
|           Deduct:  amount allocated to  participating preferred stock | **                    -**                                  |  |                                 7 |
|           Total basic net income applicable to  common stock               | ** $         8,946**                                                                                         |  |    $                 12,643 |
|           Basic earnings per common share                                  | ** $           0.18**                                                                              |  |    $                     0.27 |
|           Weighted average common shares  outstanding                      | **   49,292,849**                                                                                                                               |  |             46,916,535 |
| **Diluted earnings per common share**                                                                                   |                                                                                                                                                           |  |  |
|      Income from continuing operations                                                              | ** $         9,575**                                                                                         |  |    $                 13,438 |
|      Deduct:  non-participating stock dividends  (4.5% preferred stock)                        | **                  12**                                             |  |                              12 |
|      Deduct:  participating preferred stock  dividends                                         | **                483**                                                        |  |                            839 |
|      Deduct:  amount allocated to participating  preferred stock                               | **                    -**                                  |  |                              95 |
|      Income available to common stockholders from  continuing operations                            | **            9,080**                                                                              |  |                      12,492 |
|      Diluted earnings per common share from  continuing operations                                  | **               0.18**                                                             |  |                           0.27 |
|      (Loss) income from discontinued operations                                                     | **              (134)**                                                                  |  |                            158 |
|      Diluted earnings (loss) per common share  from discontinued operations                         | **                    -**                                  |  |                                 - |
|           Deduct:  amount allocated to  participating preferred stock | **                    -**                                  |  |                                 7 |
|           Total diluted net income applicable to  common stock             | ** $         8,946**                                                                                         |  |    $                 12,643 |
|           Diluted earnings per common share                                | ** $           0.18**                                                                              |  |    $                     0.27 |
|           Weighted average common shares  outstanding                      | **   49,292,849**                                                                                                                               |  |             46,916,535 |
|           Common stock under stock option grants  average shares           | **          69,210**                                                                                         |  |                      43,184 |
|           Restricted stock (LTICP)                                         | **          11,564**                                                                                         |  |                      25,387 |
|           Average diluted shares                                           | **   49,373,623**                                                                                                                               |  |             46,985,106 |

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