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CLECO CORPORATION                                                                                                                                                                                                                                                                       EXHIBIT11
Computation of Earnings (Loss) PerCommon Share

                               FOR  THE YEAR ENDED DECEMBER 31,

(Thousands, except  share and per share amounts)

**                      2004**

** **

                      2003

                      2002

Basic earnings per common share

** **

     Income (loss) from continuing operations

** $     66,119**

   $          (29,768)

   $            80,373

     Deduct:  non-participating stock dividends  (4.5% preferred stock)

**                46**

                         46

                         46

     Deduct:  participating preferred stock  dividends

**          2,293**

                   2,001

                   2,092

     Deduct:  amount allocated to participating  preferred stock

**              951**

                            -

                   1,902

     Income (loss) available to common  stockholders from continuing operations

**        62,829**

               (31,815)

                 76,333

     Basic earnings (loss) per common share from  continuing operations

**            1.33**

                    (0.68)

                      1.65

     Income (loss) from discontinued operations

**                70**

                  (5,161)

                  (8,498)

     Basic earnings (loss) per common share from  discontinued operations

**                  -**

                    (0.11)

                    (0.18)

          Deduct:  amount allocated to  participating preferred stock

**                  3**

                            -

                            -

          Total basic net income (loss)  applicable to common stock

** $     62,896**

   $          (36,976)

   $             67,835

          Basic earnings (loss) per common share

** $         1.33**

   $              (0.79)

   $                 1.47

          Weighted average common shares outstanding

** 47,371,319**

        46,820,058

        46,245,104

Diluted earnings per common share

     Income (loss) from continuing operations

** $     66,119**

   $          (29,768)

   $             80,373

     Deduct:  non-participating stock dividends (4.5%  preferred stock)

**                46**

                         46

                         46

     Deduct:  participating preferred stock  dividends

**          2,293**

                   2,001

                   2,092

     Deduct:  amount allocated to participating  preferred stock

**              951**

                            -

                   1,902

     Income (loss) available to common  stockholders from continuing operations

**        62,829**

               (31,815)

                 76,333

     Diluted earnings (loss) per common share  from continuing operations

**             1.32**

                    (0.68)

                      1.65

     Income (loss) from discontinued operations

**                70**

                  (5,161)

                  (8,498)

     Diluted earnings (loss) per common share  from discontinued operations

**                   -**

                    (0.11)

                    (0.18)

          Deduct:  amount allocated to  participating preferred stock

**                  3**

                            -

                            -

          Total diluted net income (loss)  applicable to common stock

** $     62,896**

   $           (36,976)

   $             67,835

          Diluted earnings (loss) per common  share

** $         1.32**

   $               (0.79)

   $                 1.47

          Weighted average common shares  outstanding

** 47,371,319**

        46,820,058

        46,245,104

          Common stock under stock option grants  average shares

**        38,219**

                    -   

                 46,954

          Restricted stock (LTICP)

**      119,348**

                            -

                            -

          Average diluted shares

** 47,528,886**

        46,820,058

        46,292,058