EXHIBIT 11





|CLECO CORPORATION                                                                                                                                                          
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|COMPUTATION OF NET INCOME PER COMMON SHARE                                                                                                                                 
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|BASIC                                                                                                                                                                      
|Net income from continuing operations                                                                                                                                      
|Preferred dividend requirements, net                                                                                                                                       
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|Net income applicable to common stock from continuing 
               operations                                                                                           
|Basic net income per common share from continuing operations                                                                                                               
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|Loss from discontinued operation, net                                                                                                                                      
|Basic loss per common share from discontinued operation                                                                                                                    
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|Extraordinary item, net                                                                                                                                                    
|Basic net gain per common share                                                                                                                                            
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|Total basic net income applicable to common stock                                                                                                                          
|Total basic net income per common share                                                                                                                                    
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|Weighted average number of shares of common stock
          outstanding during the year                                                                                    
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|DILUTED                                                                                                                                                                    
|Net income applicable to common stock from continuing operations                                                                                                           
|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                                             
|Deduct additional cash contribution required which is equal to
          dividends on preferred stock less dividends paid at the common
          dividend rate, net of tax
|Add tax benefit associated with dividends paid on allocated
          common shares                                                                                        
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|Adjusted income applicable to common stock from continuing
          operations                                                                                            
|Diluted net income per share from continuing operations                                                                                                                    
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|Loss from discontinued operation, net                                                                                                                                      
|Diluted net income per share from discontinued operation                                                                                                                   
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|Extraordinary item, net                                                                                                                                                    
|Diluted net gain per share from extraordinary item                                                                                                                         
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|Total adjusted net income applicable to common stock                                                                                                                       
|Total diluted net income per common stock                                                                                                                                  
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|Weighted average number of shares of common stock outstanding
          during the year                                                                                    
|Number of equivalent common shares attributable to ESOP                                                                                                                    
|Common stock under stock option grants average shares                                                                                                                      
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|Diluted net income per common share                                                                                                                                        
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