**EXHIBIT 11**

**CLECO CORPORATIONCOMPUTATION OF NET (LOSS) INCOME PER COMMON SHARE**

|         |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          | For the years ended December 31,                |
|---------|-------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|---------------------------------------------------------------|--------------------------------------------------------------------------|-------------------------------------------------|
|         |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          | **2003**                                        |   | 2002 |   | 2001 |
|         |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          | (Thousands, except share and per share amounts) |
| Basic   |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          |                                                 |  |  |  |
|         | Net (loss) income  from  continuing operations                                 |                                                                                                                                    |                                                                                                               | **$     (34,929)**                                                               |                                                                                                           | $       71,875                        |                                                               | $      72,273                              |
|         | Preferred dividend  requirements, net                                               |                                                                                                                                    |                                                                                                               |                                                                                                           | **(1,861)**                                                                                               |                                                                               | (1,872)                                                       |                                                                          | (1,876)                                         |
|         |                                                                                     | Net (loss) income  applicable  to common stock from                                                                           |                                                                                                               | ** **                                                                                                |                                                                                                           |                                                                               |                                                               |                                                                          |
|         |                                                                                     |                                                                                                                                    | continuing operations                                                                                         |                                                                                                           |                                                                                                           |                                                                               |                                                               | **(36,790)**                                                             |                                                 | 70,003  |  | 70,397  |
|         | Basic net (loss) income per  common share from continuing operations                | **$         (0.79)**                                                                  |                                                                                                               | $           1.51                              |                                                                                                           | $           1.56       |
|         |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          | ** **                                      |  |  |  |  |
|         | Loss from discontinued  operation, net                                              |                                                                                                                                    |                                                                                                               |                                                                                                           | **- **                                                                                               |                                                                               | -                                                        |                                                                          | (2,035)                                         |
|         | Basic loss per common share  from discontinued operation                            |                                                                                                                                    | **$                 - ** |                                                                                                           | $                 -  |                                                                               | $         (0.04) |
|         |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          | ** **                                      |  |  |  |  |
|         | Total basic net (loss) income  applicable to common stock                      |                                                                                                                                    | **(36,790)**                                                                                                  |                                                                                                           | 70,003                                                                                               |                                                                               | 68,362                                                   |
|         | Total basic net (loss) income  per common share                                |                                                                                                                                    |                                                                                                               | **$         (0.79)**                                         |                                                                                                           | $           1.51  |                                                               | $           1.52  |
|         |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          | ** **                                      |  |  |  |  |
|         | Weighted average number of  shares of common stock                                  |                                                                                                                                    |                                                                                                               | ** **                                                                                                |                                                                                                           |                                                                               |                                                               |                                                                          |
|         |                                                                                     | outstanding during the year                                                                                                        |                                                                                                               |                                                                                                           |                                                                                                           | **46,820,058 **                                                          |                                                               | 46,245,104                                                          |                                                 | 45,000,955  |
|         |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          | ** **                                      |  |  |  |  |
| Diluted |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               | ** **                                                    |                                                                          |                                                 |  |  |
|         | Net (loss) income  applicable  to common stock from continuing operations      | **$     (36,790)**                                                                                        |                                                                                                               | $       70,003                                                    |                                                                                                           | $      70,397                              |
|         | Adjustments to net (loss) income  related to                                   |                                                                                                                                    |                                                                                                               | ** **                                                                                                |                                                                                                           |                                                                               |                                                               |                                                                          |
|         |                                                                                     | ESOP under the  "if-converted" method:                                                                                   |                                                                                                               |                                                                                                           | ** **                                                                                                |                                                                               |                                                               |                                                                          |                                                 |
|         | Add loss of deduction from  net income for actual                                   |                                                                                                                                    |                                                                                                               | ** **                                                                                                |                                                                                                           |                                                                               |                                                               |                                                                          |
|         |                                                                                     | dividends paid on  convertible preferred stock, net of tax                                                                         |                                                                                                               | **- **                                                                                               |                                                                                                           | 1,287                                                                    |                                                               | 1,325                                                               |
|         | Deduct additional cash  contribution required which is equal to                     | ** **                                                                                                                         |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |
|         |                                                                                     | dividends on preferred stock  less dividends paid at the common                                                                    | ** **                                                                                                    |                                                                                                           |                                                                                                           |                                                                               |                                                               |
|         |                                                                                     | dividend rate, net of tax                                                                                                          |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               | **- **                                                   |                                                                          | (74)                                            |  | (37) |
|         | Add tax benefit associated  with dividends paid on allocated common shares          |                                                                                                                                    | **- **                                                                                                   |                                                                                                           | 590                                                                                                  |                                                                               | 526                                                      |
|         | Adjusted (loss) income   applicable to common stock from continuing operations | **(36,790)**                                                                                                                       |                                                                                                               | 71,806                                                                                               |                                                                                                           | 72,211                                                                   |
|         | Diluted net (loss) income   per share from continuing operations               | **$         (0.79)**                                                                  |                                                                                                               | $           1.47                              |                                                                                                           | $          1.51        |
|         |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          | ** **                                      |  |  |  |  |
|         | Loss from discontinued  operation, net                                              |                                                                                                                                    |                                                                                                               |                                                                                                           | **- **                                                                                               |                                                                               | -                                                        |                                                                          | (2,035)                                         |
|         | Diluted net  loss  per share from discontinued operation                            | **$                 - **                      |                                                                                                               | $                 -  |                                                                                                           | $         (0.04)                 |
|         |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          | ** **                                      |  |  |  |  |
|         | Total adjusted net (loss) income  applicable to common stock                   | **(36,790)**                                                                                                                       |                                                                                                               | 71,806                                                                                               |                                                                                                           | 70,176                                                                   |
|         |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          | ** **                                      |  |  |  |  |
|         | Total diluted net (loss) income  per common stock                              |                                                                                                                                    |                                                                                                               | **$         (0.79)**                                         |                                                                                                           | $           1.47  |                                                               | $           1.47  |
|         |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          | ** **                                      |  |  |  |  |
|         | Weighted average number of  shares of common stock                                  |                                                                                                                                    |                                                                                                               | ** **                                                                                                |                                                                                                           |                                                                               |                                                               |                                                                          |
|         |                                                                                     | outstanding during the year                                                                                                        |                                                                                                               |                                                                                                           |                                                                                                           | **46,820,058 **                                                          |                                                               | 46,245,104                                                          |                                                 | 45,000,955  |
|         | Number of equivalent common  shares attributable to ESOP                            |                                                                                                                                    | **- **                                                                                                   |                                                                                                           | 2,479,806                                                                                            |                                                                               | 2,550,234                                                |
|         | Common stock under stock  option grants average shares                              |                                                                                                                                    | **- **                                                                                                   |                                                                                                           | 46,954                                                                                               |                                                                               | 212,524                                                  |
|         |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          | ** **                                      |  |  |  |  |
|         | Average diluted shares                                                              |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           | **46,820,058 **                                                          | *                                                             | 48,771,864                                                          |                                                 | 47,763,713  |
|         |                                                                                     |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          | ** **                                      |  |  |  |  |
| *****   | *For the year ended  December 31, 2003, as Cleco incurred a loss from*              |                                                                                                                                    |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |
|         |                                                                                     | *operations, there is no  assumption of any potentially dilutive shares in the computation of diluted  (loss) earnings per share.* |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |
|         |                                                                                |                                                                                                                               |                                                                                                               |                                                                                                           |                                                                                                           |                                                                               |                                                               |                                                                          |                                                 |