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**EXHIBIT      11        **

**MIDSOUTH      BANCORP, INC. AND SUBSIDIARIES**

**Computation      of Earnings Per Share (Unaudited)**

**For      the Three and Nine Months Ended September 30, 2006 and      2005**

|                                                                                                                                                                                                                                                |   | **Third                Quarter** |      | **Third                Quarter** |   | **Year-to-Date**                 |   | **Year-to-Date**                 |      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|-----------|----------------------------------|--------|----------------------------------|--------|----------------------------------|-----------|
|                                                                                                                                                                                                                                                |   | **September                30,** |      | **September                30,** |   | **September                30,** |   | **September                30,** |      |
| **BASIC**                                                                                                                                                                                                                                           |   | **2006**                         |      | **2005**                         |   | **2006**                         |   | **2005**                         |      |
|                                                                                                                                                                                                                                                |   |                             |      |                             |   |                             |   |                             |      |
| Earnings:                                                                                                                                                                                                                                           |   |                             |      |                             |   |                             |   |                             |      |
| Income                applicable to common stock                                                                                                                                                                                                    |   | $                                | 2,417,137 |                             | $      | 1,633,888                        |   | $                                | 6,471,411 |   | $ | 5,597,564 |   |
|                                                                                                                                                                                                                                                |   |                             |           |                             |   |                                  |   |                             |           |   |   |  |   |
| Shares:                                                                                                                                                                                                                                             |   |                             |      |                             |   |                             |   |                             |      |   |   |   |   |
| Weighted                average number of common shares outstanding                                                                                                                                                                                 |   |                             | 6,235,994 |                             |   | 6,132,229                        |   |                             | 6,201,429 |   |   | 6,124,389 |   |
|                                                                                                                                                                                                                                                |   |                             |           |                             |   |                                  |   |                             |           |   |   |  |   |
| Earnings                per common share:                                                                                                                                                                                                           |   |                             |      |                             |   |                             |   |                             |      |   |   |   |   |
| Income                applicable to common stock                                                                                                                                                                                                    |   | $                                | 0.39      |                             | $      | 0.27                             |   | $                                | 1.04      |   | $ | 0.91 |   |
|                                                                                                                                                                                                                                                |   |                             |           |                             |   |                                  |   |                             |           |   |   |  |   |
| **DILUTED**                                                                                                                                                                                                                                         |   |                             |      |                             |   |                             |   |                             |      |   |   |   |   |
|                                                                                                                                                                                                                                                |   |                             |      |                             |   |                             |   |                             |      |   |   |   |   |
| Earnings:                                                                                                                                                                                                                                           |   |                             |      |                             |   |                             |   |                             |      |   |   |   |   |
| Net                income                                                                                                                                                                                                                           |   | $                                | 2,417,137 |                             | $      | 1,633,888                        |   | $                                | 6,471,411 |   | $ | 5,597,564 |   |
|                                                                                                                                                                                                                                                |   |                             |           |                             |   |                                  |   |                             |           |   |   |  |   |
| Weighted                average number of common shares outstanding                                                                                                                                                                                 |   |                             | 6,235,994 |                             |   | 6,132,229                        |   |                             | 6,201,429 |   |   | 6,124,389 |   |
|                                                                                                                                                                                                                                                |   |                             |      |                             |   |                             |   |                             |      |   |   |   |   |
| Assuming                exercise of options, reduced by the number of shares which could                have been                purchased with the proceeds from exercise of such options at the                average                issue price |   |                             | 110,276   |                             |   | 226,080                          |   |                             | 106,831   |   |   | 219,771 |   |
|                                                                                                                                                                                                                                                |   |                             |      |                             |   |                             |   |                             |      |   |   |   |   |
| Weighted                average number of common shares outstanding, as adjusted                                                                                                                                                                    |   |                             | 6,346,270 |                             |   | 6,358,309                        |   |                             | 6,308,260 |   |   | 6,344,160 |   |
|                                                                                                                                                                                                                                                |   |                             |           |                             |   |                                  |   |                             |           |   |   |  |   |
|                                                                                                                                                                                                                                                |   |                             |      |                             |   |                             |   |                             |      |   |   |   |   |
| Fully                diluted earnings per common share                                                                                                                                                                                              |   | $                                | 0.38      |                             | $      | 0.26                             |   | $                                | 1.02      |   | $ | 0.88 |   |

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