Cleco Corporate 10-Q 2001 Q3 Quarterly report

Exhibit 11(c)

CLECO CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE
(UNAUDITED)

	For the nine months ended September 30
	2001	2000
	(Thousands, except share and per share amounts)
BASIC
Net income applicable to common stock	$      53,417	$      58,386
	========	========
Weighted average number of shares of common      stock outstanding during the period	45,008,890	44,934,720
	========	========
Basic net income per common share	$          1.19	$          1.30
	========	========
DILUTED
Net income applicable to common stock	$       53,417	$      58,387
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	997	1,024
Deduct additional cash contribution    required, which is equal to dividends    on preferred stock less dividends    paid at the common dividend rate, net    of tax	(24)	(3)
Add tax benefit associated with dividends    paid on allocated common shares	384	346
Adjusted income applicable to common stock	$      54,774	$      59,754
	========	========
Weighted average number of shares of common    stock outstanding during the period	45,008,890	44,934,720
Number of equivalent common shares    attributable to ESOP	2,557,946	2,635,810
Common stock under stock option grants	250,336	33,348
Average shares	47,817,172	47,603,878
	========	========
Diluted net income per common share	$          1.14	$          1.25
	========	========