Cleco Corporate 10-Q 2002 Q2 Quarterly report

Exhibit 11(a)

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

	For the three months ended June 30,
	2002	2001
	(Thousands, except share and per share amounts)
Basic
Net income applicable to common stock	$         17,317	$         12,601
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Weighted average number of shares of common stock    outstanding during the period	46,025,014	45,022,622
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Basic net income per common share	$              0.38	$              0.28
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Diluted
Net income applicable to common stock	$         17,317	$         12,601
Adjustments to net 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	320	330
Add/(Deduct) additional cash contribution required,    which is equal to dividends on preferred stock    less dividends paid at the common dividend rate, net of tax	(22)	9
Add tax benefit associated with dividends    paid on allocated common shares	152	125
Adjusted income applicable to common stock	$         17,767	$         13,065
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Weighted average number of shares of common    stock outstanding during the period	46,025,014	45,022,622
Number of equivalent common shares    attributable to ESOP	2,485,748	2,549,347
Common stock under stock option grants	235,272	241,156
Average shares	48,746,034	47,813,125
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Diluted net income per common share	$              0.36	$              0.27
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