Cleco Corporate 10-K 2003 FY Annual report

EXHIBIT 11

CLECO CORPORATION
COMPUTATION 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.