TECO ENERGY, INC.                                  EXHIBIT 11
                                   COMPUTATIONS OF EARNINGS PER COMMON SHARE
     Year ended Dec. 31,                1994                       1993                  1992          

                                                Fully                     Fully                   Fully 
                                Primary       Diluted       Primary     Diluted     Primary     Diluted 
                                Earnings     Earnings      Earnings    Earnings     Earnings   Earnings 
                                                                  
     Income before 
      cumulative effect of 
      change in accounting 
      principle (1)          $   153,177  $   153,177   $   150,308 $   150,308  $   149,028$   149,028 
     Cumulative effect of 
      change in accounting 
      principle (1)                   --           --        11,228      11,228           --         -- 
     Net income (1)          $   153,177  $   153,177   $   161,536 $   161,536  $   149,028$   149,028 

     Common shares 
      outstanding at 
      beginning of year(2)   115,621,008  115,621,008   114,965,602 114,965,602  114,219,144114,219,144 
     Dividend reinvestment
      and common stock 
      purchase plan:
       Shares issued(2)          266,955      266,955       173,524     173,524      170,642    170,642 
     Stock option plans: 
       Options exercised(2)       34,686       34,686       200,494     200,494      221,002    221,002 
       Shares under option
        at end of year(2)             --    2,084,172            --   1,716,672           --  1,601,872 
     Treasury shares which
      could be purchased(2)           --   (1,905,138)           --  (1,341,523)          -- (1,226,215)
     Average number of 
      shares outstanding(2)  115,922,649  116,101,683   115,339,620 115,714,769  114,610,788 114,986,445 

     Earnings per average 
      common share outstanding:
       Before cumulative 
       effect of change in 
       accounting principle  $      1.32  $      1.32   $      1.30  $     1.30  $      1.30 $     1.30 
       Cumulative effect of
       change in accounting
       principle                      --           --           .10         .10           --         -- 
     Earnings per average 
       common share 
       outstanding           $      1.32  $      1.32   $      1.40 $      1.40  $      1.30 $     1.30 

     (1)  Thousands of dollars.
     (2)  Restated to reflect a two-for-one stock split on Aug. 30, 1993.


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