TECO ENERGY, INC.                   EXHIBIT 11
                                               COMPUTATIONS OF EARNINGS PER COMMON SHARE
Year ended Dec. 31,                 1995                       1994                    1993          

                                           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)              $ 186.1      $ 186.1       $ 153.2     $ 153.2      $ 150.3    $ 150.3 
Cumulative effect of 
 change in accounting 
 principle (1)                   --           --            --          --         11.2       11.2 
Net income (1)              $ 186.1      $ 186.1       $ 153.2     $ 153.2      $ 161.5    $ 161.5 
Common shares 
 outstanding at 
 beginning of year(1)(2)      116.2        116.2         115.6       115.6        115.0      115.0 
Dividend reinvestment
 and common stock 
 purchase plan:
  Shares issued(1)(2)            .2           .2            .3          .3           .1         .1 
Stock option plans: 
  Options exercised(1)(2)        .1           .1            --          --           .2         .2 
  Shares under option
   at end of year(1)(2)          --          2.4            --         2.1           --        1.7 
Treasury shares which
 could be purchased(1)(2)        --         (1.8)           --        (1.9)          --       (1.3)
Average number of 
 shares outstanding(1)(2)     116.5        117.1         115.9       116.1        115.3      115.7 
Earnings per average 
 common share outstanding:
  Before cumulative 
  effect of change in 
  accounting principle       $ 1.60      $  1.59       $  1.32     $  1.32      $  1.30    $  1.30 
  Cumulative effect of
  change in accounting
  principle                      --           --            --          --          .10        .10 
Earnings per average 
  common share 
  outstanding                $ 1.60       $ 1.59       $  1.32     $  1.32      $  1.40    $  1.40 

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





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