EXHIBIT 11
Cleco Corporation
Computation of Net Income Per Common Share
For the years ended December 31,
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2000 1999 1998
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(Thousands, except share and per
share amounts)
BASIC
Net income from continuing operations. $ 69,335 $ 58,070 $ 53,970
Preferred dividend requirements, net.. (1,870) (2,010) (2,137)
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Net income applicable to common stock
from continuing operations........... 67,465 56,060 51,833
Basic net income per common share from
continuing operations................ $ 3.00 $ 2.49 $ 2.31
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Loss from discontinued operation, net. (6,861) (1,304) (169)
Basic loss per common share from
discontinued operation............... $ (0.30) $ (0.06) $ (0.01)
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Extraordinary item, net............... 2,508 -- --
Basic net gain per common share....... $ 0.11 $ -- $ --
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Total basic net income applicable to
common stock......................... 63,112 54,756 51,664
Total basic net income per common
share................................ $ 2.81 $ 2.43 $ 2.30
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Weighted average number of share of
common stock outstanding during the
year................................. 22,473,859 22,501,324 22,480,163
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DILUTED
Net income applicable to common stock
from continuing operations........... $ 67,465 $ 56,060 $ 51,833
Adjustments to net income related to
Employee Stock Ownership Plan (ESOP)
under the "if-converted" method
Add loss o deduction from net income
for actual dividends paid on
convertible preferred stock, net of
tax.................................. 1,362 1,403 1,435
Deduct additional cash contribution
required which is Equal to dividends
on preferred stock less dividends
paid at the common dividend rate, net
of tax............................... (2) (36) (70)
Add tax benefit associated with
dividends paid on Allocated common
shares............................... 470 356 342
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Adjusted income applicable to common
stock from continuing operations..... 69,295 57,783 53,540
Diluted net income per share from
continuing operations................ $ 2.91 $ 2.42 $ 2.24
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Loss from discontinued operation, net. (6,861) (1,304) (169)
Diluted net income per share from
discontinued operation............... $ (0.29) $ (0.05) $ --
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Extraordinary item, net............... 2,508 -- --
Diluted net gain per share from
extraordinary item................... $ 0.10 $ -- $ --
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Total adjusted net income applicable
to common stock...................... 64,942 56,479 53,371
Total diluted net income per common
stock................................ $ 2.72 $ 2.37 $ 2.24
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Weighted average number of shares of
common Stock outstanding during the
year................................. 22,473,859 22,501,324 22,480,163
Number of equivalent common shares
attributable To ESOP................. 1,313,516 1,347,081 1,380,614
Common stock under stock option grants
Average shares....................... 40,102 110 6,681
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Diluted net income per common share... 23,827,477 23,848,515 23,867,458
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