1
EXHIBIT 11
CLECO CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
(In thousands, except share and
per share amounts)
1999 1998
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BASIC
Net income applicable to common stock $ 25,152 $ 22,320
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Weighted average number of shares of common stock outstanding
during the period 22,505,272 22,484,269
============ ============
Basic net income per common share $ 1.12 $ 0.99
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DILUTED
Net income applicable to common stock $ 25,152 $ 22,320
Adjustments to net income related to Employee Stock Ownership Plan (ESOP) under
the "if-converted" method: Add loss of deduction from net income for actual
dividends paid on convertible preferred stock, net of tax 348 359
Deduct additional cash contribution required which is equal to
dividends on preferred stock less dividends paid at the
common dividend rate, net of tax (7) (15)
Add tax benefit associated with dividends paid on allocated
common shares 99 91
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Adjusted income applicable to common stock $ 25,592 $ 22,755
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Weighted average number of shares of common stock outstanding
during the period 22,505,272 22,484,269
Number of equivalent common shares attributable to ESOP 1,336,864 1,377,265
Common stock under stock option grants -- 4,963
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Average shares 23,842,136 23,866,497
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Diluted net income per common share $ 1.07 $ 0.95
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2
EXHIBIT 11
CLECO CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
(In thousands, except share and
per share amounts)
1999 1998
------------ ------------
BASIC
Net income applicable to common stock $ 46,886 $ 43,280
============ ============
Weighted average number of shares of common stock outstanding
during the period 22,511,688 22,478,499
============ ============
Basic net income per common share $ 2.08 $ 1.93
============ ============
DILUTED
Net income applicable to common stock $ 46,886 $ 43,280
Adjustments to net income related to Employee Stock Ownership Plan (ESOP) under
the "if-converted" method: Add loss of deduction from net income for actual
dividends paid on convertible preferred stock, net of tax 1,055 1,077
Deduct additional cash contribution required which is equal to
dividends on preferred stock less dividends paid at the
common dividend rate, net of tax (21) (54)
Add tax benefit associated with dividends paid on allocated
common shares 283 262
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Adjusted income applicable to common stock $ 48,203 $ 44,565
============ ============
Weighted average number of shares of common stock outstanding
during the period 22,511,688 22,478,499
Number of equivalent common shares attributable to ESOP 1,350,147 1,381,675
Common stock under stock option grants 146 6,085
------------ ------------
Average shares 23,861,981 23,866,259
============ ============
Diluted net income per common share $ 2.02 $ 1.87
============ ============