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CLECO CORPORATION
COMPUTATION OF NET INCOME BEFORE EXTRAORDINARY ITEM PER COMMON SHARE
(Unaudited)
<TABLE>
<CAPTION>
(In thousands, except share
and per share amounts)
for the Nine Months Ended September 30
2000 1999
---- ----
<S> <C> <C>
BASIC
Net income before extraordinary item and after preferred
dividend requirements, net $ 55,879 $ 46,886
============= =============
Weighted average number of shares of common
stock outstanding during the period 22,467,360 22,511,703
Basic net income per common share, before
extraordinary item and after preferred dividend
requirements, net $ 2.49 $ 2.08
============= =============
DILUTED
Net income before extraordinary item and after preferred
dividend requirements, net $ 55,879 $ 46,886
------------- ------------
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 1,025 1,055
------------- ------------
Deduct additional cash contribution
required, which is equal to dividends
on preferred stock less dividends
paid at the common dividend rate, net of tax (4) (21)
------------- ------------
Add tax benefit associated with dividends
paid on allocated common shares 346 283
------------- ------------
Adjusted income applicable to common stock before
extraordinary item and after preferred dividend
requirements, net $ 57,246 $ 48,203
============= =============
Weighted average number of shares of common
stock outstanding during the period 22,467,360 22,511,703
Number of equivalent common shares
attributable to ESOP 1,317,905 1,350,132
------------- -------------
Common stock under stock option grants 16,674 146
------------- -------------
Average shares 23,801,939 23,861,981
Diluted net income per common share $ 2.40 $ 2.02
============= ============
</TABLE>
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