CLECO CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE
(Unaudited)
<TABLE>
<CAPTION>
(In thousands, except share
and per share amounts)
For the Three Months Ended September 30
2000 1999
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<S> <C> <C>
BASIC
Net income applicable to common stock $ 29,677 $ 25,152
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Weighted average number of shares of common
stock outstanding during the period 22,488,037 22,505,311
Basic net income per common share $ 1.32 $ 1.12
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DILUTED
Net income applicable to common stock $ 29,677 $ 25,152
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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 340 348
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Add/(Deduct) additional cash contribution
required, which is equal to dividends
on preferred stock less dividends
paid at the common dividend rate, net
of tax (1) (7)
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Add tax benefit associated with dividends
paid on allocated common shares 120 99
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Adjusted income applicable to common stock $ 30,136 $ 25,592
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Weighted average number of shares of common
stock outstanding during the period 22,488,037 22,505,311
Number of equivalent common shares
attributable to ESOP 1,298,952 1,336,903
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Common stock under stock option grants 44,133 -
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Average shares 23,831,122 23,842,136
Diluted net income per common share $ 1.26 $ 1.07
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