Cleco Power LLC · 10-Q · For 3/31/96 · EX-11

Filed On 5/15/96   ·   SEC File 1-05663   ·   Accession Number 18672-96-5

Quarterly Report   ·   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Central Louisiana Electric Co. First Quarter 1996     15     66K 
                          10q                                                    
 2: EX-11       Net Income Per Common Share                            2±     7K 
 3: EX-12       Earnings to Fixed Charges                              1      7K 
 4: EX-15       Awareness Letter                                       1      7K 
 5: EX-27     · Financial Data Schedule Ut                             2      8K 

EX-11   ·   Net Income Per Common Share

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                   CENTRAL LOUISIANA ELECTRIC COMPANY, INC.               
                  COMPUTATION OF NET INCOME PER COMMON SHARE              
                     For the three months ended March 31,                 
                                 (Unaudited)                              



                                             (In thousands, except share  
                                                and per share amounts)    

                                                  1996            1995    
                                               ----------      ---------- 
                                                                          
PRIMARY                                                                   

Net income applicable to common stock          $    9,516      $    7,582 
                                               ==========      ========== 

Weighted average number of shares of                                      
  common stock outstanding during the                                     
  period                                       22,437,134      22,406,616 

Common stock under stock option grants             11,450          14,126 
                                               ----------      ---------- 
  Average shares                               22,448,584      22,420,742 
                                               ==========      ========== 

Primary net income per common share            $     0.42      $     0.34 
                                               ==========      ========== 

FULLY DILUTED                                                             

Net income applicable to common stock          $    9,516      $    7,582 

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         366             369 
    Deduct additional cash contribution required                          
      which is equal to dividends on preferred                            
      stock less dividends paid at the common                             
      dividend rate, net of tax                       (42)            (50)
    Add tax benefit associated with dividends                             
     paid on allocated common shares                   53              40 
                                               ----------      ---------- 
Adjusted income applicable to common stock     $    9,893      $    7,941 
                                               ==========      ========== 
Weighted average number of shares of                                      
  common stock outstanding during the                                     
  period                                       22,437,134      22,406,616 

Number of equivalent common shares                                        
  attributable to ESOP                          1,407,852       1,418,262 

Common stock under stock option grants             11,494          14,526 
                                               ----------      ---------- 
  Average shares                               23,856,480      23,839,404 
                                               ==========      ========== 

Fully diluted net income per common share      $     0.41      $     0.33 
                                               ==========      ==========