Exhibit 11

ALFA CORPORATION

STATEMENT OF COMPUTATION OF PER SHARE EARNINGS

(Unaudited)

The following computations set forth the calculation of basic and diluted common share and common share equivalents for the three months ended ended March 31, 2002 and 2001:

		Three Months Ended March 31,
		2002			2001
Net income		$	18,468,147		$	14,333,676
Weighted average number of common shares outstanding			39,220,472			39,153,707
Net income per common share—Basic		$	0.47		$	0.37
		Three Months Ended March 31,
		2002			2001
Net income		$	18,468,147		$	14,333,676
Weighted average number of common shares outstanding			39,220,472			39,153,707
Common share equivalents resulting from:
Dilutive stock options			400,558			269,706
Adjusted weighted average number of common and common equivalent shares outstanding			39,621,030			39,423,413
Net income per common share—Diluted		$	0.47		$	0.36