Exhibit 11

ALFA CORPORATION

STATEMENT OF COMPUTATION OF PER SHARE EARNINGS

The following computations set forth the calculation of basic and diluted net income per common share and common share equivalents for the six month and three month periods ended June 30, 2002 and 2001:

		Six Months Ended June 30,						Three Months Ended June 30,
		2002			2001			2002			2001
Net income		$	33,999,486		$	31,747,736		$	15,531,340		$	17,414,060
Weighted average number of common shares outstanding			78,607,284			78,320,404			78,771,794			78,332,642
Net income per common share—Basic		$	0.43		$	0.41		$	0.20		$	0.22

		Six Months Ended June 30,						Three Months Ended June 30,
		2002			2001			2002			2001
Net income		$	33,999,486		$	31,747,736		$	15,531,340		$	17,414,060
Weighted average number of common shares outstanding			78,607,284			78,320,404			78,771,794			78,332,642
Common share equivalents resulting from:
Dilutive stock options			825,582			581,864			833,485			628,738
Adjusted weighted average number of common and common equivalent shares outstanding			79,432,866			78,902,268			79,605,279			78,961,380
Net income per common share—Diluted		$	0.43		$	0.40		$	0.20		$	0.22