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 nine month and three month periods ended September 30, 2002 and 2001:

		Nine Months Ended September 30,						Three Months Ended September 30,
		2002			2001			2002			2001
Net income		$	51,449,600		$	50,343,269		$	17,450,114		$	18,595,533
Weighted average number of common shares     outstanding			78,697,826			78,315,714			78,875,959			78,306,490
Net income per common share - Basic		$	0.65		$	0.64		$	0.22		$	0.24

		Nine Months Ended September 30,						Three Months Ended September 30,
		2002			2001			2002			2001
Net income		$	51,449,600		$	50,343,269		$	17,450,114		$	18,595,533
Weighted average number of common shares     outstanding			78,697,826			78,315,714			78,875,959			78,306,490
Common share equivalents resulting from:
Dilutive stock options			775,564			632,556			691,573			731,656
Adjusted weighted average number of common     and common equivalent shares outstanding			79,473,390			78,948,270			79,567,532			79,038,146
Net income per common share - Diluted		$	0.65		$	0.64		$	0.22		$	0.24