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 three month periods ended March 31, 2004 and 2003:

		Three Months Ended March 31,
		2004			2003
Net income		$	25,476,887		$	18,729,628
Weighted average number of common shares outstanding			80,097,071			79,330,609
Net income per common share - Basic		$	0.32		$	0.24
		Three Months Ended March 31,
		2004			2003
Net income		$	25,476,887		$	18,729,628
Weighted average number of common shares outstanding			80,097,071			79,330,609
Common share equivalents resulting from:
Dilutive stock options			555,130			572,659
Adjusted weighted average number of common and common equivalent shares outstanding			80,652,201			79,903,268
Net income per common share - Diluted		$	0.32		$	0.23