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, 2004 and 2003:

		Six Months Ended June 30,						Three Months Ended June 30,
		2004			2003			2004			2003
Net income		$	46,043,018		$	37,917,449		$	20,566,131		$	19,187,821
Weighted average number of common shares outstanding			80,068,036			79,468,821			80,039,000			79,605,514
Net income per common share – Basic		$	0.58		$	0.48		$	0.26		$	0.24
		Six Months Ended June 30,						Three Months Ended June 30,
		2004			2003			2004			2003
Net income		$	46,043,018		$	37,917,449		$	20,566,131		$	19,187,821
Weighted average number of common shares outstanding			80,068,036			79,468,821			80,039,000			79,605,514
Common share equivalents resulting from:
Dilutive stock options			522,763			596,593			492,351			621,359
Adjusted weighted average number of common and common equivalent shares outstanding			80,590,799			80,065,414			80,531,351			80,226,873
Net income per common share – Diluted		$	0.57		$	0.47		$	0.26		$	0.24