Exhibit 11.    Statement re computation of per share earnings.

TORCHMARK CORPORATION

COMPUTATION OF EARNINGS PER SHARE

	Three months ended June 30,
	2002		2001
Income before extraordinary item and cumulative effect of change in accounting principle	$	62,712,000	$	100,838,000
Loss on redemption of debt (net of applicable tax benefit)		0		(1,080,000	)
Income before cumulative effect of change in accounting principle		62,712,000		99,758,000
Cumulative effect of change in accounting principle (net of applicable tax benefit)		0		(26,584,000	)
Net Income	$	62,712,000	$	73,174,000
Basic weighted average shares and common stock equivalents outstanding		121,100,829		125,239,923
Diluted weighted average shares and common stock equivalents outstanding		121,693,713		126,130,751
Basic earnings per share:
Income before extraordinary item and cumulative effect of change in accounting principle	$	0.52	$	0.81
Loss on redemption of debt (net of applicable tax benefit)		0.00		(0.01	)
Income before cumulative effect of change in accounting principle		0.52		0.80
Cumulative effect of change in accounting principle (net of applicable tax benefit)		0.00		(0.22	)
Net Income	$	0.52	$	0.58
Diluted earnings per share:
Income before extraordinary item and cumulative effect of change in accounting principle	$	0.52	$	0.80
Loss on redemption of debt (net of applicable tax benefit)		0.00		(0.01	)
Income before cumulative effect of change in accounting principle		0.52		0.79
Cumulative effect of change in accounting principle (net of applicable tax benefit)		0.00		(0.21	)
Net Income	$	0.52	$	0.58

TORCHMARK CORPORATION

COMPUTATION OF EARNINGS PER SHARE

(Continued)

	Six months ended June 30,
	2002			2001
Income from continuing operations before extraordinary item and cumulative effect of change in accounting principle	$	160,868,000		$	200,541,000
Loss from discontinued operations (net of applicable tax benefit)		0			(3,280,000	)
Income before extraordinary item and cumulative effect of change in accounting principle		160,868,000			197,261,000
Loss on redemption of debt (net of applicable tax benefit)		(2,000	)		(1,105,000	)
Income before cumulative effect of change in accounting principle		160,866,000			196,156,000
Cumulative effect of change in accounting principle (net of applicable tax benefit)		0			(26,584,000	)
Net Income	$	160,866,000		$	169,572,000
Basic weighted average shares and common stock equivalents outstanding		121,750,488			125,709,646
Diluted weighted average shares and common stock equivalents outstanding		122,304,713			126,445,317
Basic earnings per share:
Income from continuing operations before extraordinary item and cumulative effect of change in accounting principle	$	1.32		$	1.60
Loss from discontinued operations (net of applicable tax benefit)		0.00			(0.03	)
Income before extraordinary item and cumulative effect of change in accounting principle		1.32			1.57
Loss on redemption of debt (net of applicable tax benefit)		0.00			(0.01	)
Income before cumulative effect of change in accounting principle		1.32			1.56
Cumulative effect of change in accounting principle (net of applicable tax benefit)		0.00			(0.21	)
Net Income	$	1.32		$	1.35
Diluted earnings per share:
Income from continuing operations before extraordinary item and cumulative effect of change in accounting principle	$	1.32		$	1.59
Loss from discontinued operations (net of applicable tax benefit)		0.00			(0.03	)
Income before extraordinary item and cumulative effect of change in accounting principle		1.32			1.56
Loss on redemption of debt (net of applicable tax benefit)		0.00			(0.01	)
Income before cumulative effect of change in accounting principle		1.32			1.55
Cumulative effect of change in accounting principle (net of applicable tax benefit)		0.00			(0.21	)
Net Income	$	1.32		$	1.34