Exhibit 11

Statement re computation of per share earnings.

TORCHMARK CORPORATION
COMPUTATION OF EARNINGS PER SHARE

	Three months ended September 30,
	2002		2001
Income before extraordinary item	$	117,375,000	$	104,875,000
Loss on redemption of debt (net of applicable tax benefit)		0		(1,060,000	)
Net Income	$	117,375,000	$	103,815,000
Basic weighted average shares and common stock equivalents outstanding		119,198,148		125,190,233
Diluted weighted average shares and common stock equivalents outstanding		119,506,152		126,022,771
Basic earnings per share:
Income before extraordinary item	$	0.98	$	0.84
Loss on redemption of debt (net of applicable tax benefit)		0.00		(0.01	)
Net Income	$	0.98	$	0.83
Diluted earnings per share:
Income before extraordinary item	$	0.98	$	0.83
Loss on redemption of debt (net of applicable tax benefit)		0.00		(0.01	)
Net Income	$	0.98	$	0.82

(Continued on following page)

TORCHMARK CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(Continued)

	Nine months ended September 30,
	2002			2001
Income from continuing operations before extraordinary item and cumulative     effect of change in accounting principle	$	278,243,000		$	305,416,000
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		278,243,000			302,136,000
Loss on redemption of debt (net of applicable tax benefit)		(2,000	)		(2,165,000	)
Income before cumulative effect of change in accounting principle		278,241,000			299,971,000
Cumulative effect of change in accounting principle (net of applicable tax     benefit)		0			(26,584,000	)
Net Income	$	278,241,000		$	273,387,000
Basic weighted average shares and common stock equivalents outstanding		120,890,358			125,534,606
Diluted weighted average shares and common stock equivalents outstanding		121,334,324			126,324,519
Basic earnings per share:
Income from continuing operations before extraordinary item and cumulative     effect of change in accounting principle	$	2.30		$	2.43
Loss from discontinued operations (net of applicable tax benefit)		0.00			(0.02	)
Income before extraordinary item and cumulative effect of change in     accounting principle		2.30			2.41
Loss on redemption of debt (net of applicable tax benefit)		0.00			(0.02	)
Income before cumulative effect of change in accounting principle		2.30			2.39
Cumulative effect of change in accounting principle (net of applicable tax     benefit)		0.00			(0.21	)
Net Income	$	2.30		$	2.18
Diluted earnings per share:
Income from continuing operations before extraordinary item and cumulative     effect of change in accounting principle	$	2.29		$	2.42
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		2.29			2.39
Loss on redemption of debt (net of applicable tax benefit)		0.00			(0.02	)
Income before cumulative effect of change in accounting principle		2.29			2.37
Cumulative effect of change in accounting principle (net of applicable tax     benefit)		0.00			(0.21	)
Net Income	$	2.29		$	2.16