Exhibit 11. Statement re computation of per share earnings.

TORCHMARK CORPORATION

COMPUTATION OF EARNINGS PER SHARE

	Three months ended September 30,
	2003		2002
Net Income	$	107,882,000	$	117,375,000
Basic weighted average shares outstanding		113,651,952		119,198,148
Diluted weighted average shares and common stock equivalents outstanding		114,254,065		119,506,152
Basic net income per share	$	0.95	$	0.98
Diluted net income per share	$	0.94	$	0.98

	Nine months ended September 30,
	2003		2002
Net Income	$	318,107,000	$	278,241,000
Basic weighted average shares outstanding		115,491,021		120,890,358
Diluted weighted average shares and common stock equivalents outstanding		115,914,883		121,334,324
Basic net income per share	$	2.75	$	2.30
Diluted net income per share	$	2.74	$	2.29