Exhibit 11

INDEPENDENCE HOLDING COMPANY

Computation of Per Share Earnings

(In Thousands, Except Per Share Amounts)

	THREE MONTHS ENDED
	MARCH 31,
	2001		2000
INCOME:
Net income	$	4,061	$	2,358
SHARES:
Weighted average common shares outstanding		7,878		7,898
BASIC INCOME PER SHARE:
Net income per share	$	.52	$	.30
DILUTED EARNINGS PER SHARE (A)
USE OF PROCEEDS:
Assumed exercise of options	$	6,242	$	1,435
Tax benefit from assumed exercise of options	850		414
Repurchase of treasury stock at the average market
price per share of $13.29 and $10.48, respectively		(7,092)		(1,849)
Assumed balance to be invested	$	-	$	-
SHARES:
Weighted average shares outstanding	7,878		7,898
Shares assumed issued for options	658		253
Treasury stock assumed purchased		(534)		(176)
Adjusted average shares outstanding		8,002		7,975
DILUTED INCOME PER SHARE:
Net income per share	$	.51	$	.30

(A) Warrants were not assumed to be exercised as the effect would have been anti-dilutive.