Exhibit 11

INDEPENDENCE HOLDING COMPANY

Computation of Per Share Earnings

(In Thousands, Except Per Share Amounts)

			THREE MONTHS ENDED				NINE MONTHS ENDED
			SEPTEMBER 30,				SEPTEMBER 30,
			2001		2000		2001		2000
INCOME:
	Net income		$	3,024	$	3,315	$	11,013	$	9,130
SHARES:
	Weighted average common shares
		outstanding		7,927		7,898		7,893		7,898
BASIC INCOME PER SHARE:
	Net income per share		$	.38	$	.42	$	1.40	$	1.16
DILUTED EARNINGS PER SHARE
USE OF PROCEEDS:
	Assumed exercise of options		$	6,241	$	3,812	$	6,241	$	3,793
	Tax benefit from assumed exercise
		of options	1,336		682		1,051		507
	Repurchase of treasury stock at the
		average market price per share of
		$15.55, $12.26, $14.27
		and $11.17, respectively		(7,577)		(4,494)		(7,292)		(4,300)
	Assumed balance to be invested		$	-	$	-	$	-	$	-
SHARES:
	Weighted average shares outstanding		7,927		7,898		7,893		7,898
	Shares assumed issued for options		654		475		654		473
	Treasury stock assumed purchased			(487)		(367)		(511)		(385)
	Adjusted average shares outstanding			8,094		8,006		8,036		7,986
DILUTED INCOME PER SHARE:
	Net income per share		$	.37	$	.41	$	1.37	$	1.14