Exhibit 11

INDEPENDENCE HOLDING COMPANY

Computation of Per Share Earnings

(In Thousands, Except Per Share Amounts)

	THREE MONTHS ENDED
	MARCH 31,
	2002		2001
INCOME:
Net income	$	3,949	$	4,061
SHARES:
Weighted average common shares outstanding		7,790		7,878
BASIC INCOME PER SHARE:
Net income per share	$	.51	$	.52
DILUTED EARNINGS PER SHARE
USE OF PROCEEDS:
Assumed exercise of options	$	7,562	$	6,242
Tax benefit from assumed exercise of options	1,830		850
Repurchase of treasury stock at the average market
price per share of $17.85 and $13.29, respectively		(9,392)		(7,092)
Assumed balance to be invested	$	-	$	-
SHARES:
Weighted average shares outstanding	7,790		7,878
Shares assumed issued for options	725		658
Treasury stock assumed purchased		(526)		(534)
Adjusted average shares outstanding		7,989		8,002
DILUTED INCOME PER SHARE:
Net income per share	$	.49	$	.51

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