EXHIBIT 11

INDEPENDENCE HOLDING COMPANY

Computation of Per Share Earnings

(In Thousands, Except Per Share Amounts)

                                                            THREE MONTHS ENDED           SIX MONTHS ENDED

                                                                            JUNE 30,                                      JUNE 30,

                                                                       2002                     2001                 2002               2001

INCOME:
	Net Income				$	4,093		$		3,928				$			8,042			$	7,989
SHARES:
	Weighted average common shares
			outstanding				7,787				7,875							7,787			7,876
BASIC INCOME PER SHARE:
	Net income per share				$	.53			$				.50	$					1.03	$		1.01
DILUTED EARNINGS PER SHARE
USE OF PROCEEDS:
		Assumed exercise of options			$	7,562			$			6,231		$				7,562		$	6,231
		Tax benefit from assumed exercise
				of options	2,574				1,004					2,202						924
		Repurchase of treasury stock at the
				average market price per share of
				$20.87, $14.02, $19.36 and
				$13.66, respectively			(10,136)				(7,235)				(9,764)						(7,155)
		Assumed balance to be invested			$	-			$		-			$		-				$	-
SHARES:
		Weighted average shares outstanding			7,787				7,875					7,787						7,876
		Shares assumed issued for options			725				655					725						655
		Treasury stock assumed purchased			(486)						(516)			(504)						(524)
		Adjusted average shares outstanding					8,026				8,014				8,008						8,007
DILUTED INCOME PER SHARE:
		Net income per share			$		.51		$			.49		$				1.00		$		1.00