EXHIBIT 11

NATIONAL WESTERN LIFE INSURANCE COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
For the Three Months Ended March 31, 2002 and 2001
(Unaudited)
(In thousands, except per share data)

		2002	2001
Numerator for basic and diluted earnings per share:
Earnings available to common stockholders
before and after assumed conversions:
Earnings before cumulative effect of change in accounting principle	$	12,234	8,966
Cumulative effect of change in accounting principle		-	2,134
Net earnings	$	12,234	11,100
Denominator:
Basic earnings per share -
weighted-average shares		3,516	3,507
Effect of dilutive stock options		33	29
Diluted earnings per share -
adjusted weighted-average
shares for assumed conversions		3,549	3,536
Basic earnings per share:
Earnings before cumulative effect of change in accounting principle	$	3.48	2.56
Cumulative effect of change in accounting principle		-	0.61
Net earnings	$	3.48	3.17
Diluted earnings per share:
Earnings before cumulative effect of change in accounting principle	$	3.45	2.54
Cumulative effect of change in accounting principle		-	0.60
Net earnings	$	3.45	3.14