EXHIBIT 11

NATIONAL WESTERN LIFE INSURANCE COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
For the Three Months Ended June 30, 2004 and 2003
(Unaudited)
(In thousands, except per share data)

		2004	2003
Numerator for basic and diluted earnings per share:
Earnings available to common stockholders
before and after assumed conversions	$	19,712	17,085
Denominator:
Basic earnings per share -
weighted-average shares		3,557	3,528
Effect of dilutive stock options		42	22
Diluted earnings per share -
adjusted weighted-average
shares for assumed conversions		3,599	3,550
Basic earnings per share	$	5.54	4.84
Diluted earnings per share	$	5.47	4.82

EXHIBIT 11

NATIONAL WESTERN LIFE INSURANCE COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
For the Six Months Ended June 30, 2004 and 2003
(Unaudited)
(In thousands, except per share data)

		2004	2003
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	$	34,328	26,811
Cumulative effect of change in accounting principle		54,697	-
Net earnings	$	89,025	26,811
Denominator:
Basic earnings per share -
weighted-average shares		3,556	3,526
Effect of dilutive stock options		42	22
Diluted earnings per share -
adjusted weighted-average
shares for assumed conversions		3,598	3,548
Basic earnings per share:
Earnings before cumulative effect of change in accounting principle	$	9.66	7.60
Cumulative effect of change in accounting principle		15.38	-
Net earnings	$	25.04	7.60
Diluted earnings per share:
Earnings before cumulative effect of change in accounting principle	$	9.54	7.56
Cumulative effect of change in accounting principle		15.20	-
Net earnings	$	24.74	7.56