Exhibit 11

ALFA CORPORATION
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS

         The following computations set forth the calculation of basic and diluted net income per common share and common share equivalents for the nine month and three month periods ended September 30, 2002 and 2001:

	Nine Months Ended September 30,				Three Months Ended September 30,
	2002		2001		2002		2001
Net income	$	51,449,600	$	50,343,269	$	17,450,114	$	18,595,533
Weighted average number of common shares     outstanding		78,697,826		78,315,714		78,875,959		78,306,490
Net income per common share - Basic	$	0.65	$	0.64	$	0.22	$	0.24

	Nine Months Ended September 30,				Three Months Ended September 30,
	2002		2001		2002		2001
Net income	$	51,449,600	$	50,343,269	$	17,450,114	$	18,595,533
Weighted average number of common shares     outstanding		78,697,826		78,315,714		78,875,959		78,306,490
Common share equivalents resulting from:
Dilutive stock options		775,564		632,556		691,573		731,656
Adjusted weighted average number of common     and common equivalent shares outstanding		79,473,390		78,948,270		79,567,532		79,038,146
Net income per common share - Diluted	$	0.65	$	0.64	$	0.22	$	0.24