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 three month periods ended March 31, 2003 and 2002:

	Three Months Ended March 31,
	2003		2002
Net income	$	18,729,628	$	18,468,147
Weighted average number of common shares outstanding		79,330,609		78,440,944
Net income per common share—Basic	$	0.24	$	0.24
	Three Months Ended March 31,
	2003		2002
Net income	$	18,729,628	$	18,468,147
Weighted average number of common shares outstanding		79,330,609		78,440,944
Common share equivalents resulting from:
Dilutive stock options		572,659		801,116
Adjusted weighted average number of common and common equivalent shares outstanding		79,903,268		79,242,060
Net income per common share—Diluted	$	0.23	$	0.23