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, 2004 and 2003:

	Nine Months Ended September 30,				Three Months Ended September 30,
	2004		2003		2004		2003
Net income	$	66,763,267	$	56,698,505	$	20,720,249	$	18,781,056
Weighted average number of common shares outstanding		80,024,581		79,645,126		79,938,616		79,991,986
Net income per common share - Basic	$	0.83	$	0.71	$	0.26	$	0.23
	Nine Months Ended September 30,				Three Months Ended September 30,
	2004		2003		2004		2003
Net income	$	66,763,267	$	56,698,505	$	20,720,249	$	18,781,056
Weighted average number of common shares outstanding		80,024,581		79,645,126		79,938,616		79,991,986
Common share equivalents resulting from:
Dilutive stock options		501,422		596,708		458,736		595,739
Adjusted weighted average number of common and common equivalent shares outstanding		80,526,003		80,241,834		80,397,352		80,587,725
Net income per common share - Diluted	$	0.83	$	0.71	$	0.26	$	0.23