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<TITLE>                                            EXHIBIT 11</TITLE>
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<FONT FACE="Arial" SIZE=3><P>									<B>Exhibit
11</P>

<P> </P>
<P ALIGN="CENTER">INDEPENDENCE HOLDING COMPANY</P>
<P ALIGN="CENTER">Computation of Per Share Earnings</P>
<P ALIGN="CENTER">(In Thousands, Except Per Share Amounts)</P>
<P>								     </P>
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<TABLE CELLSPACING=1 CELLPADDING=0 WIDTH=638>
<TR><TD WIDTH="57%" VALIGN="TOP"> </TD>
<TD WIDTH="43%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">THREE MONTHS
ENDED</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP"> </TD>
<TD WIDTH="43%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">MARCH 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP"> </TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">2000</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">1999</B></FONT></TD>
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<TR><TD WIDTH="57%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=3><P>INCOME:</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP"> </TD>
<TD WIDTH="21%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P> Net income</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=3><P>$  2,358</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=3><P>$  2,443</U></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP"> </TD>
<TD WIDTH="23%" VALIGN="TOP"> </TD>
<TD WIDTH="21%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=3><P>SHARES:</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP"> </TD>
<TD WIDTH="21%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P> Weighted average common shares
outstanding</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=3><P>   7,180</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=3><P>   7,361</U></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP"> </TD>
<TD WIDTH="23%" VALIGN="TOP"> </TD>
<TD WIDTH="21%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=3><P>BASIC INCOME PER SHARE:</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP"> </TD>
<TD WIDTH="21%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P> Net income per share</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>     <U>$      .33</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>     <U>$      .33</U></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP"> </TD>
<TD WIDTH="23%" VALIGN="TOP"> </TD>
<TD WIDTH="21%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=3><P>DILUTED EARNINGS PER SHARE (A) </B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP"> </TD>
<TD WIDTH="21%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=3><P>USE OF PROCEEDS:</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP"> </TD>
<TD WIDTH="21%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P> Assumed exercise of options</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>$  1,435</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>$  2,278</FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P> Tax benefit from assumed exercise of
options</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>414</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>846</FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P> Repurchase of treasury stock at the average
market</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP"> </TD>
<TD WIDTH="21%" VALIGN="TOP"> </TD>
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<TR><TD WIDTH="57%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>  price per share of $11.53 and $12.97,
respectively</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=3><P>  (1,849)</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=3><P> (3,124)</U></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P> Assumed balance to be invested</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=3><P>$       -   .</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=3><P ALIGN="JUSTIFY">$      -   .
</U></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP"> </TD>
<TD WIDTH="23%" VALIGN="TOP"> </TD>
<TD WIDTH="21%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=3><P>SHARES:</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP"> </TD>
<TD WIDTH="21%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P> Weighted average shares outstanding</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>7,180</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>7,361</FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P> Shares assumed issued for options</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>230</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>368</FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P> Treasury stock assumed purchased</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=3><P>   (160)</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=3><P>    (241)</U></FONT></TD>
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<TR><TD WIDTH="57%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P> Adjusted average shares outstanding</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=3><P>  7,250</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=3><P>  7,488</U></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP"> </TD>
<TD WIDTH="23%" VALIGN="TOP"> </TD>
<TD WIDTH="21%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=3><P>DILUTED INCOME PER SHARE:</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP"> </TD>
<TD WIDTH="21%" VALIGN="TOP"> </TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P> Net income per share</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>     <U>$      .33</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=3><P>    <U>$      .33</U></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP"> </TD>
<TD WIDTH="23%" VALIGN="TOP"> </TD>
<TD WIDTH="21%" VALIGN="TOP"> </TD>
</TR>
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<B><P>(A)  </B>Warrants were not assumed to be exercised as the effect would
have been anti-dilutive.</P></FONT></BODY>
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