##### 



AmerUs Group Co.
Exhibit 11 - Statement Re: Computation of Earnings Per Share

|                              |                                       |   |                                        |        |           |  |           |        |        |   |           |       |           |   |       |       |  |  |        |        |  |   |      |       |  
|----------------------------- | ------------------------------------- | - | -------------------------------------- | ------ | --------- |  | --------- | ------ | ------ | - | --------- | ----- | --------- | - | ----- | ----- |  |  | ------ | ------ |  | - | ---- | ----- | -
|                              |                                       |   | For The Three Months Ended June 30,   
|                              |                                       |   |                                       
|                              |                                       |   | 2003                                   |        | 2002     
|                              |                                       |   |                                        |        |          
|                              |                                       |   | Net                                    |        | Number of |  | Per Share |        | Net    |   | Number of |       | Per Share
|                              |                                       |   | Income                                 |        | Shares    |  | Amount    |        | Income |   | Shares    |       | Amount   
|                              |                                       |   |                                        |        |           |  |           |        |        |   |           |       |          
|                              |                                       |   | ($ in thousands, except share amounts)
|Basic EPS                     |                                       |   |                                        |        |           |  |           |        |        |   |           |       |           |   |       |       |  |  |        |        |  |   |      |      
|                              | Net Income from Continuing Operations |   | $                                      | 43,711 |           |  |           | 39,162 |        |   | $         | 1.12  |           |   | $     | 4,262 |  |  |        | 40,155 |  |   | $    | 0.11  |  
|Effect of dilutive securities |                                       |   |                                        |        |           |  |           |        |        |   |           |       |           |   |       |       |  |  |        |        |  |   |      |      
|                              | Options                               |   |                                        |       |           |  |           | 242    |        |   |           | (0.01 | )         |   |       |      |  |  |        | 505    |  |   |      | (0.01 | )
|                              | Warrants                              |   |                                        |       |           |  |           |       |        |   |           |      |           |   |       |      |  |  |        | 1      |  |   |      |      |  
|                              |                                       |   |                                        |        |           |  |           |        |        |   |           |       |           |   |       |       |  |  |        |        |  |   |      |       |  
|Diluted EPS                   |                                       | $ | 43,711                                 |        |           |  | 39,404    |        |        | $ | 1.11      |       |           | $ | 4,262 |       |  |  | 40,661 |        |  | $ | 0.10 |      
|                              |                                       |   |                                        |        |           |  |           |        |        |   |           |       |           |   |       |       |  |  |        |        |  |   |      |       |  

|                              |                                       |   |                                        |        |           |  |           |        |        |   |           |       |           |   |        |        |  |  |        |        |  |   |      |       |  
|----------------------------- | ------------------------------------- | - | -------------------------------------- | ------ | --------- |  | --------- | ------ | ------ | - | --------- | ----- | --------- | - | ------ | ------ |  |  | ------ | ------ |  | - | ---- | ----- | -
|                              |                                       |   | For The Six Months Ended June 30,     
|                              |                                       |   |                                       
|                              |                                       |   | 2003                                   |        | 2002     
|                              |                                       |   |                                        |        |          
|                              |                                       |   | Net                                    |        | Number of |  | Per Share |        | Net    |   | Number of |       | Per Share
|                              |                                       |   | Income                                 |        | Shares    |  | Amount    |        | Income |   | Shares    |       | Amount   
|                              |                                       |   |                                        |        |           |  |           |        |        |   |           |       |          
|                              |                                       |   | ($ in thousands, except share amounts)
|Basic EPS                     |                                       |   |                                        |        |           |  |           |        |        |   |           |       |           |   |        |        |  |  |        |        |  |   |      |      
|                              | Net Income from Continuing Operations |   | $                                      | 79,501 |           |  |           | 39,112 |        |   | $         | 2.03  |           |   | $      | 29,176 |  |  |        | 40,749 |  |   | $    | 0.72  |  
|Effect of dilutive securities |                                       |   |                                        |        |           |  |           |        |        |   |           |       |           |   |        |        |  |  |        |        |  |   |      |      
|                              | Options                               |   |                                        |       |           |  |           | 243    |        |   |           | (0.01 | )         |   |        |       |  |  |        | 507    |  |   |      | (0.01 | )
|                              | Warrants                              |   |                                        |       |           |  |           |       |        |   |           |      |           |   |        |       |  |  |        | 56     |  |   |      |      |  
|                              |                                       |   |                                        |        |           |  |           |        |        |   |           |       |           |   |        |        |  |  |        |        |  |   |      |       |  
|Diluted EPS                   |                                       | $ | 79,501                                 |        |           |  | 39,355    |        |        | $ | 2.02      |       |           | $ | 29,176 |        |  |  | 41,312 |        |  | $ | 0.71 |      
|                              |                                       |   |                                        |        |           |  |           |        |        |   |           |       |           |   |        |        |  |  |        |        |  |   |      |       |  

48