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

|                              |                                       |   |                                          |        |        |  |                                            |        |           |   |        |       |           |   |           |        |  |  |        |        |  |   |      |       |  
|----------------------------- | ------------------------------------- | - | ---------------------------------------- | ------ | ------ |  | ------------------------------------------ | ------ | --------- | - | ------ | ----- | --------- | - | --------- | ------ |  |  | ------ | ------ |  | - | ---- | ----- | -
|                              |                                       |   | For The Three Months Ended September 30,
|                              |                                       |   |                                         
|                              |                                       |   | 2003                                     |        | 2002  
|                              |                                       |   |                                          |        |       
|                              |                                       |   |                                          |        |        |  | Number of                                  |        | Per Share |   | Net    |       | Number of |   | Per Share
|                              |                                       |   | Net Income                               |        | Shares |  | Amount                                     |        | Income    |   | Shares |       | Amount   
|                              |                                       |   |                                          |        |        |  |                                            |        |           |   |        |       |          
|                              |                                       |   |                                          |        |        |  | ($ in thousands, except per share amounts) |        |           |   |       
|Basic EPS                     |                                       |   |                                          |        |        |  |                                            |        |           |   |        |       |           |   |           |        |  |  |        |        |  |   |      |      
|                              | Net Income from Continuing Operations |   | $                                        | 40,835 |        |  |                                            | 39,208 |           |   | $      | 1.04  |           |   | $         | 26,490 |  |  |        | 39,497 |  |   | $    | 0.67  |  
|Effect of dilutive securities |                                       |   |                                          |        |        |  |                                            |        |           |   |        |       |           |   |           |        |  |  |        |        |  |   |      |      
|                              | Options                               |   |                                          |       |        |  |                                            | 442    |           |   |        | (0.01 | )         |   |           |       |  |  |        | 338    |  |   |      | (0.01 | )
|                              | Warrants                              |   |                                          |       |        |  |                                            |       |           |   |        |      |           |   |           |       |  |  |        |       |  |   |      |      |  
|                              |                                       |   |                                          |        |        |  |                                            |        |           |   |        |       |           |   |           |        |  |  |        |        |  |   |      |       |  
|Diluted EPS                   |                                       | $ | 40,835                                   |        |        |  | 39,650                                     |        |           | $ | 1.03   |       |           | $ | 26,490    |        |  |  | 39,835 |        |  | $ | 0.66 |      
|                              |                                       |   |                                          |        |        |  |                                            |        |           |   |        |       |           |   |           |        |  |  |        |        |  |   |      |       |  

|                              |                                       |   |                                         |         |        |  |                                            |        |           |   |        |       |           |   |           |        |  |  |        |        |  |   |      |       |  
|----------------------------- | ------------------------------------- | - | --------------------------------------- | ------- | ------ |  | ------------------------------------------ | ------ | --------- | - | ------ | ----- | --------- | - | --------- | ------ |  |  | ------ | ------ |  | - | ---- | ----- | -
|                              |                                       |   | For The Nine Months Ended September 30,
|                              |                                       |   |                                        
|                              |                                       |   | 2003                                    |         | 2002  
|                              |                                       |   |                                         |         |       
|                              |                                       |   |                                         |         |        |  | Number of                                  |        | Per Share |   | Net    |       | Number of |   | Per Share
|                              |                                       |   | Net Income                              |         | Shares |  | Amount                                     |        | Income    |   | Shares |       | Amount   
|                              |                                       |   |                                         |         |        |  |                                            |        |           |   |        |       |          
|                              |                                       |   |                                         |         |        |  | ($ in thousands, except per share amounts) |        |           |   |       
|Basic EPS                     |                                       |   |                                         |         |        |  |                                            |        |           |   |        |       |           |   |           |        |  |  |        |        |  |   |      |      
|                              | Net Income from Continuing Operations |   | $                                       | 120,340 |        |  |                                            | 39,145 |           |   | $      | 3.07  |           |   | $         | 55,667 |  |  |        | 40,327 |  |   | $    | 1.38  |  
|Effect of dilutive securities |                                       |   |                                         |         |        |  |                                            |        |           |   |        |       |           |   |           |        |  |  |        |        |  |   |      |      
|                              | Options                               |   |                                         |        |        |  |                                            | 308    |           |   |        | (0.02 | )         |   |           |       |  |  |        | 452    |  |   |      | (0.02 | )
|                              | Warrants                              |   |                                         |        |        |  |                                            |       |           |   |        |      |           |   |           |       |  |  |        | 33     |  |   |      |      |  
|                              |                                       |   |                                         |         |        |  |                                            |        |           |   |        |       |           |   |           |        |  |  |        |        |  |   |      |       |  
|Diluted EPS                   |                                       | $ | 120,340                                 |         |        |  | 39,453                                     |        |           | $ | 3.05   |       |           | $ | 55,667    |        |  |  | 40,812 |        |  | $ | 1.36 |      
|                              |                                       |   |                                         |         |        |  |                                            |        |           |   |        |       |           |   |           |        |  |  |        |        |  |   |      |       |  

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