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

|                                      |  |                                            |        |        |  |           |        |            |  |        |       |        |  |           |        |           |  |  |        |  |  |   |       |  
|------------------------------------- |  | ------------------------------------------ | ------ | ------ |  | --------- | ------ | ---------- |  | ------ | ----- | ------ |  | --------- | ------ | --------- |  |  | ------ |  |  | - | ----- | -
|                                      |  | For The Three Months Ended March 31,      
|                                      |  |                                           
|                                      |  |                                            |        |        |  | 2003      |        |            |  |        |       | 2002  
|                                      |  |                                            |        |        |  |           |        |            |  |        |       |       
|                                      |  |                                            |        |        |  | Number of |        | Per Share  |  |        |       |        |  | Number of |        | Per Share
|                                      |  | Net Income                                 |        | Shares |  | Amount    |        | Net Income |  | Shares |       | Amount
|                                      |  |                                            |        |        |  |           |        |            |  |        |       |       
|                                      |  | ($ in thousands, except per share amounts)
|Basic EPS                             |  |                                            |        |        |  |           |        |            |  |        |       |        |  |           |        |           |  |  |        |  |  |   |       |  
|Net Income from Continuing Operations |  | $                                          | 35,789 |        |  |           | 38,985 |            |  | $      | 0.92  |        |  | $         | 24,914 |           |  |  | 41,350 |  |  | $ | 0.60  |  
|Effect of dilutive securities         |  |                                            |        |        |  |           |        |            |  |        |       |        |  |           |        |           |  |  |        |  |  |   |       |  
|Options                               |  |                                            |       |        |  |           | 233    |            |  |        | (0.01 | )      |  |           |       |           |  |  | 511    |  |  |   | (0.01 | )
|Warrants                              |  |                                            |       |        |  |           |       |            |  |        |      |        |  |           |       |           |  |  | 108    |  |  |   |      |  
|                                      |  |                                            |        |        |  |           |        |            |  |        |       |        |  |           |        |           |  |  |        |  |  |   |       |  
|Diluted EPS                           |  | $                                          | 35,789 |        |  |           | 39,218 |            |  | $      | 0.91  |        |  | $         | 24,914 |           |  |  | 41,969 |  |  | $ | 0.59  |  
|                                      |  |                                            |        |        |  |           |        |            |  |        |       |        |  |           |        |           |  |  |        |  |  |   |       |  

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