<PAGE>   1

                                                                      EXHIBIT 11



                      COTTON STATES LIFE INSURANCE COMPANY
                 Statement re Computation of Per Share Earnings
                  (Amounts in thousands, except per share data)


The following computations set forth the calculations of basic and diluted net
income per common share and common share equivalents for the three-month period
ended June 30, 2001 and 2000.


<TABLE>
<CAPTION>
                                                 BASIC          DILUTED
                                                 INCOME         INCOME
                                                PER SHARE      PER SHARE
                                               -----------    -----------
<S>                                            <C>            <C>
For the three months ended June 30, 2001
     Net income                                 $  1,701        $  1,701
                                                ========        ========
Weighted average number of common
    shares outstanding                             6,345           6,345
Common share equivalents resulting
    from:  dilutive stock options                     --              23
           restricted stock                           --             164
                                                --------        --------
Adjusted weighted average number
    of common and common equivalent
     shares outstanding                            6,345           6,532
                                                --------        --------
           Net income per common share          $   0.27        $   0.26
                                                ========        ========

For the three months ended June 30, 2000
    Net income                                  $  2,061        $  2,061
                                                ========        ========
Weighted average number of common
    shares outstanding                             6,345           6,345

Common share equivalents resulting
    from:  dilutive stock options                     --               3
           restricted stock                           --             118
                                                --------        --------
Adjusted weighted average number
    of common and common equivalent
    shares outstanding                             6,345           6,466
                                                ========        ========
        Net income per common share             $   0.32        $   0.31
                                                ========        ========
</TABLE>


                                       14


<PAGE>   2



                                                                      EXHIBIT 11



                      COTTON STATES LIFE INSURANCE COMPANY
                 Statement re Computation of Per Share Earnings
                  (Amounts in thousands, except per share data)


The following computations set forth the calculations of basic and diluted net
income per common share and common share equivalents for the six-month period
ended June 30, 2001 and 2000.

<TABLE>
<CAPTION>
                                               BASIC            DILUTED
                                               INCOME            INCOME
                                              PER SHARE         PER SHARE
                                              ----------        ----------
<S>                                           <C>               <C>
For the six months ended June 30, 2001
     Net income                               $    2,722        $    2,722
                                              ==========        ==========

Weighted average number of common
    shares outstanding                             6,345             6,345
Common share equivalents resulting
    from:  dilutive stock options                     --                21
           restricted stock                           --               164
                                              ----------        ----------
Adjusted weighted average number
    of common and common equivalent
     shares outstanding                            6,345             6,530
                                              ==========        ==========

           Net income per common share        $     0.43        $     0.42
                                              ==========        ==========

For the six months ended June 30, 2000
    Net income                                $    3,585        $    3,585
                                              ==========        ==========
Weighted average number of common
    shares outstanding                             6,345             6,345

Common share equivalents resulting
    from:  dilutive stock options                     --                 3
           restricted stock                           --               119
                                              ----------        ----------
Adjusted weighted average number
    of common and common equivalent
    shares outstanding                             6,345             6,467
                                              ----------        ----------
        Net income per common share           $     0.56        $     0.55
                                              ==========        ==========
</TABLE>


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