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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 March 31, 2002 and 2001.

|                                                                                    |            |                             |                        |       |           |   |           |       |      |     | 
|----------------------------------------------------------------------------------- | ---------- | --------------------------- | ---------------------- | ----- | --------- | - | --------- | ----- | ---- | --- | 
|                                                                                    |            |                             |                        |       | Basic     |   | Diluted  
|                                                                                    |            |                             |                        |       | Income    |   | Income   
|                                                                                    |            |                             |                        |       | Per Share |   | Per Share
|                                                                                    |            |                             |                        |       |           |   |          
|For the three months ended March 31, 2002
Net income                                |            | $                           | 1,531                  |       |           |   | 1,531     |      
|                                                                                    |            |                             |                        |       |           |   |           |      
|Weighted average number of common
shares outstanding                                |            |                             | 6,335                  |       |           |   | 6,335     |      
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|Common share equivalents resulting
from:                                            |            |                             |                        |       |           |   |           |      
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                    |            |                             | dilutive stock options |       |           |  |           |       |      | 4   | 
|                                                                                    |            |                             | restricted stock       |       |           |  |           |       |      | 156 | 
|                                                                                    |            |                             |                        |       |           |   |           |      
|Adjusted weighted average number
of common and common equivalent
shares outstanding |            |                             | 6,335                  |       |           |   | 6,495     |      
|                                                                                    |            |                             |                        |       |           |   |           |      
|Net income per common share                                                         |            | $                           | 0.24                   |       |           |   | 0.24      |      
|                                                                                    |            |                             |                        |       |           |   |           |      
|For the three months ended March 31, 2001                                           |            |                             |                        |       |           |   |           |      
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                    | Net income |                             | $                      | 1,021 |           |   |           | 1,021 |     
|                                                                                    |            |                             |                        |       |           |   |           |      
|Weighted average number of common
shares outstanding                                |            |                             | 6,345                  |       |           |   | 6,345     |      
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|Common share equivalents resulting
from:                                            |            |                             |                        |       |           |   |           |      
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                    |            |                             | dilutive stock options |       |           |  |           |       |      | 11  | 
|                                                                                    |            |                             | restricted stock       |       |           |  |           |       |      | 164 | 
|                                                                                    |            |                             |                        |       |           |   |           |      
|Adjusted weighted average number
of common and common equivalent
shares outstanding |            |                             | 6,345                  |       |           |   | 6,520     |      
|                                                                                    |            |                             |                        |       |           |   |           |      
|                                                                                    |            | Net income per common share |                        | $     | 0.16      |   |           |       | 0.16 |    
|                                                                                    |            |                             |                        |       |           |   |           |      

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