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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 December 31, 2002 and 2001.

|                                                                                    |                             |                        |            |      |                  |       |                    |      |     |       | 
|----------------------------------------------------------------------------------- | --------------------------- | ---------------------- | ---------- | ---- | ---------------- | ----- | ------------------ | ---- | --- | ----- | 
|                                                                                    |                             |                        |            |      | Basic Income Per |       | Diluted Income Per
|                                                                                    |                             |                        |            |      | Share            |       | Share             
|                                                                                    |                             |                        |            |      |                  |       |                   
|For the three months ended December 31, 2002                                        |                             |                        |            |      |                  |       |                    |     
|                                                                                    |                             |                        | Net Income |      | $                | 2,062 |                    |      |     | 2,062 | 
|                                                                                    |                             |                        |            |      |                  |       |                    |     
|Weighted average number of common
shares outstanding                                |                             |                        | 6,334      |      |                  |       | 6,334              |     
|Common share equivalents resulting
from:                                            |                             |                        |            |      |                  |       |                    |     
|                                                                                    |                             | dilutive stock options |            |      |                 |       |                    |      |    |      
|                                                                                    |                             | restricted stock       |            |      |                 |       |                    |      | 156 |      
|                                                                                    |                             |                        |            |      |                  |       |                    |     
|Adjusted weighted average number
of common and common equivalent
shares outstanding |                             |                        | 6,334      |      |                  |       | 6,490              |     
|                                                                                    |                             |                        |            |      |                  |       |                    |     
|                                                                                    | Net income per common share |                        | $          | .33  |                  |       |                    | .32  |    
|                                                                                    |                             |                        |            |      |                  |       |                    |     
|For the three months ended December 31, 2001                                        |                             |                        |            |      |                  |       |                    |     
|                                                                                    |                             |                        | Net Income |      | $                | 1,757 |                    |      |     | 1,757 | 
|                                                                                    |                             |                        |            |      |                  |       |                    |     
|Weighted average number of common
shares outstanding                                |                             |                        | 6,336      |      |                  |       | 6.336              |     
|Common share equivalents resulting
from:                                            |                             |                        |            |      |                  |       |                    |     
|                                                                                    |                             | dilutive stock options |            |      |                 |       |                    |      |    |      
|                                                                                    |                             | restricted stock       |            |      |                 |       |                    |      | 163 |      
|                                                                                    |                             |                        |            |      |                  |       |                    |     
|Adjusted weighted average number
of common and common equivalent
shares outstanding |                             |                        | 6,336      |      |                  |       | 6,499              |     
|                                                                                    |                             |                        |            |      |                  |       |                    |     
|                                                                                    | Net income per common share |                        | $          | 0.28 |                  |       |                    | 0.27 |    
|                                                                                    |                             |                        |            |      |                  |       |                    |     





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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 twelve-month
period ended December 31, 2002 and 2001.

|                                                                                    |                             |                        |       |                  |       |                    |       |      |       | 
|----------------------------------------------------------------------------------- | --------------------------- | ---------------------- | ----- | ---------------- | ----- | ------------------ | ----- | ---- | ----- | 
|                                                                                    |                             |                        |       | Basic Income Per |       | Diluted Income Per
|                                                                                    |                             |                        |       | Share            |       | Share             
|                                                                                    |                             |                        |       |                  |       |                   
|For the twelve months ended December 31, 2002                                       |                             |                        |       |                  |       |                    |       |     
|                                                                                    |                             | Net Income             |       | $                | 7,309 |                    |       |      | 7,309 | 
|                                                                                    |                             |                        |       |                  |       |                    |       |     
|Weighted average number of common
shares outstanding                                |                             |                        | 6,337 |                  |       |                    | 6,337 |     
|Common share
equivalents resulting from:                                            |                             |                        |       |                  |       |                    |       |     
|                                                                                    |                             | dilutive stock options |       |                  |      |                    |       |      | 1     | 
|                                                                                    |                             | restricted stock       |       |                  |      |                    |       |      | 156   | 
|                                                                                    |                             |                        |       |                  |       |                    |       |     
|Adjusted weighted average number
of common and common equivalent
shares outstanding |                             |                        | 6,337 |                  |       |                    | 6,494 |     
|                                                                                    |                             |                        |       |                  |       |                    |       |     
|                                                                                    | Net income per common share |                        | $     | 1.15             |       |                    |       | 1.13 |      
|                                                                                    |                             |                        |       |                  |       |                    |       |     
|For the twelve months ended December 31, 2001                                       |                             |                        |       |                  |       |                    |       |     
|                                                                                    |                             | Net Income             |       | $                | 6,446 |                    |       |      | 6,446 | 
|                                                                                    |                             |                        |       |                  |       |                    |       |     
|Weighted average number of common
shares outstanding                                |                             |                        | 6,343 |                  |       |                    | 6,343 |     
|Common share equivalents resulting
from:                                            |                             |                        |       |                  |       |                    |       |     
|                                                                                    |                             | dilutive stock options |       |                  |      |                    |       |      | 14    | 
|                                                                                    |                             | restricted stock       |       |                  |      |                    |       |      | 163   | 
|                                                                                    |                             |                        |       |                  |       |                    |       |     
|Adjusted weighted average number
of common and common equivalent
shares outstanding |                             |                        | 6,343 |                  |       |                    | 6,520 |     
|                                                                                    |                             |                        |       |                  |       |                    |       |     
|                                                                                    | Net income per common share |                        | $     | 1.02             |       |                    |       | 0.99 |      
|                                                                                    |                             |                        |       |                  |       |                    |       |