Exhibit 11



ALFA CORPORATION

STATEMENT OF COMPUTATION OF
PER SHARE EARNINGS



The following computations set forth the
calculation of basic and diluted net income per common share and common share equivalents for the three month periods ended March 31, 2004 and 2003:



|                                                                                    |  |                              |            |      |   |           
|----------------------------------------------------------------------------------- |  | ---------------------------- | ---------- | ---- | - | ----------
|                                                                                    |  | Three Months Ended March 31,
|                                                                                    |  | 2004                         |            | 2003
|Net income                                                                          |  | $                            | 25,476,887 |      | $ | 18,729,628
|                                                                                    |  |                              |            |      |   |           
|Weighted average number of common shares outstanding                                |  |                              | 80,097,071 |      |   | 79,330,609
|                                                                                    |  |                              |            |      |   |           
|Net income per common share - Basic                                                 |  | $                            | 0.32       |      | $ | 0.24      
|                                                                                    |  |                              |            |      |   |           
|                                                                                    | 
|                                                                                    |  | Three Months Ended March 31,
|                                                                                    |  | 2004                         |            | 2003
|Net income                                                                          |  | $                            | 25,476,887 |      | $ | 18,729,628
|                                                                                    |  |                              |            |      |   |           
|Weighted average number of common shares outstanding                                |  |                              | 80,097,071 |      |   | 79,330,609
|Common share equivalents resulting from:                                            |  |                              |            |      |   |           
|Dilutive stock options                                                              |  |                              | 555,130    |      |   | 572,659   
|                                                                                    |  |                              |            |      |   |           
|Adjusted weighted average number of common and common equivalent shares outstanding |  |                              | 80,652,201 |      |   | 79,903,268
|                                                                                    |  |                              |            |      |   |           
|Net income per common share - Diluted                                               |  | $                            | 0.32       |      | $ | 0.23      
|                                                                                    |  |                              |            |      |   |