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 six-month and three-month periods ended June 30, 2004 and 2003:



|                                                                                    |  |                           |            |                             |   |            |  |      |            |  |   |           
|----------------------------------------------------------------------------------- |  | ------------------------- | ---------- | --------------------------- | - | ---------- |  | ---- | ---------- |  | - | ----------
|                                                                                    |  | Six Months Ended June 30, |            | Three Months Ended June 30,
|                                                                                    |  | 2004                      |            | 2003                        |   | 2004       |  | 2003
|Net income                                                                          |  | $                         | 46,043,018 |                             | $ | 37,917,449 |  | $    | 20,566,131 |  | $ | 19,187,821
|                                                                                    |  |                           |            |                             |   |            |  |      |            |  |   |           
|Weighted average number of common shares outstanding                                |  |                           | 80,068,036 |                             |   | 79,468,821 |  |      | 80,039,000 |  |   | 79,605,514
|                                                                                    |  |                           |            |                             |   |            |  |      |            |  |   |           
|Net income per common share  Basic                                                 |  | $                         | 0.58       |                             | $ | 0.48       |  | $    | 0.26       |  | $ | 0.24      
|                                                                                    |  |                           |            |                             |   |            |  |      |            |  |   |           
|                                                                                    |  |                          
|                                                                                    |  | Six Months Ended June 30, |            | Three Months Ended June 30,
|                                                                                    |  | 2004                      |            | 2003                        |   | 2004       |  | 2003
|Net income                                                                          |  | $                         | 46,043,018 |                             | $ | 37,917,449 |  | $    | 20,566,131 |  | $ | 19,187,821
|                                                                                    |  |                           |            |                             |   |            |  |      |            |  |   |           
|Weighted average number of common shares outstanding                                |  |                           | 80,068,036 |                             |   | 79,468,821 |  |      | 80,039,000 |  |   | 79,605,514
|                                                                                    |  |                           |            |                            
|Common share equivalents resulting from:                                            |  |                           |            |                             |   |            |  |      |            |  |   |           
|Dilutive stock options                                                              |  |                           | 522,763    |                             |   | 596,593    |  |      | 492,351    |  |   | 621,359   
|                                                                                    |  |                           |            |                             |   |            |  |      |            |  |   |           
|Adjusted weighted average number of common and common equivalent shares outstanding |  |                           | 80,590,799 |                             |   | 80,065,414 |  |      | 80,531,351 |  |   | 80,226,873
|                                                                                    |  |                           |            |                             |   |            |  |      |            |  |   |           
|Net income per common share  Diluted                                               |  | $                         | 0.57       |                             | $ | 0.47       |  | $    | 0.26       |  | $ | 0.24      
|                                                                                    |  |                           |            |                             |   |            |  |      |            |  |   |