**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 nine month and three monthperiods ended September 30, 2002 and 2001:

|  |  | **Nine Months Ended****September 30,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  | **Three Months Ended****September 30,** |  |
|--|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-----------------------------------------|--|
|  |  | **2002****2001****2002****2001**Net income $51,449,600 $50,343,269 $17,450,114 $18,595,533              Weighted average number of common shares     outstanding  78,697,826  78,315,714  78,875,959  78,306,490                 Net income per common share - Basic $0.65 $0.64 $0.22 $0.24 **Nine Months Ended****September 30,****Three Months Ended****September 30,****2002****2001****2002****2001**Net income $51,449,600 $50,343,269 $17,450,114 $18,595,533              Weighted average number of common shares     outstanding  78,697,826  78,315,714  78,875,959  78,306,490              Common share equivalents resulting from:             Dilutive stock options  775,564  632,556  691,573  731,656              Adjusted weighted average number of common     and common equivalent shares outstanding  79,473,390  78,948,270  79,567,532  79,038,146                 Net income per common share - Diluted $0.65 $0.64 $0.22 $0.24   |