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 month periods ended September 30, 2003 and 2002:



|                                                                                    |  | Nine Months EndedSeptember 30, |            | Three Months EndedSeptember 30,
|----------------------------------------------------------------------------------- |  | ------------------------------ | ---------- | -------------------------------
|                                                                                    |  | 2003                           |            | 2002                           
|Net income                                                                          |  | $                              | 56,698,505 |                                
|                                                                                    |  |                                |            |                                
|Weighted average number of common shares outstanding                                |  |                                | 79,645,126 |                                
|                                                                                    |  |                                |            |                                
|Net income per common share - Basic                                                 |  | $                              | 0.71       |                                
|                                                                                    |  |                                |            |                                
|                                                                                    |  |                               
|                                                                                    |  | Nine Months EndedSeptember 30, |            | Three Months EndedSeptember 30,
|                                                                                    |  | 2003                           |            | 2002                           
|Net income                                                                          |  | $                              | 56,698,505 |                                
|                                                                                    |  |                                |            |                                
|Weighted average number of common shares outstanding                                |  |                                | 79,645,126 |                                
|Common share equivalents resulting from:                                            |  |                                |            |                                
|Dilutive stock options                                                              |  |                                | 596,708    |                                
|                                                                                    |  |                                |            |                                
|Adjusted weighted average number of common and common equivalent shares outstanding |  |                                | 80,241,834 |                                
|                                                                                    |  |                                |            |                                
|Net income per common share - Diluted                                               |  | $                              | 0.71       |                                
|                                                                                    |  |                                |            |