<PAGE> 1
EXHIBIT 11
COTTON STATES LIFE INSURANCE COMPANY
Statement re Computation of Per Share Earnings
(Dollars 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 nine- month period
ended September 30, 2000 and 1999.
<TABLE>
<CAPTION>
BASIC DILUTED
INCOME INCOME
PER SHARE PER SHARE
--------- ---------
<S> <C> <C>
For the nine months ended September 30, 2000
Net income $ 5,710 5,710
========= =========
Weighted average number of common
shares outstanding 6,345 6,345
Common share equivalents resulting
from: dilutive stock options -- --
restricted stock -- 118
--------- ---------
Adjusted weighted average number
of common and common equivalent
shares outstanding 6,345 6,463
========= =========
Net income per common share $ 0.90 0.88
========= =========
For the nine months ended September 30, 1999
Net income $ 4,992 4,992
========= =========
Weighted average number of common
shares outstanding 6,347 6,347
Common share equivalents resulting
from: dilutive stock options -- 44
restricted stock -- 67
--------- ---------
Adjusted weighted average number
of common and common equivalent
shares outstanding 6,347 6,458
========= =========
Net income per common share $ 0.79 0.77
========= =========
</TABLE>
14
<PAGE> 2
EXHIBIT 11
COTTON STATES LIFE INSURANCE COMPANY
Statement re Computation of Per Share Earnings
(Dollars 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 September 30, 2000 and 1999.
<TABLE>
<CAPTION>
BASIC DILUTED
INCOME INCOME
PER SHARE PER SHARE
--------- ---------
<S> <C> <C>
For the three months ended September 30, 2000
Net income $ 2,125 2,125
========= =========
Weighted average number of common
shares outstanding 6,345 6,345
Common share equivalents resulting
from: dilutive stock options -- --
restricted stock -- 117
--------- ---------
Adjusted weighted average number
of common and common equivalent
shares outstanding 6,345 6,462
========= =========
Net income per common share $ 0.34 0.33
========= =========
For the three months ended September 30, 1999
Net income $ 2,103 2,103
========= =========
Weighted average number of common
shares outstanding 6,327 6,327
Common share equivalents resulting
from: dilutive stock options -- 38
restricted stock -- 67
--------- ---------
Adjusted weighted average number
of common and common equivalent
shares outstanding 6,327 6,432
========= =========
Net income per common share $ 0.33 0.32
========= =========
</TABLE>
15