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Exhibit 11. Statement re computation of per share earnings.
TORCHMARK CORPORATION
COMPUTATION OF EARNINGS PER SHARE
Three months ended June 30,
2000 1999
------------ ------------
Net income from continuing operations $ 83,294,000 $ 36,306,000
Discontinued operations of Waddell & Reed:
Loss of disposal (tax) 0 (1,060,000)
------------ ------------
Net Income $ 83,294,000 $ 35,246,000
============ ============
Basic weighted average share and
common stock equivalents outstanding 128,050,502 133,373,457
Diluted Weighted average shares and
common stock equivalents outstanding 128,259,768 134,322,687
Basic earnings per share:
Net income from continuing operations $0.65 $0.27
Discontinued operations of Waddell & Reed:
Loss of disposal (tax) 0.00 (0.01)
------------ ------------
Net Income $0.65 $0.26
============ ============
Diluted earnings per share:
Net income from continuing operations $0.65 $0.27
Discontinued operations of Waddell & Reed:
Loss on disposal (tax) 0.00 (0.01)
------------ ------------
Net Income $0.65 $0.26
============ ============
(Continued on following page)
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TORCHMARK CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(Continued)
Six months ended June 30,
2000 1999
------------ ------------
Net income from continuing operations $172,176,000 $116,654,000
Discontinued operations of Waddell & Reed:
Loss of disposal (tax) 0 (1,060,000)
------------ ------------
Net income before cumulative effect of change
in accounting principle 172,176,000 115,594,000
Cumulative effect of change in accounting
principle (less applicable tax of ($8,661) 0 16,086,000
------------ ------------
Net Income $172,176,000 $131,680,000
============ ============
Basic weighted average share and
common stock equivalents outstanding 129,373,516 134,295,069
Diluted weighted average shares and
common stock equivalents outstanding 129,545,406 135,224,746
Basic earnings per share:
Net income from continuing operations $1.33 $0.87
Discontinued operations of Waddell & Reed-
Loss of disposal (tax) 0.00 (0.01)
------------ ------------
Net income before cumulative effect of change
in accounting principle $1.33 $0.86
Cumulative effect of change in accounting
principle (less applicable tax of $8,661) 0.00 0.12
------------ ------------
Net Income $1.33 $0.98
============ ============
Diluted earnings per share:
Net income from continuing operations $1.33 $0.86
Discontinued operations of Waddell & Reed-
Loss on disposal (tax) 0.00 (0.01)
------------ ------------
Net income before cumulative effect of change
in accounting principle 1.33 0.85
Cumulative effect of change in accounting
principle (less applicable tax of $8,661) 0.00 0.12
Net Income $1.33 $0.97
============ ============
