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<PAGE>
Exhibit 11. Statement re computation of per share earnings.
TORCHMARK CORPORATION
COMPUTATION OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
Three months ended September 30,
2000 1999
------------ ------------
<S> <C> <C>
Net Income from continuing operations $ 97,736,000 $ 73,312,000
============ ============
Net Income $ 97,736,000 $ 73,312,000
============ ============
Basic weighted average shares and
common stock equivalents outstanding 127,266,812 132,468,138
Diluted weighted average shares and
common stock equivalents outstanding 127,524,459 133,272,674
Basic earnings per share:
Net Income from continuing operations $ 0.77 $ 0.55
============ ============
Net Income $ 0.77 $ 0.55
============ ============
Diluted earnings per share:
Net Income from continuing operations $ 0.77 $ 0.55
============ ============
Net Income $ 0.77 $ 0.55
============ ============
</TABLE>
(Continued on following page)
<PAGE>
TORCHMARK CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(Continued)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
2000 1999
----------------- -------------
<S> <C> <C>
Net income from continuing operations $269,912,000 $189,966,000
Discontinued operations of Waddell & Read:
Loss on disposal (tax) 0 (1,060,000)
------------ ------------
Net income before cumulative effect of change in
accounting principle 269,912,000 188,906,000
Cumulative effect of change in accounting principle
(less applicable tax of $8,661) 0 16,086,000
------------ ------------
Net income $269,912,000 $204,992,000
============ ============
Basic weighted average shares and
common stock equivalents outstanding 128,666,156 133,679,400
Diluted weighted average shares and
common stock equivalents outstanding 128,870,692 134,553,855
Basic earnings per share:
Net income from continuing operations $ 2.10 $ 1.42
Discontinued operations of Waddell & Reed -
Loss on disposal (tax) 0.00 (0.01)
------------ ------------
Net income before cumulative effect of change in
accounting principle 2.10 1.41
Cumulative effect of change in accounting principle
(less applicable tax of $8,661) 0.00 0.12
------------ ------------
Net income $ 2.10 $ 1.53
============ ============
Diluted earnings per share:
Net income from continuing operations $ 2.09 $ 1.41
Discontinued operations of Waddell & Reed -
Loss on disposal (tax) 0.00 (0.01)
------------ ------------
Net income before cumulative effect of change in
accounting principle 2.09 1.40
Cumulative effect of change in accounting principle
(less applicable tax of $8,661) 0.00 0.12
------------ ------------
Net income $ 2.09 $ 1.52
============ ============
</TABLE>
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