EXHIBIT 11

Cotton States Life Insurance Company
Statement re: Computation of Per Share Earnings
(Amounts 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 December 31, 2002 and 2001.

				Basic Income Per		Diluted Income Per
				Share		Share
For the three months ended December 31, 2002
			Net Income	$	2,062		2,062
Weighted average number of common shares outstanding					6,334		6,334
Common share equivalents resulting from:
		dilutive stock options			—		—
		restricted stock			—		156
Adjusted weighted average number of common and common equivalent shares outstanding					6,334		6,490
	Net income per common share			$	.33		.32
For the three months ended December 31, 2001
			Net Income	$	1,757		1,757
Weighted average number of common shares outstanding					6,336		6.336
Common share equivalents resulting from:
		dilutive stock options			—		—
		restricted stock			—		163
Adjusted weighted average number of common and common equivalent shares outstanding					6,336		6,499
	Net income per common share			$	0.28		0.27

EXHIBIT 11

Cotton States Life Insurance Company
Statement re: Computation of Per Share Earnings
(Amounts 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 twelve-month period ended December 31, 2002 and 2001.

			Basic Income Per		Diluted Income Per
			Share		Share
For the twelve months ended December 31, 2002
		Net Income	$	7,309		7,309
Weighted average number of common shares outstanding				6,337		6,337
Common share equivalents resulting from:
		dilutive stock options		—		1
		restricted stock		—		156
Adjusted weighted average number of common and common equivalent shares outstanding				6,337		6,494
	Net income per common share		$	1.15		1.13
For the twelve months ended December 31, 2001
		Net Income	$	6,446		6,446
Weighted average number of common shares outstanding				6,343		6,343
Common share equivalents resulting from:
		dilutive stock options		—		14
		restricted stock		—		163
Adjusted weighted average number of common and common equivalent shares outstanding				6,343		6,520
	Net income per common share		$	1.02		0.99