Exhibit 11

Exhibit 11. Statement re computation of per share earnings.

TORCHMARK CORPORATION

COMPUTATION OF EARNINGS PER SHARE

	Three months ended September 30,
	2004			2003
Income before cumulative effect of change in accounting principle	$	124,132,000		$	107,882,000
Cumulative effect of change in accounting principle (net of applicable tax)		0			0
Net Income	$	124,132,000		$	107,882,000
Basic weighted average shares outstanding		109,156,142			113,651,952
Diluted weighted average shares outstanding		110,938,242			114,254,065
Basic earnings per share:
Income before cumulative effect of change in accounting principle	$	1.14			0.95
Cumulative effect of change in accounting principle (net of applicable tax)		0.00			0.00
Basic net income per share	$	1.14		$	0.95
Diluted earnings per share:
Income before cumulative effect of change in accounting principle	$	1.12		$	0.94
Cumulative effect of change in accounting principle (net of applicable tax)		0.00			0.00
Diluted net income per share	$	1.12		$	0.94
	Nine months ended September 30,
	2004			2003
Income before cumulative effect of change in accounting principle	$	360,207,000		$	318,107,000
Cumulative effect of change in accounting principle (net of applicable tax)		(7,163,000	)		0
Net Income	$	353,044,000		$	318,107,000
Basic weighted average shares outstanding		110,780,008			115,491,021
Diluted weighted average shares outstanding		112,520,856			115,914,883
Basic earnings per share:
Income before cumulative effect of change in accounting principle	$	3.25			2.75
Cumulative effect of change in accounting principle (net of applicable tax)		(0.06	)		0.00
Basic net income per share	$	3.19		$	2.75
Diluted earnings per share:
Income before cumulative effect of change in accounting principle	$	3.20		$	2.74
Cumulative effect of change in accounting principle (net of applicable tax)		(0.06	)		0
Diluted net income per share	$	3.14		$	2.74