EXHIBIT 11
NATIONAL WESTERN LIFE INSURANCE COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
For the Three Months Ended June 30, 2001 and 2000
(Unaudited)
(In thousands, except per share data)
		2001	2000
Numerator for basic and diluted earnings per share:
Earnings available to common stockholders
before and after assumed conversions:
Net earnings	$	16,232	7,593
Denominator:
Basic earnings per share -
weighted-average shares		3,509	3,501
Effect of dilutive stock options		25	18
Diluted earnings per share -
adjusted weighted-average
shares for assumed conversions		3,534	3,519
Basic earnings per share:
Net earnings	$	4.62	2.17
Diluted earnings per share:
Net earnings	$	4.59	2.16

EXHIBIT 11
NATIONAL WESTERN LIFE INSURANCE COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
For the Six Months Ended June 30, 2001 and 2000
(Unaudited)
(In thousands, except per share data)
		2001	2000
Numerator for basic and diluted earnings per share:
Earnings available to common stockholders
before and after assumed conversions:
Earnings before cumulative effect of change in accounting principle	$	25,198	19,926
Cumulative effect of change in accounting for equity-indexed annuities		2,134	-
Net earnings	$	27,332	19,926
Denominator:
Basic earnings per share -
weighted-average shares		3,508	3,501
Effect of dilutive stock options		27	18
Diluted earnings per share -
adjusted weighted-average
shares for assumed conversions		3,535	3,519
Basic earnings per share:
Earnings before cumulative effect of change in accounting principle	$	7.18	5.69
Cumulative effect of change in accounting for equity-indexed annuities		0.61	-
Net earnings	$	7.79	5.69
Diluted earnings per share:
Earnings before cumulative effect of change in accounting principle	$	7.13	5.66
Cumulative effect of change in accounting for equity-indexed annuities		0.60	-
Net earnings	$	7.73	5.66