EXHIBIT 11

NATIONAL WESTERN LIFE INSURANCE COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
For the Three Months Ended June 30, 2002 and 2001
(Unaudited)
(In thousands, except per share data)

		2002	2001
Numerator for basic and diluted earnings per share:
Earnings available to common stockholders
before and after assumed conversions:
Net earnings	$	8,808	16,232
Denominator:
Basic earnings per share -
weighted-average shares		3,523	3,509
Effect of dilutive stock options		36	25
Diluted earnings per share -
adjusted weighted-average
shares for assumed conversions		3,559	3,534
Basic earnings per share:
Net earnings	$	2.50	4.62
Diluted earnings per share:
Net earnings	$	2.47	4.59

EXHIBIT 11

NATIONAL WESTERN LIFE INSURANCE COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
For the Six Months Ended June 30, 2002 and 2001
(Unaudited)
(In thousands, except per share data)

		2002	2001
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	$	21,042	25,198
Cumulative effect of change in accounting principle		-	2,134
Net earnings	$	21,042	27,332
Denominator:
Basic earnings per share -
weighted-average shares		3,520	3,508
Effect of dilutive stock options		34	27
Diluted earnings per share -
adjusted weighted-average
shares for assumed conversions		3,554	3,535
Basic earnings per share:
Earnings before cumulative effect of change in accounting principle	$	5.98	7.18
Cumulative effect of change in accounting principle		-	0.61
Net earnings	$	5.98	7.79
Diluted earnings per share:
Earnings before cumulative effect of change in accounting principle	$	5.92	7.13
Cumulative effect of change in accounting principle		-	0.60
Net earnings	$	5.92	7.73