AMVESTORS FINANCIAL CORPORATION AND SUBSIDIARIES              EXHIBIT 11
                CALCULATION OF EARNINGS PER SHARE
               (000's Omitted, except per share data)


                                         For the Year Ended December 31,
                             1995       1994        1993       1992       1991
                                                       
CALCULATION OF PRIMARY
EARNINGS PER SHARE
 Net earnings applicable
  to common shares:
 Net earnings..........    $ 16,599       13,693    17,978     16,818   10,119
 Less dividends accrued
  on preferred stock.....         -            -      (236)      (278)       - 
 Earnings for primary
  earnings per share...    $ 16,599       13,693    17,742     16,540   10,119
 Average number of common
  shares and common share
  equivalents outstanding:
 Average number of common
  shares outstanding......    10,106       10,140     6,595      5,618   5,508
 Dilutive effect of stock
  options and warrants after
  application of treasury
  stock method..........         248          201       265        152       -
                              10,354       10,341     6,860      5,770   5,508
 Primary earnings 
  per share.........         $  1.60         1.32      2.59       2.87    1.84
CALCULATION OF FULLY DILUTED
EARNINGS PER SHARE
 Net earnings applicable to
  common shares on a fully
  diluted basis:
 Earnings for fully diluted
  earnings per share...      $16,599       13,693    17,978     16,818  10,119
 Average number of common
  shares outstanding on
  a fully diluted basis:
 Shares used in calculating
  primary earnings per
  share....................  10,354         10,341     6,860     5,770   5,508
Shares resulting from
  assumed conversion of 
  preferred stock.........        -              -       455       562       2
 Additional dilutive effect
  of stock options and warrants
  after application of
  treasury stock method.......   50              -         -        235      -
                             10,404         10,341     7,315      6,567  5,510
    Fully diluted earnings
    per share..............  $ 1.60          1.32       2.46       2.56   1.84
 
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