AFLAC Incorporated Form 10-K

EXHIBIT 11

AFLAC INCORPORATED AND SUBSIDIARIES
Computation of Earnings Per Share
Years Ended December 31,

		2002		2001			2000			1999			1998
Numerator (in millions):
	Basic: net earnings applicable
	to common stock	$	821	$	687		$	687		$	571		$	487
	Diluted: net earnings applicable
	to common stock	821		687			687			571			487
Denominator (in thousands):
	Average outstanding shares used
	in the computation of earnings
	per share - basic	517,541		525,098			530,607			531,737			532,609
	Average outstanding shares used
	in the computation of earnings
	per share - basic	517,541		525,098			530,607			531,737			532,609
	Dilutive effect of stock options	10,785		12,285			14,299			19,108			19,136
	Average outstanding shares used
	in the computation of earnings
	per share - diluted	528,326		537,383			544,906			550,845			551,745
Earnings per share:
	Basic	$	1.59	$		1.31	$		1.30	$		1.07	$		.91
	Diluted	1.55		1.28			1.26			1.04			.88

EXH 11-1