AFLAC Incorporated Form 10-K

EXHIBIT 11

AFLAC INCORPORATED AND SUBSIDIARIES
Computation of Earnings Per Share
Years Ended December 31,
		2003		2002			2001			2000			1999
Numerator (in millions):
	Basic: net earnings applicable
	to common stock	$	795	$	821		$	687		$	687		$	571
	Diluted: net earnings applicable
	to common stock	795		821			687			687			571
Denominator (in thousands):
	Average outstanding shares used
	in the computation of earnings
	per share - basic	513,220		517,541			525,098			530,607			531,737
	Average outstanding shares used
	in the computation of earnings
	per share - basic	513,220		517,541			525,098			530,607			531,737
	Dilutive effect of stock options	8,918		10,785			12,285			14,299			19,108
	Average outstanding shares used
	in the computation of earnings
	per share - diluted	522,138		528,326			537,383			544,906			550,845
Earnings per share:
	Basic	$	1.55	$		1.59	$		1.31	$		1.30	$		1.07
	Diluted	1.52		1.55			1.28			1.26			1.04

EXH 11-1