AFLAC Incorporated 2nd Quarter Form 10-Q

EXHIBIT 11

AFLAC INCORPORATED AND SUBSIDIARIES
Computation of Earnings Per Share

			Three Months Ended				Six Months Ended
			June 30,				June 30,
			2004		2003		2004		2003
Numerator (in millions):
	Basic:  net earnings applicable
	to common stock	$	265	$	248	$	581	$	486
	Diluted:  net earnings applicable
	to common stock		265		248		581		486
Denominator (in thousands):
	Average outstanding shares used in the
	computation of earnings per share - basic		508,353		513,728		509,138		514,144
	Average outstanding shares used in the
	computation of earnings per share - basic		508,353		513,728		509,138		514,144
	Dilutive effect of stock options		9,507		8,985		9,469		9,444
	Average outstanding shares used in the
	computation of earnings per share - diluted		517,860		522,713		518,607		523,588
Earnings per share:
	Basic	$	.52	$	.48	$	1.14	$	.94
	Diluted		.51		.48		1.12		.93

EXH 11-1