AFLAC Incorporated 3rd Quarter 2004 Form 10-Q

EXHIBIT 11

AFLAC INCORPORATED AND SUBSIDIARIES
Computation of Earnings Per Share

			Three Months Ended				Nine Months Ended
			September 30,				September 30,
			2004		2003		2004		2003
Numerator (in millions):
	Basic:  net earnings applicable
	to common stock	$	301	$	237	$	881	$	723
	Diluted:  net earnings applicable
	to common stock		301		237		881		723
Denominator (in thousands):
	Average outstanding shares used in the
	computation of earnings per share - basic		506,599		513,385		508,286		513,888
	Average outstanding shares used in the
	computation of earnings per share - basic		506,599		513,385		508,286		513,888
	Dilutive effect of stock options		8,977		7,827		9,305		8,905
	Average outstanding shares used in the
	computation of earnings per share - diluted		515,576		521,212		517,591		522,793
Earnings per share:
	Basic	$	.59	$	.46	$	1.73	$	1.41
	Diluted		.58		.45		1.70		1.38

EXH 11-1