Aflac Incorporated 2004 Form 10-K

EXHIBIT 11

Aflac Incorporated and Subsidiaries
Computation of Earnings Per Share
Years Ended December 31,
		2004		2003			2002			2001			2000
Numerator (in millions):
	Basic: net earnings applicable
	to common stock	$	1,299	$	795		$	821		$	687		$	687
	Diluted: net earnings applicable
	to common stock	1,299		795			821			687			687
Denominator (in thousands):
	Average outstanding shares used
	in the computation of earnings
	per share - basic	507,333		513,220			517,541			525,098			530,607
	Average outstanding shares used
	in the computation of earnings
	per share - basic	507,333		513,220			517,541			525,098			530,607
	Dilutive effect of stock options	9,088		8,918			10,785			12,285			14,299
	Average outstanding shares used
	in the computation of earnings
	per share - diluted	516,421		522,138			528,326			537,383			544,906
Earnings per share:
	Basic	$	2.56	$		1.55	$		1.59	$		1.31	$		1.30
	Diluted	2.52		1.52			1.55			1.28			1.26

EXH 11-1