Aflac Incorporated 1st Quarter 2005 Form 10-Q

EXHIBIT 11

Aflac Incorporated and Subsidiaries
Computation of Earnings Per Share
Three Months Ended March 31,

		2005		2004
Numerator (in millions):
	Basic: net earnings applicable to common stock	$	328	$	304
	Diluted: net earnings applicable to common stock		328		304
Denominator (in thousands):
	Average outstanding shares used in the computation
	of earnings per share - basic		502,706		509,924
	Average outstanding shares used in the computation
	of earnings per share - basic		502,706		509,924
	Dilutive effect of stock options		6,743		9,431
	Average outstanding shares used in the computation
	of earnings per share - diluted		509,449		519,355
Earnings per share:
	Basic	$	.65	$	.60
	Diluted		.64		.59

EXH 11-1