Aflac Incorporated 2nd Quarter 2005 Form 10-Q

EXHIBIT 11

Aflac Incorporated and Subsidiaries
Computation of Earnings Per Share

			Three Months Ended				Six Months Ended
			June 30,				June 30,
			2005		2004		2005		2004
Numerator (in millions):
	Basic:  net earnings applicable
	to common stock	$	336	$	258	$	664	$	563
	Diluted:  net earnings applicable
	to common stock		336		258		664		563
Denominator (in thousands):
	Average outstanding shares used in the
	computation of earnings per share - basic		501,426		508,353		502,063		509,138
	Average outstanding shares used in the
	computation of earnings per share - basic		501,426		508,353		502,063		509,138
	Dilutive effect of stock options		6,576		9,507		6,659		9,469
	Average outstanding shares used in the
	computation of earnings per share - diluted		508,002		517,860		508,722		518,607
Earnings per share:
	Basic	$	.67	$	.51	$	1.32	$	1.11
	Diluted		.66		.50		1.30		1.09

EXH 11-1