Aflac Incorporated 2005 Form 10-K

EXHIBIT 11

Aflac Incorporated and Subsidiaries
Computation of Earnings Per Share
Years Ended December 31,
		2005		2004			2003			2002			2001
Numerator (in millions):
	Basic: net earnings applicable
	to common stock	$	1,483	$	1,266		$	768		$	785		$	654
	Diluted: net earnings applicable
	to common stock	1,483		1,266			768			785			654
Denominator (in thousands):
	Average outstanding shares used
	in the computation of earnings
	per share - basic	500,939		507,333			513,220			517,541			525,098
	Average outstanding shares used
	in the computation of earnings
	per share - basic	500,939		507,333			513,220			517,541			525,098
	Dilutive effect of stock options	6,765		9,088			8,918			10,785			12,285
	Average outstanding shares used
	in the computation of earnings
	per share - diluted	507,704		516,421			522,138			528,326			537,383
Earnings per share:
	Basic	$	2.96	$		2.49	$		1.50	$		1.52	$		1.25
	Diluted	2.92		2.45			1.47			1.49			1.22

EXH 11-1