Aflac Incorporated 2nd Quarter 2006 Form 10-Q

EXHIBIT 11

Aflac Incorporated and Subsidiaries
Computation of Earnings Per Share

			Three Months Ended				Six Months Ended
			June 30,				June 30,
			2006		2005		2006		2005
Numerator (in millions):
	Basic:  net earnings applicable
	to common stock	$	408	$	336	$	783	$	664
	Diluted:  net earnings applicable
	to common stock		408		336		783		664
Denominator (in thousands):
	Average outstanding shares used in the
	computation of earnings per share - basic		496,951		501,426		497,491		502,063
	Average outstanding shares used in the
	computation of earnings per share - basic		496,951		501,426		497,491		502,063
	Dilutive effect of share-based awards		6,335		6,576		6,436		6,659
	Average outstanding shares used in the
	computation of earnings per share - diluted		503,286		508,002		503,927		508,722
Earnings per share:
	Basic	$	.82	$	.67	$	1.57	$	1.32
	Diluted		.81		.66		1.55		1.30

EXH 11-1