Aflac Incorporated 1st Quarter 2012 Form 10-Q

EXHIBIT 11

Aflac Incorporated and Subsidiaries

Computation of Earnings Per Share

Three Months Ended March 31,

	2012		2011
Numerator (In millions):
Basic and diluted: net earnings applicable to common stock	$	785	$	389
Denominator (In thousands):
Weighted-average outstanding shares used in the computation of earnings per share - basic	465,887		468,012
Dilutive effect of share-based awards	2,646		4,092
Weighted-average outstanding shares used in the computation of earnings per share - diluted	468,533		472,104
Earnings per share:
Basic	$	1.68	$	.83
Diluted	1.68		.83

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2012 related to deferred policy acquisition costs.