Aflac Incorporated 2012 Form 10-K

EXHIBIT 11

Aflac Incorporated and Subsidiaries

Computation of Earnings Per Share

Years Ended December 31,

	2012		2011		2010		2009		2008
Numerator (In millions):
Basic and diluted: net earnings applicable to common stock	$	2,866	$	1,937	$	2,328	$	1,497	$	1,254
Denominator (In thousands):
Weighted-average outstanding shares used in the computation of earnings per share – basic	466,868		466,519		469,038		466,552		473,405
Dilutive effect of share-based awards	2,419		2,851		4,047		2,511		5,410
Weighted-average outstanding shares used in the computation of earnings per share – diluted	469,287		469,370		473,085		469,063		478,815
Earnings per share:
Basic	$	6.14	$	4.16	$	4.96	$	3.21	$	2.65
Diluted	6.11		4.12		4.92		3.19		2.62

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2012 related to deferred policy acquisition costs. Adjustments to balances in years 2009 and 2008 were immaterial and are not reflected in the table above.