EX-11 2 afl123115ex11.htm EXHIBIT 11 Exhibit


EXHIBIT 11
Aflac Incorporated and Subsidiaries
Computation of Earnings Per Share

 
2015
 
2014
 
2013
 
2012
 
2011
Numerator (In millions):
 
 
 
 
 
 
 
 
 
Basic and diluted: net earnings applicable to common stock
$
2,533

 
$
2,951

 
$
3,158

 
$
2,866

 
$
1,937

Denominator (In thousands):
 
 
 
 
 
 
 
 
 
Weighted-average outstanding shares used in the
computation of earnings per share - basic
430,654

 
451,204

 
464,502

 
466,868

 
466,519

Dilutive effect of share-based awards
2,518

 
2,796

 
2,906

 
2,419

 
2,851

Weighted-average outstanding shares used in the
computation of earnings per share - diluted
433,172

 
454,000

 
467,408

 
469,287

 
469,370

Earnings per share:
 
 
 
 
 
 
 
 
 
Basic
$
5.88

 
$
6.54

 
$
6.80

 
$
6.14

 
$
4.16

Diluted
5.85

 
6.50

 
6.76

 
6.11

 
4.12

Amounts prior to 2012 have been adjusted for the adoption of accounting guidance on January 1, 2012 related to deferred policy
acquisition costs.