Aflac Incorporated 2nd Quarter 2007 Form 10-Q

EXHIBIT 11

Aflac Incorporated and Subsidiaries

Computation of Earnings Per Share

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2007		2006		2007		2006
Numerator (in millions):
Basic: net earnings applicable to common stock	$	415	$	408	$	831	$	783
Diluted: net earnings applicable to common stock		415		408		831		783
Denominator (in thousands):
Average outstanding shares used in the computation of earnings per share — basic		487,900		496,951		489,219		497,491
Dilutive effect of share-based awards		6,327		6,335		6,216		6,436
Average outstanding shares used in the computation of earnings per share — diluted		494,227		503,286		495,435		503,927
Earnings per share:
Basic	$	.85	$	.82	$	1.70	$	1.57
Diluted		.84		.81		1.68		1.55

EXH 11-1