Aflac Incorporated 3rd Quarter 2011 Form 10-Q

EXHIBIT 11

Aflac Incorporated and Subsidiaries

Computation of Earnings Per Share

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Numerator (In millions):
Basic and diluted: net earnings applicable to common stock	$	744	$	690	$	1,418	$	1,907
Denominator (In thousands):
Weighted-average outstanding shares used in the computation of earnings per share - basic		465,910		469,868		466,843		468,880
Dilutive effect of share-based awards		1,883		3,701		3,076		3,979
Weighted-average outstanding shares used in the computation of earnings per share - diluted		467,793		473,569		469,919		472,859
Earnings per share:
Basic	$	1.60	$	1.47	$	3.04	$	4.07
Diluted		1.59		1.46		3.02		4.03