SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2011

SHAREHOLDERS' EQUITY

10. SHAREHOLDERS’ EQUITY

The following table is a reconciliation of the number of shares of the Company’s common stock for the years ended December 31.

(In thousands of shares)	2011			2010			2009
Common stock - issued:
Balance, beginning of period		662,660			661,209			660,035
Exercise of stock options and issuance of restricted shares		979			1,451			1,174
Balance, end of period		663,639			662,660			661,209
Treasury stock:
Balance, beginning of period		192,999			192,641			193,420
Purchases of treasury stock:
Open market		6,000			2,000			0
Other		182			192			264
Dispositions of treasury stock:
Shares issued to AFL Stock Plan		(1,690	)		0			(355	)
Exercise of stock options		(88	)		(1,752	)		(556	)
Other		(74	)		(82	)		(132	)
Balance, end of period		197,329			192,999			192,641
Shares outstanding, end of period		466,310			469,661			468,568

Outstanding share-based awards are excluded from the calculation of weighted-average shares used in the computation of basic earnings per share (EPS). The following table presents the approximate number of share-based awards to purchase shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of diluted earnings per share at December 31:

(In thousands)	2011		2010		2009
Anti-dilutive share-based awards		6,145		3,252		9,603

The weighted-average shares used in calculating earnings per share for the years ended December 31 were as follows:

(In thousands of shares)	2011		2010		2009
Weighted-average outstanding shares used for calculating basic EPS		466,519		469,038		466,552
Dilutive effect of share-based awards		2,851		4,047		2,511
Weighted-average outstanding shares used for calculating diluted EPS		469,370		473,085		469,063

Share Repurchase Program: During 2011, we purchased 6.0 million shares of our common stock in the open market, compared with 2.0 million shares in 2010. We did not purchase any shares of our common stock in 2009 under our share repurchase program.

As of December 31, 2011, a remaining balance of 24.4 million shares of our common stock was available for purchase under a share repurchase authorization by our board of directors in 2008.

Voting Rights: In accordance with the Parent Company’s articles of incorporation, shares of common stock are generally entitled to one vote per share until they have been held by the same beneficial owner for a continuous period of 48 months, at which time they become entitled to 10 votes per share.