EXHIBIT 11

AFLAC INCORPORATED AND SUBSIDIARIES
Computation of Earnings Per Share
Three Months Ended March 31,

		2002		2001
Numerator (in millions):
	Basic: net earnings applicable
	to common stock	$	183	$	178
	Diluted: net earnings applicable
	to common stock		183		178
Denominator (in thousands):
	Average outstanding shares used in the computation
	of earnings per share - basic		519,473		528,180
	Average outstanding shares used in the computation
	of earnings per share - basic		519,473		528,180
	Dilutive effect of stock options		10,154		13,587
	Average outstanding shares used in the computation
	of earnings per share - diluted		529,627		541,767
Earnings per share:
	Basic	$	.35	$	.34
	Diluted		.34		.33

EXH 11-1