AFLAC Incorporated 1st Quarter 2004 Form 10-Q

EXHIBIT 11

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

		2004		2003
Numerator (in millions):
	Basic: net earnings applicable to common stock	$	315	$	237
	Diluted: net earnings applicable to common stock		315		237
Denominator (in thousands):
	Average outstanding shares used in the computation
	of earnings per share - basic		509,924		514,565
	Average outstanding shares used in the computation
	of earnings per share - basic		509,924		514,565
	Dilutive effect of stock options		9,431		9,903
	Average outstanding shares used in the computation
	of earnings per share - diluted		519,355		524,468
Earnings per share:
	Basic	$	.62	$	.46
	Diluted		.61		.45

EXH 11-1