Aflac Incorporated 3rd Quarter 2005 Form 10-Q

EXHIBIT 11

Aflac Incorporated and Subsidiaries
Computation of Earnings Per Share

			Three Months Ended				Nine Months Ended
			September 30,				September 30,
			2005		2004		2005		2004
Numerator (in millions):
	Basic:  net earnings applicable
	to common stock	$	455	$	293	$	1,119	$	856
	Diluted:  net earnings applicable
	to common stock		455		293		1,119		856
Denominator (in thousands):
	Average outstanding shares used in the
	computation of earnings per share - basic		500,557		506,599		501,555		508,286
	Average outstanding shares used in the
	computation of earnings per share - basic		500,557		506,599		501,555		508,286
	Dilutive effect of stock options		6,766		8,977		6,695		9,305
	Average outstanding shares used in the
	computation of earnings per share - diluted		507,323		515,576		508,250		517,591
Earnings per share:
	Basic	$	.91	$	.58	$	2.23	$	1.68
	Diluted		.90		.57		2.20		1.65

EXH 11-1