EX-11 2 afl123113ex11.htm COMPUTATION OF PER SHARE EARNINGS AFL 12.31.13 Ex 11


EXHIBIT 11
Aflac Incorporated and Subsidiaries
Computation of Earnings Per Share
 
 
2013
 
2012
 
2011
 
2010
 
2009
Numerator (In millions):
 
 
 
 
 
 
 
 
 
Basic and diluted: net earnings applicable to
   common stock
$
3,158

 
$
2,866

 
$
1,937

 
$
2,328

 
$
1,497

Denominator (In thousands):
 
 
 
 
 
 
 
 
 
Weighted-average outstanding shares used in the
   computation of earnings per share – basic
464,502

 
466,868

 
466,519

 
469,038

 
466,552

Dilutive effect of share-based awards
2,906

 
2,419

 
2,851

 
4,047

 
2,511

Weighted-average outstanding shares used in the
   computation of earnings per share – diluted
467,408

 
469,287

 
469,370

 
473,085

 
469,063

Earnings per share:
 
 
 
 
 
 
 
 
 
Basic
$
6.80

 
$
6.14

 
$
4.16

 
$
4.96

 
$
3.21

Diluted
 
6.76

 
6.11

 
4.12

 
4.92

 
$3.19

Amounts prior to 2012 have been adjusted for the adoption of accounting guidance on January 1, 2012 related to deferred policy acquisition costs. Adjustments to balances in 2009 were immaterial and are not reflected in the table above.