EX-11 5 afl093016ex11.htm EXHIBIT 11 Exhibit


EXHIBIT 11
Aflac Incorporated and Subsidiaries
Computation of Earnings Per Share

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2016
 
2015
 
2016
 
2015
Numerator (In millions):
 
 
 
 
 
 
 
Basic and diluted: net earnings applicable to common stock
$
629

 
$
567

 
$
1,908

 
$
1,803

Denominator (In thousands):
 
 
 
 
 
 
 
Weighted-average outstanding shares used in the
computation of earnings per share - basic
408,519

 
428,735

 
413,023

 
432,540

Dilutive effect of share-based awards
2,621

 
2,367

 
2,423

 
2,524

Weighted-average outstanding shares used in the
computation of earnings per share - diluted
411,140

 
431,102

 
415,446

 
435,064

Earnings per share:
 
 
 
 
 
 
 
Basic
$
1.54

 
$
1.32

 
$
4.62

 
$
4.17

Diluted
1.53

 
1.32

 
4.59

 
4.14