Aflac Incorporated 3rd Quarter 2007 Form 10-Q

EXHIBIT 11

Aflac Incorporated and Subsidiaries

Computation of Earnings Per Share

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2007		2006		2007		2006
Numerator (in millions):
Basic:  net earnings applicable to common stock	$	420	$	367	$	1,251	$	1,150
Diluted:  net earnings applicable to common stock		420		367		1,251		1,150
Denominator (in thousands):
Average outstanding shares used in the   computation of earnings per share — basic		487,065		494,923		488,493		496,626
Dilutive effect of share-based awards		5,754		6,029		6,062		6,300
Average outstanding shares used in the   computation of earnings per share — diluted		492,819		500,952		494,555		502,926
Earnings per share:
Basic	$	.86	$	.74	$	2.56	$	2.32
Diluted		.85		.73		2.53		2.29

EXH 11-1