Aflac Incorporated 2010 Form 10-K

EXHIBIT 11

Aflac Incorporated and Subsidiaries

Computation of Earnings Per Share

Years Ended December 31,

	2010		2009		2008		2007		2006
Numerator (In millions):
Basic and diluted: net earnings applicable to common stock	$	2,344	$	1,497	$	1,254	$	1,634	$	1,483
Denominator (In thousands):
Weighted-average outstanding shares used in the computation of earnings per share – basic		469,038		466,552		473,405		487,869		495,614
Dilutive effect of share-based awards		4,047		2,511		5,410		6,102		6,213
Weighted-average outstanding shares used in the computation of earnings per share – diluted		473,085		469,063		478,815		493,971		501,827
Earnings per share:
Basic	$	5.00	$	3.21	$	2.65	$	3.35	$	2.99
Diluted		4.95		3.19		2.62		3.31		2.95