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EXHIBIT 11
Aflac Incorporated and Subsidiaries
Computation of Earnings Per Share
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||||
| Numerator (In millions): | |||||||||||||||
| Basic and diluted: net earnings applicable to common stock | $ | 810 | $ | 889 | $ | 1,542 | $ | 1,781 | |||||||
| Denominator (In thousands): | |||||||||||||||
| Weighted-average outstanding shares used in the computation of earnings per share - basic | 452,559 | 465,213 | 453,639 | 465,834 | |||||||||||
| Dilutive effect of share-based awards | 2,821 | 2,762 | 2,895 | 2,712 | |||||||||||
| Weighted-average outstanding shares used in the computation of earnings per share - diluted | 455,380 | 467,975 | 456,534 | 468,546 | |||||||||||
| Earnings per share: | |||||||||||||||
| Basic | $ | 1.79 | $ | 1.91 | $ | 3.40 | $ | 3.82 | |||||||
| Diluted | 1.78 | 1.90 | 3.38 | 3.80 | |||||||||||