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EXHIBIT 11
Aflac Incorporated and Subsidiaries
Computation of Earnings Per Share
Three Months Ended March 31,
| 2015 | 2014 | ||||||
| Numerator (In millions): | |||||||
| Basic and diluted: net earnings applicable to common stock | $ | 663 | $ | 732 | |||
| Denominator (In thousands): | |||||||
| Weighted-average outstanding shares used in the computation of earnings per share - basic | 437,306 | 454,731 | |||||
| Dilutive effect of share-based awards | 2,621 | 2,968 | |||||
| Weighted-average outstanding shares used in the computation of earnings per share - diluted | 439,927 | 457,699 | |||||
| Earnings per share: | |||||||
| Basic | $ | 1.52 | $ | 1.61 | |||
| Diluted | 1.51 | 1.60 | |||||