Aflac (AFL) 10-Q 2015 Q3 Quarterly report

Aflac Incorporated 3rd Quarter 2015 10-Q

EXHIBIT 11

Aflac Incorporated and Subsidiaries

Computation of Earnings Per Share

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Numerator (In millions):
Basic and diluted: net earnings applicable to common stock	$	567	$	706	$	1,803	$	2,248
Denominator (In thousands):
Weighted-average outstanding shares used in the computation of earnings per share - basic	428,735		451,246		432,540		452,833
Dilutive effect of share-based awards	2,367		2,735		2,524		2,841
Weighted-average outstanding shares used in the computation of earnings per share - diluted	431,102		453,981		435,064		455,674
Earnings per share:
Basic	$	1.32	$	1.56	$	4.17	$	4.96
Diluted	1.32		1.56		4.14		4.93