Aflac (AFL) 10-Q 2006 Q3 Quarterly report

Aflac Incorporated 3rd Quarter 2006 Form 10-Q

EXHIBIT 11

Aflac Incorporated and Subsidiaries
Computation of Earnings Per Share

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2006		2005		2006		2005
Numerator (in millions):
Basic:  net earnings applicable to common stock	$	367	$	455	$	1,150	$	1,119
Diluted:  net earnings applicable to common stock	367		455		1,150		1,119
Denominator (in thousands):
Average outstanding shares used in the computation of earnings per share - basic	494,923		500,557		496,626		501,555
Average outstanding shares used in the computation of earnings per share - basic	494,923		500,557		496,626		501,555
Dilutive effect of share-based awards	6,029		6,766		6,300		6,695
Average outstanding shares used in the computation of earnings per share - diluted	500,952		507,323		502,926		508,250
Earnings per share:
Basic	$	.74	$	.91	$	2.32	$	2.23
Diluted	.73		.90		2.29		2.20

EXH 11-1