EX-11 2 dex11.htm EXHIBIT 11

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 |