EX-11 3 afl-3312012_ex11.htm EX-11
Aflac Incorporated 1st Quarter 2012 Form 10-Q
EXHIBIT 11
Aflac Incorporated and Subsidiaries
Computation of Earnings Per Share
Three Months Ended March 31,

| 2012 |  |  | 2011 |
Numerator (In millions): |  |  |
Basic and diluted: net earnings applicable to common stock | $ | 785 |  |  | $ | 389 |
Denominator (In thousands): |  |  |
Weighted-average outstanding shares used in the computation of earnings per share - basic | 465,887 |  |  | 468,012 |
Dilutive effect of share-based awards | 2,646 |  |  | 4,092 |
Weighted-average outstanding shares used in the computation of earnings per share - diluted | 468,533 |  |  | 472,104 |
Earnings per share: |  |  |
Basic | $ | 1.68 |  |  | $ | .83 |
Diluted | 1.68 |  |  | .83 |

Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2012 related to deferred policy acquisition costs.