EX-11 5 afl093016ex11.htm EXHIBIT 11
Aflac Incorporated 3rd Quarter 2016 10-Q
EXHIBIT 11
Aflac Incorporated and Subsidiaries
Computation of Earnings Per Share

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Numerator (In millions): |  |  |  |  |  |  |
Basic and diluted: net earnings applicable to common stock | $ | 629 |  |  | $ | 567 |  |  | $ | 1,908 |  |  | $ | 1,803 |
Denominator (In thousands): |  |  |  |  |  |  |
Weighted-average outstanding shares used in the computation of earnings per share - basic | 408,519 |  |  | 428,735 |  |  | 413,023 |  |  | 432,540 |
Dilutive effect of share-based awards | 2,621 |  |  | 2,367 |  |  | 2,423 |  |  | 2,524 |
Weighted-average outstanding shares used in the computation of earnings per share - diluted | 411,140 |  |  | 431,102 |  |  | 415,446 |  |  | 435,064 |
Earnings per share: |  |  |  |  |  |  |
Basic | $ | 1.54 |  |  | $ | 1.32 |  |  | $ | 4.62 |  |  | $ | 4.17 |
Diluted | 1.53 |  |  | 1.32 |  |  | 4.59 |  |  | 4.14 |