Remaining common stock available for purchase under share repurchase authorizations

  
9.    SHAREHOLDERS’ EQUITY  
The following table is a reconciliation of the number of shares of the Company's common stock for the six-month periods ended June 30.

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| (In thousands of shares) | 2022 |  | 2021 |
| Common stock - issued: |  |  |  |
| Balance, beginning of period | 1,352,739  |  |  | 1,351,018  |  |
| Exercise of stock options and issuance of restricted shares | 1,132  |  |  | 1,374  |  |
| Balance, end of period | 1,353,871  |  |  | 1,352,392  |  |
| Treasury stock: |  |  |  |
| Balance, beginning of period | 700,607  |  |  | 658,564  |  |
| Purchases of treasury stock: |  |  |  |
| Share repurchase program | 19,192  |  |  | 22,614  |  |
| Other | 351  |  |  | 381  |  |
| Dispositions of treasury stock: |  |  |  |
| Shares issued to AFL Stock Plan | (528) |  |  | (717) |  |
| Exercise of stock options | (62) |  |  | (223) |  |
| Other | (215) |  |  | (217) |  |
| Balance, end of period | 719,345  |  |  | 680,402  |  |
| Shares outstanding, end of period | 634,526  |  |  | 671,990  |  |

  
Outstanding share-based awards are excluded from the calculation of weighted-average shares used in the computation of basic earnings per share (EPS). The following table presents the approximate number of share-based awards to purchase shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of diluted EPS for the following periods.

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months EndedJune 30, | Six Months Ended June 30, |  |
| (In thousands) | 2022 |  | 2021 | 2022 |  | 2021 |
| Anti-dilutive share-based awards |  | 171  |  |  |  |  | 0  |  |  |  | 210  |  |  |  |  | 1  |  |  |

  
Share Repurchase Program   
During the first six months of 2022, the Company repurchased 19.2 million shares of its common stock for $1.2 billion as part of its share repurchase program. During the first six months of 2021, the Company repurchased 22.6 million shares of its common stock for $1.2 billion as part of its share repurchase program. As of June 30, 2022, a remaining balance of 36.6 million shares of the Company's common stock was available for purchase under share repurchase authorizations by its board of directors.   
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