The Procter & Gamble Company (PG) 10-K2011 FY Annual report

Filed: 10 Aug 11, 12:00am

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EXHIBIT (12)

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

Amounts in millions



	Years Ended June 30
	2011		2010		2009		2008		2007
EARNINGS, AS DEFINED
Earnings from operations before income taxes and before adjustments for noncontrolling interests in consolidated subsidiaries and after eliminating undistributed earnings of equity method investees	$	15,343	$	15,169	$	14,461	$	14,927	$	13,698
Fixed charges (excluding capitalized interest)	1,052		1,167		1,576		1,640		1,458
TOTAL EARNINGS, AS DEFINED	$	16,395	$	16,336	$	16,037	$	16,567	$	15,156

FIXED CHARGES, AS DEFINED
Interest expense (including capitalized interest)	$	888	$	1,014	$	1,431	$	1,546	$	1,374
1/3 of rental expense	170		176		177		137		124
TOTAL FIXED CHARGES, AS DEFINED	$	1,058	$	1,190	$	1,608	$	1,683	$	1,498

RATIO OF EARNINGS TO FIXED CHARGES	15.5x		13.7x		10.0x		9.8x		10.1x

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