EXHIBIT (12)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Amounts in millions
| Nine Months Ended | ||||||||||||||||||||||||||||
| Years Ended June 30 | March 31 | |||||||||||||||||||||||||||
| 2003 | 2004 | 2005 | 2006 | 2007 | 2007 | 2008 | ||||||||||||||||||||||
| EARNINGS, AS DEFINED | ||||||||||||||||||||||||||||
| Earnings from operations before income taxes and before adjustments for minority interests in consolidated subsidiaries and after eliminating undistributed earnings of equity method investees | $ | 7,219 | $ | 9,010 | $ | 9,954 | $ | 12,419 | $ | 14,746 | $ | 11,552 | $ | 12,588 | ||||||||||||||
| Fixed charges (excluding capitalized interest) | 657 | 719 | 924 | 1,242 | 1,428 | 1,100 | 1,242 | |||||||||||||||||||||
| TOTAL EARNINGS, AS DEFINED | $ | 7,876 | $ | 9,729 | $ | 10,878 | $ | 13,661 | $ | 16,174 | $ | 12,652 | $ | 13,830 | ||||||||||||||
| FIXED CHARGES, AS DEFINED | ||||||||||||||||||||||||||||
| Interest expense (including capitalized interest) | $ | 561 | $ | 629 | $ | 869 | $ | 1,153 | $ | 1,374 | $ | 1,027 | $ | 1,171 | ||||||||||||||
| 1/3 of rental expense | 96 | 90 | 90 | 122 | 124 | 95 | 97 | |||||||||||||||||||||
| TOTAL FIXED CHARGES, AS DEFINED | $ | 657 | $ | 719 | $ | 959 | $ | 1,275 | $ | 1,498 | $ | 1,122 | $ | 1,268 | ||||||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES | 12.0x | 13.5x | 11.3x | 10.7x | 10.8x | 11.3x | 10.9x | |||||||||||||||||||||