EXHIBIT (11)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
Computation of Earnings Per Share
| Three Months Ended December 31 | Six Months Ended December 31 | |||||||||||
| Amounts in millions except per share amounts | 2008 | 2007 | 2008 | 2007 | ||||||||
BASIC NET EARNINGS PER SHARE | ||||||||||||
Net earnings from continuing operations | $ | 2,962 | $ | 3,194 | $ | 6,237 | $ | 6,198 | ||||
Preferred dividends, net of tax benefit | 47 | 43 | 94 | 85 | ||||||||
Net earnings from continuing operations available to common shareholders | $ | 2,915 | $ | 3,151 | $ | 6,143 | $ | 6,113 | ||||
Net earnings from discontinued operations | $ | 2,042 | $ | 76 | $ | 2,115 | $ | 151 | ||||
Net earnings available to common shareholders | $ | 4,957 | $ | 3,227 | $ | 8,258 | $ | 6,264 | ||||
Basic weighted average common shares outstanding | 2,958.8 | 3,094.8 | 2,985.6 | 3,106.2 | ||||||||
Basic net earnings per common share - continuing operations | $ | 0.99 | $ | 1.02 | $ | 2.06 | $ | 1.97 | ||||
Basic net earnings per common share - discontinued operations | $ | 0.69 | $ | 0.02 | $ | 0.71 | $ | 0.05 | ||||
Basic net earnings per common share | $ | 1.68 | $ | 1.04 | $ | 2.77 | $ | 2.02 | ||||
DILUTED NET EARNINGS PER SHARE | ||||||||||||
Diluted net earnings from continuing operations | $ | 2,962 | $ | 3,194 | $ | 6,237 | $ | 6,198 | ||||
Diluted net earnings from discontinued operations | $ | 2,042 | $ | 76 | $ | 2,115 | $ | 151 | ||||
Diluted net earnings | $ | 5,004 | $ | 3,270 | $ | 8,352 | $ | 6,349 | ||||
Basic weighted average common shares outstanding | 2,958.8 | 3,094.8 | 2,985.6 | 3,106.2 | ||||||||
Add potential effect of: | ||||||||||||
Conversion of preferred shares | 140.0 | 144.9 | 140.6 | 145.5 | ||||||||
Exercise of stock options and other Unvested Equity awards | 72.0 | 101.8 | 78.9 | 96.5 | ||||||||
Diluted weighted average common shares outstanding | 3,170.8 | 3,341.5 | 3,205.1 | 3,348.2 | ||||||||
Diluted net earnings per common share - continuing operations | $ | 0.94 | $ | 0.96 | $ | 1.95 | $ | 1.85 | ||||
Diluted net earnings per common share - discontinued operations | $ | 0.64 | $ | 0.02 | $ | 0.66 | $ | 0.05 | ||||
Diluted net earnings per common share | $ | 1.58 | $ | 0.98 | $ | 2.61 | $ | 1.90 | ||||