EXHIBIT 11
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
Computation of Earnings Per Share
| Amounts in millions except per share amounts | Three Months Ended September 30 | |||||
| 2009 | 2008 | |||||
BASIC NET EARNINGS PER SHARE | ||||||
Net earnings from continuing operations | $ | 3,027 | $ | 3,115 | ||
Preferred dividends, net of tax benefit | 50 | 47 | ||||
Net earnings from continuing operations available to common shareholders | $ | 2,977 | $ | 3,068 | ||
Net earnings from discontinued operations | $ | 280 | $ | 233 | ||
Net earnings | $ | 3,257 | $ | 3,301 | ||
Basic weighted average common shares outstanding | 2,921.1 | 3,012.4 | ||||
Basic net earnings per common share - continuing operations | $ | 1.02 | $ | 1.02 | ||
Basic net earnings per common share - discontinued operations | $ | 0.09 | $ | 0.08 | ||
Basic net earnings per common share | $ | 1.11 | $ | 1.10 | ||
DILUTED NET EARNINGS PER SHARE | ||||||
Diluted net earnings from continuing operations | $ | 3,027 | $ | 3,115 | ||
Diluted net earnings from discontinued operations | $ | 280 | $ | 233 | ||
Diluted net earnings | $ | 3,307 | $ | 3,348 | ||
Basic weighted average common shares outstanding | 2,921.1 | 3,012.4 | ||||
Add potential effect of: | ||||||
Conversion of preferred shares | 136.2 | 141.2 | ||||
Exercise of stock options and other unvested equity awards | 52.3 | 85.9 | ||||
Diluted weighted average common shares outstanding | 3,109.6 | 3,239.5 | ||||
Diluted net earnings per common share - continuing operations | $ | 0.97 | $ | 0.96 | ||
Diluted net earnings per common share - discontinued operations | $ | 0.09 | $ | 0.07 | ||
Diluted net earnings per common share | $ | 1.06 | $ | 1.03 | ||