The Procter & Gamble Company (PG) 8-K Other Events

Exhibit 12: Computation of Ratio of Earnings to Fixed Charges

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Years Ended June 30
Amounts in millions	2009		2008		2007		2006		2005
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	$	14,461	$	14,927	$	13,698	$	11,658	$	9,128
Fixed charges (excluding amortization capitalized interest)		1,576		1,640		1,458		1,268		948
TOTAL EARNINGS, AS DEFINED	$	16,037	$	16,567	$	15,156	$	12,926	$	10,076
FIXED CHARGES, AS DEFINED
Interest expense (including capitalized interest)	$	1,431	$	1,546	$	1,374	$	1,153	$	869
1/3 of rental expense		177		137		124		122		90
TOTAL FIXED CHARGES, AS DEFINED	$	1,608	$	1,683	$	1,498	$	1,275	$	959
RATIO OF EARNINGS TO FIXED CHARGES		10.0x		9.8x		10.1x		10.1x		10.5x