The Procter & Gamble Company (PG) 10-Q 2011 Q3 Quarterly report

EXHIBIT 11

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

Computation of Earnings Per Share

	Three Months Ended March 31				Nine Months Ended March 31
Amounts in millions except per share amounts	2011		2010		2011		2010
BASIC NET EARNINGS PER SHARE
Net earnings from continuing operations	$	2,873	$	2,585	$	9,287	$	8,761
Preferred dividends, net of tax benefit		51		49		167		149
Net earnings from continuing operations available to common shareholders	$	2,822	$	2,536	$	9,120	$	8,612
Net earnings from discontinued operations	$	—	$	—	$	—	$	1,790
Net earnings available to common shareholders	$	2,822	$	2,536	$	9,120	$	10,402
Basic weighted average common shares outstanding		2,802.2		2,898.2		2,810.5		2,912.1
Basic net earnings per common share - continuing operations	$	1.01	$	0.88	$	3.24	$	2.96
Basic net earnings per common share - discontinued operations	$	—	$	—	$	—	$	0.61
Basic net earnings per common share	$	1.01	$	0.88	$	3.24	$	3.57
DILUTED NET EARNINGS PER SHARE
Diluted net earnings from continuing operations	$	2,873	$	2,585	$	9,287	$	8,761
Diluted net earnings from discontinued operations	$	—	$	—	$	—	$	1,790
Diluted net earnings	$	2,873	$	2,585	$	9,287	$	10,551
Basic weighted average common shares outstanding		2,802.2		2,898.2		2,810.5		2,912.1
Add potential effect of:
Conversion of preferred shares		127.8		133.3		129.1		134.8
Exercise of stock options and other Unvested Equity awards		69.3		72.4		69.0		63.3
Diluted weighted average common shares outstanding		2,999.3		3,103.9		3,008.6		3,110.2
Diluted net earnings per common share - continuing operations	$	0.96	$	0.83	$	3.09	$	2.82
Diluted net earnings per common share - discontinued operations	$	—	$	—	$	—	$	0.57
Diluted net earnings per common share	$	0.96	$	0.83	$	3.09	$	3.39