EXHIBIT (11)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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Computation of Earnings Per Share
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Amounts in Millions Except Per Share Amounts
Three Months Ended Six Months Ended
December 31 December 31
1999 1998 1999 1998
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BASIC NET EARNINGS PER SHARE
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Net earnings $ 1,126 $ 1,142 $ 2,273 $ 2,309
Deduct preferred stock dividends 29 29 58 54
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Net earnings applicable to common stock $ 1,097 $ 1,113 $ 2,215 $ 2,255
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Average number of common shares outstanding 1,316.0 1,330.1 1,316.0 1,330.1
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Basic net earnings per share $ 0.83 $ 0.84 $ 1.68 $ 1.70
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DILUTED NET EARNINGS PER SHARE
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Net earnings $ 1,126 $ 1,142 $ 2,273 $ 2,309
Deduct differential - preferred
vs. common dividends 5 6 9 11
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Net earnings applicable to common stock $ 1,121 $ 1,136 $ 2,264 $ 2,298
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Average number of common shares outstanding 1,316.0 1,330.1 1,316.0 1,330.1
Add potential effect of:
Exercise of options 23.9 23.5 23.9 23.5
Conversion of preferred stock 95.0 97.8 95.0 97.8
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Average number of common shares
outstanding, assuming dilution 1,434.9 1,451.4 1,434.9 1,451.4
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Diluted earnings per share $ 0.78 $ 0.78 $ 1.58 $ 1.58
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