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
2000 1999 2000 1999
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BASIC NET EARNINGS PER SHARE
Net earnings $ 1,194 $ 1,126 $ 2,349 $ 2,273
Deduct preferred stock dividends 30 29 61 58
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Net earnings applicable to common stock $ 1,164 $ 1,097 $ 2,288 $ 2,215
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Average number of common shares outstanding 1,301.8 1,316.0 1,303.7 1,316.0
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Basic net earnings per share $ 0.89 $ 0.83 $ 1.76 $ 1.68
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DILUTED NET EARNINGS PER SHARE
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Net earnings $ 1,194 $ 1,126 $ 2,349 $ 2,273
Deduct differential - preferred
vs. common dividends 4 5 8 9
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Net earnings applicable to common stock $ 1,190 $ 1,121 $ 2,341 $ 2,264
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Average number of common shares outstanding 1,301.8 1,316.0 1,303.7 1,316.0
Add potential effect of:
Exercise of options 17.0 23.8 13.8 23.8
Conversion of preferred stock 92.2 95.0 92.5 95.0
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Average number of common shares
outstanding, assuming dilution 1,411.0 1,434.8 1,410.0 1,434.8
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Diluted earnings per share $ 0.84 $ 0.78 $ 1.66 $ 1.58
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