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 Nine Months Ended
March 31 March 31
2001 2000 2001 2000
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BASIC NET EARNINGS PER SHARE
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Net earnings $ 893 $ 753 $ 3,242 $ 3,026
Deduct preferred stock dividends 30 28 91 87
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Net earnings applicable to common stock $ 863 $ 725 $ 3,151 $ 2,939
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Average number of common shares outstanding 1,298.4 1,314.0 1,301.9 1,315.3
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Basic net earnings per share $ 0.66 $ 0.55 $ 2.42 $ 2.23
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DILUTED NET EARNINGS PER SHARE
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Net earnings $ 893 $ 753 $ 3,242 $ 3,026
Deduct differential - preferred
vs. common dividends 4 5 11 14
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Net earnings applicable to common stock $ 889 $ 748 $ 3,231 $ 3,012
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Average number of common shares outstanding 1,298.4 1,314.0 1,301.9 1,315.3
Add potential effect of:
Exercise of options 14.8 18.8 14.2 23.0
Conversion of preferred stock 91.7 93.9 92.2 94.6
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Average number of common shares
outstanding, assuming dilution 1,404.9 1,426.7 1,408.3 1,432.9
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Diluted earnings per share $ 0.63 $ 0.52 $ 2.29 $ 2.10
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