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
2002 2001 2002 2001
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BASIC NET EARNINGS PER SHARE
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Net earnings $ 1,039 $ 893 $ 3,442 $ 3,242
Deduct preferred stock dividends 31 30 94 91
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Net earnings applicable to common stock $ 1,008 $ 863 $ 3,348 $ 3,151
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Average number of common shares outstanding 1,297.9 1,298.4 1,296.4 1,301.9
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Basic net earnings per share $ 0.78 $ 0.66 $ 2.58 $ 2.42
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DILUTED NET EARNINGS PER SHARE
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Net earnings $ 1,039 $ 893 $ 3,442 $ 3,242
Deduct differential - preferred
vs. common dividends 3 4 9 11
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Net earnings applicable to common stock $ 1,036 $ 889 $ 3,433 $ 3,231
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Average number of common shares outstanding 1,297.9 1,298.4 1,296.4 1,301.9
Add potential effect of:
Exercise of options 19.6 14.8 16.8 14.2
Conversion of preferred stock 88.2 91.7 89.3 92.2
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Average number of common shares
outstanding, assuming dilution 1,405.7 1,404.9 1,402.5 1,408.3
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Diluted net earnings per share $ 0.74 $ 0.63 $ 2.45 $ 2.29
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