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
2002 2001 2002 2001
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BASIC NET EARNINGS PER SHARE
Net earnings $ 1,494 $ 1,299 $ 2,958 $ 2,403
Preferred dividends, net of tax benefit 31 31 63 63
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Net earnings available to common shareholders $ 1,463 $ 1,268 $ 2,895 $ 2,340
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Basic weighted average common shares outstanding 1,297.0 1,295.1 1,298.5 1,295.6
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Basic net earnings per common share $ 1.13 $ 0.98 $ 2.23 $ 1.81
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DILUTED NET EARNINGS PER SHARE
Net earnings $ 1,494 $ 1,299 $ 2,958 $ 2,403
Deduct preferred dividend impact on
funding of ESOP 3 2 5 6
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Diluted net earnings $ 1,491 $ 1,297 $ 2,953 $ 2,397
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Basic weighted average common shares outstanding 1,297.0 1,295.1 1,298.5 1,295.6
Add potential effect of:
Conversion of preferred shares 85.4 89.4 85.8 89.9
Exercise of stock options 20.2 17.0 20.6 15.5
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Diluted weighted average common shares outstanding 1,402.6 1,401.5 1,404.9 1,401.0
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Diluted net earnings per common share $ 1.06 $ 0.93 $ 2.10 $ 1.71
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