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
2003 2002 2003 2002
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BASIC NET EARNINGS PER SHARE
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Net earnings $ 1,273 $ 1,039 $ 4,231 $ 3,442
Preferred dividends, net of tax benefit 31 31 94 94
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Net earnings available to common shareholders $ 1,242 $ 1,008 $ 4,137 $ 3,348
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Basic weighted average common shares outstanding 1,293.5 1,297.9 1,296.8 1,296.4
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Basic net earnings per common share $ 0.96 $ 0.78 $ 3.19 $ 2.58
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DILUTED NET EARNINGS PER SHARE
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Net earnings $ 1,273 $ 1,039 $ 4,231 $ 3,442
Deduct preferred dividend impact on
funding of ESOP 2 3 7 9
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Diluted net earnings $ 1,271 $ 1,036 $ 4,224 $ 3,433
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Basic weighted average common shares outstanding 1,293.5 1,297.9 1,296.8 1,296.4
Add potential effect of:
Conversion of preferred shares 84.7 88.2 85.5 89.3
Exercise of stock options 17.6 19.6 19.6 16.8
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Diluted weighted average common shares outstanding 1,395.8 1,405.7 1,401.9 1,402.5
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Diluted net earnings per common share $ 0.91 $ 0.74 $ 3.01 $ 2.45
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