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
2003 2002 2003 2002
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BASIC NET EARNINGS PER SHARE
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Net earnings $ 1,818 $ 1,494 $ 3,579 $ 2,958
Preferred dividends, net of tax benefit 32 31 65 63
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Net earnings available to common shareholders $ 1,786 $ 1,463 $ 3,514 $ 2,895
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Basic weighted average common shares outstanding 1,295.5 1,297.0 1,296.1 1,298.5
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Basic net earnings per common share $ 1.38 $ 1.13 $ 2.71 $ 2.23
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DILUTED NET EARNINGS PER SHARE
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Net earnings $ 1,818 $ 1,494 $ 3,579 $ 2,958
Deduct preferred dividend impact on
funding of ESOP 2 3 3 5
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Diluted net earnings $ 1,816 $ 1,491 $ 3,576 $ 2,953
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Basic weighted average common shares outstanding 1,295.5 1,297.0 1,296.1 1,298.5
Add potential effect of:
Conversion of preferred shares 82.5 85.4 82.9 85.8
Exercise of stock options 22.4 20.2 20.6 20.6
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Diluted weighted average common shares outstanding 1,400.4 1,402.6 1,399.6 1,404.9
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Diluted net earnings per common share $ 1.30 $ 1.06 $ 2.56 $ 2.10
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