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
2004 2003 2004 2003
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BASIC NET EARNINGS PER SHARE
Net earnings $ 1,528 $ 1,273 $ 5,107 $ 4,231
Preferred dividends, net of tax benefit 32 31 97 94
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Net earnings available to common shareholders $ 1,496 $ 1,242 $ 5,010 $ 4,137
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Basic weighted average common shares outstanding 1,289.2 1,293.5 1,293.8 1,296.8
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Basic net earnings per common share $ 1.16 $ 0.96 $ 3.87 $ 3.19
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DILUTED NET EARNINGS PER SHARE
Net earnings $ 1,528 $ 1,273 $ 5,107 $ 4,231
Deduct preferred dividend impact on
funding of ESOP 1 2 3 7
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Diluted net earnings $ 1,527 $ 1,271 $ 5,104 $ 4,224
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Basic weighted average common shares outstanding 1,289.2 1,293.5 1,293.8 1,296.8
Add potential effect of:
Conversion of preferred shares 81.6 84.7 82.5 85.5
Exercise of stock options 24.2 17.6 21.8 19.6
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Diluted weighted average common shares outstanding 1,395.0 1,395.8 1,398.1 1,401.9
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Diluted net earnings per common share $ 1.09 $ 0.91 $ 3.65 $ 3.01
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