EXHIBIT (11)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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Computation of Earnings Per Share
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Dollars and Share Amounts in Millions
Years Ended June 30
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NET EARNINGS PER SHARE 1990 1991 1992 1993 1994
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Net Earnings/(Loss) $1,602 $1,773 $1,872 $(656) $2,211
Deduct preferred stock dividends 47 78 94 102 102
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Net Earnings/(Loss) Applicable to Common Stock 1,555 1,695 1,778 (758) 2,109
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Average number of common shares
outstanding 692.1 689.5 677.4 680.4 683.1
Per Share
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Net earnings before prior years' effect
of accounting changes -- -- -- $0.25 --
Prior year effect of accounting changes -- -- -- $(1.36) --
Net Earnings/(Loss) per share $2.25 $2.46 $2.62 $(1.11) $3.09
NET EARNINGS PER SHARE ASSUMING
FULL DILUTION
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Net Earnings/(Loss) $1,602 $1,773 $1,872 $(656) $2,211
Deduct differential -- preferred
vs. common dividends 26 52 60 57 51
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Net Earnings/(Loss) Applicable to Common Stock 1,576 1,721 1,812 (713) 2,160
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Average number of common shares
outstanding 692.1 689.5 677.4 680.4 683.1
Add potential effect of:
Exercise of options 10.0 7.7 7.5 7.2 6.0
Conversion of preferred stock 36.5 48.0 55.2 54.7 53.9
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Average number of common shares
outstanding, assuming full dilution 738.6 745.2 740.1 742.3 743.0
Per Share Assuming full dilution
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Net earnings before prior years' effect
of accounting changes -- -- -- $0.29 --
Prior year effect of accounting changes -- -- -- $(1.25) --
Net Earnings/(Loss) $2.13 $2.31 $2.45 $(0.96) $2.91