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
Three Months Ended Nine Months Ended
March 31 March 31
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NET EARNINGS PER SHARE 1995 1994 1995 1994
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Net earnings $ 631 $ 482 $2,173 $1,805
Deduct preferred stock dividends 26 26 77 76
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Net earnings applicable to common stock $ 605 $ 456 $2,096 $1,729
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Average number of common shares outstanding 685.7 682.7 685.7 682.7
Per Share
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Net Earnings per share $ .88 $ .66 $3.06 $ 2.53
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NET EARNINGS PER SHARE ASSUMING
FULL DILUTION
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Net Earnings $ 631 $ 482 $2,173 $1,805
Deduct differential -- preferred
vs. common dividends 11 13 34 39
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Net earnings/(loss) applicable to common stock $ 620 $ 469 $2,139 $1,766
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Average number of common shares outstanding 685.7 682.7 685.7 682.7
Add potential effect of:
Exercise of options 11.4 6.1 11.4 6.1
Conversion of preferred stock 52.9 54.1 52.9 54.1
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Average number of common shares
outstanding, assuming full dilution 750.0 742.9 750.0 742.9
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Per share assuming full dilution
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Net earnings per share assuming full dilution $ .81 $ .64 $2.85 $ 2.38
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