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 1991 1992 1993 1994 1995
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Net Earnings/(Loss) $1,773 $1,872 $ (656) $2,211 $2,645
Deduct preferred stock dividends 78 94 102 102 102
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Net Earnings/(Loss) Applicable to Common Stock 1,695 1,778 (758) 2,109 2,543
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Average number of common shares
outstanding 689.5 677.4 680.4 683.1 686.0
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 $ 2.46 $ 2.62 $(1.11) $ 3.09 $ 3.71
NET EARNINGS PER SHARE ASSUMING
FULL DILUTION
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Net Earnings/(Loss) $1,773 $1,872 $ (656) $2,211 $2,645
Deduct differential -- preferred
vs. common dividends 52 60 57 51 45
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Net Earnings/(Loss) Applicable to Common Stock 1,721 1,812 (713) 2,160 2,600
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Average number of common shares
outstanding 689.5 677.4 680.4 683.1 686.0
Add potential effect of:
Exercise of options 7.7 7.5 7.2 6.0 8.5
Conversion of preferred stock 48.0 55.2 54.7 53.9 52.8
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Average number of common shares
outstanding, assuming full dilution 745.2 740.1 742.3 743.0 747.3
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) $ 2.31 $ 2.45 $(0.96) $ 2.91 $ 3.48