EXHIBIT (12)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Millions of Dollars
Nine Months
Years Ended June 30 Ended Mar. 31
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1991 1992 1993 1994 1995 1995 1996
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EARNINGS AS DEFINED
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Earnings from operations before income taxes
after eliminating undistributed earnings
of equity method investees $2,652 $2,870 $ 294 $3,307 $4,022 $3,357 $3,823
Fixed charges excluding capitalized interest 435 584 631 569 571 438 432
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TOTAL EARNINGS, AS DEFINED $3,087 $3,454 $ 925 $3,876 $4,593 $3,795 $4,255
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FIXED CHARGES, AS DEFINED
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Interest expense $ 395 $ 510 $ 552 $ 482 $ 488 $ 368 $ 367
1/3 of rental expense 40 74 79 87 83 70 65
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435 584 631 569 571 438 432
Capitalized interest 17 25 25 19 23 8 5
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TOTAL FIXED CHARGES, AS DEFINED $ 452 $ 609 $ 656 $ 588 $ 594 $ 446 $ 437
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RATIO OF EARNINGS TO FIXED CHARGES 6.8 5.7 1.4 6.6 7.7 8.5 9.7