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
Years Ended June 30
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1992 1993 1994 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 $2,870 $ 294 $3,307 $4,022 $4,695
Fixed charges, excluding capitalized interest 584 631 569 571 576
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TOTAL EARNINGS, AS DEFINED $3,454 $ 925 $3,876 $4,593 $5,271
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FIXED CHARGES, AS DEFINED
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Interest expense $ 510 $ 552 $ 482 $ 488 $ 484
1/3 of rental expense 74 79 87 83 92
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584 631 569 571 576
Capitalized interest 25 25 19 23 9
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TOTAL FIXED CHARGES, AS DEFINED $ 609 $ 656 $ 588 $ 594 $ 585
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RATIO OF EARNINGS TO FIXED CHARGES 5.7 1.4 6.6 7.7 9.0