EXHIBIT (11)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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COMPUTATION OF EARNINGS PER SHARE
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Amounts in Millions, Except per Share Amounts
Three Months Ended Nine Months Ended
March 31 March 31
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1997 1996 1997 1996
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NET EARNINGS PER SHARE
Net earnings $ 881 $ 760 $ 2,804 $ 2,492
Deduct preferred stock dividends 26 26 78 78
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Net earnings applicable to common stock $ 855 $ 734 $ 2,726 $ 2,414
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Average number of common shares outstanding 681.4 686.5 681.3 686.5
Per Share
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Net earnings per share $ 1.26 $ 1.07 $ 4.00 $ 3.52
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NET EARNINGS PER SHARE ASSUMING
FULL DILUTION
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Net earnings $ 881 $ 760 $ 2,804 $ 2,492
Deduct differential -- preferred
vs. common dividends 8 9 24 29
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Net earnings applicable to common stock $ 873 $ 751 $ 2,780 $ 2,463
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Average number of common shares outstanding 681.4 686.5 681.3 686.5
Add potential effect of:
Exercise of options 10.6 8.7 10.7 8.7
Conversion of preferred stock 51.0 52.0 51.0 52.0
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Average number of common shares
outstanding, assuming full dilution 743.0 747.2 743.0 747.2
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Per share assuming full dilution
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Net earnings per share assuming full dilution $ 1.18 $ 1.01 $ 3.74 $ 3.30
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