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 September 30
1997 1996
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NET EARNINGS PER SHARE
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Net earnings $1,087 $ 979
Deduct preferred stock dividends 26 26
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Net earnings applicable to common stock $1,061 $ 953
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Average number of common shares outstanding 1,348.3 1,367.6
Per Share
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Net earnings per share $ .79 $ .70
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NET EARNINGS PER SHARE ASSUMING
FULL DILUTION
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Net earnings $1,087 $ 979
Deduct differential -- preferred
vs. common dividends 7 8
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Net earnings applicable to common stock $1,080 $ 971
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Average number of common shares outstanding 1,348.3 1,367.6
Add potential effect of:
Exercise of options 25.0 20.6
Conversion of preferred stock 100.6 102.4
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Average number of common shares
outstanding, assuming full dilution 1,473.9 1,490.6
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Per share assuming full dilution
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Net earnings per share assuming full dilution $ .73 $ .65
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