EXHIBIT (11)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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Computation of Earnings Per Share
Amounts in Millions Except Per Share Amounts
Three Months Ended Six Months Ended
December 31 December 31
1998 1997 1998 1997
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BASIC NET EARNINGS PER SHARE
Net earnings $ 1,142 $ 1,046 $ 2,309 $ 2,133
Deduct preferred stock dividends 29 26 54 52
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Net earnings applicable to common stock $ 1,113 $ 1,020 $ 2,255 $ 2,081
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Average number of common shares outstanding 1,330.1 1,346.0 1,330.1 1,346.0
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Basic net earnings per share $ 0.84 $ 0.76 $ 1.70 $ 1.55
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DILUTED NET EARNINGS PER SHARE
Net earnings $ 1,142 $ 1,046 $ 2,309 $ 2,133
Deduct differential - preferred
vs. common dividends 6 6 11 13
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Net earnings applicable to common stock $ 1,136 $ 1,040 $ 2,298 $ 2,120
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Average number of common shares outstanding 1,330.1 1,346.0 1,330.1 1,346.0
Add potential effect of:
Exercise of options 23.5 24.0 23.5 24.0
Conversion of preferred stock 97.8 100.3 97.8 100.3
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Average number of common shares
outstanding, assuming dilution 1,451.4 1,470.3 1,451.4 1,470.3
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Diluted earnings per share $ 0.78 $ 0.71 $ 1.58 $ 1.44
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