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
1999 1998 1999 1998
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BASIC NET EARNINGS PER SHARE
Net earnings $ 1,040 $ 961 $ 3,349 $ 3,093
Deduct preferred stock dividends 28
26 82 78
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Net earnings applicable to common stock $ 1,012 $ 935 $ 3,267 $ 3,015
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Average number of common shares outstanding 1,329.4 1,344.9 1,329.4 1,344.9
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Basic net earnings per share $ 0.76 $ 0.69 $ 2.46 $ 2.24
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DILUTED NET EARNINGS PER SHARE
Net earnings $ 1,040 $ 961 $ 3,349 $ 3,093
Deduct differential - preferred
vs. common dividends
6 6 17 19
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Net earnings applicable to common stock $ 1,034 $ 955 $ 3,332 $ 3,074
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Average number of common shares outstanding 1,329.4 1,344.9 1,329.4 1,344.9
Add potential effect of:
Exercise of options 21.4 22.6 21.4 22.6
Conversion of preferred stock 97.5 100.0 97.5 100.0
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Average number of common shares
outstanding, assuming dilution 1,448.3 1,467.5 1,448.3 1,467.5
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Diluted earnings per share $ 0.72 $ 0.65 $ 2.30 $ 2.09
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