EXHIBIT (11)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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Computation of Earnings Per Share
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Dollars and Share Amounts in Millions
Years Ended June 30
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1995 1996 1997 1998 1999
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BASIC NET EARNINGS PER SHARE
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Net Earnings/(Loss) $2,645 $3,046 $3,415 $3,780 $3,763
Deduct preferred stock dividends 102 103 104 104 109
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Net Earnings/(Loss) Applicable to Common Stock 2,543 2,943 3,311 3,676 3,654
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Average number of common shares
outstanding 1,372.0 1,372.6 1,360.3 1,343.4 1,328.1
Per Share
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Net earnings before prior years' effect
of accounting changes
Prior year effect of accounting changes
Basic Net Earnings/(Loss) per Share $1.85 $2.14 $2.43 $2.74 $2.75
DILUTED NET EARNINGS PER SHARE
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Net Earnings/(Loss) $2,645 $3,046 $3,415 $3,780 $3,763
Deduct differential -- preferred
vs. common dividends 45 39 32 25 22
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Net Earnings/(Loss) Applicable to Common Stock 2,600 3,007 3,383 3,755 3,741
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Average number of common shares outstanding 1,372.0 1,372.6 1,360.3 1,343.4 1,328.1
Add potential effect of:
Exercise of options 17.0 19.8 24.8 22.3 21.5
Conversion of preferred stock 105.6 103.8 101.9 99.8 97.2
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Average number of common shares
outstanding 1,494.6 1,496.2 1,487.0 1,465.5 1,446.8
Per Share
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Net earnings before prior years' effect
of accounting changes
Prior year effect of accounting changes
Diluted Net Earnings/(Loss) per Share $1.74 $2.01 $2.28 $2.56 $2.59