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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
Years Ended June 30
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1997 1998 1999 2000 2001
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BASIC NET EARNINGS PER SHARE
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Net earnings $ 3,415 $ 3,780 $ 3,763 $ 3,542 $ 2,922
Deduct preferred stock dividends 104 104 109 115 121
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Net earnings applicable to common stock $ 3,311 $ 3,676 $ 3,654 $ 3,427 $ 2,801
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Average number of common shares outstanding 1,360.3 1,343.4 1,328.1 1,313.2 1,300.3
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Basic net earnings per share $ 2.43 $ 2.74 $ 2.75 $ 2.61 $ 2.15
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DILUTED NET EARNINGS PER SHARE
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Net earnings $ 3,415 $ 3,780 $ 3,763 $ 3,542 $ 2,922
Deduct differential - preferred
vs. common dividends 32 25 22 18 15
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Net earnings applicable to common stock $ 3,383 $ 3,755 $ 3,741 $ 3,524 $ 2,907
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Average number of common shares outstanding 1,360.3 1,343.4 1,328.1 1,313.2 1,300.3
Add potential effect of:
Exercise of options 24.8 22.3 21.5 19.7 13.4
Conversion of preferred stock 101.9 99.8 97.2 94.3 91.9
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Average number of common shares
outstanding, assuming dilution 1,487.0 1,465.5 1,446.8 1,427.2 1,405.6
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Diluted net earnings per share $ 2.28 $ 2.56 $ 2.59 $ 2.47 $ 2.07
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