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Exhibit 99-5 Revised Computation of Earnings per share
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
Computation of Earnings Per Share
Amounts in millions except per share amounts
Years Ended June 30
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2005 2004 2003 2002 2001
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BASIC NET EARNINGS PER SHARE
Net earnings $ 6,923 $ 6,156 $ 4,788 $ 3,910 $ 2,612
Preferred dividends, net of tax benefit 136 131 125 124 121
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Net earnings available to common shareholders $ 6,787 $ 6,025 $ 4,663 $ 3,786 $ 2,491
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Basic weighted average common shares outstanding 2,515.6 2,580.1 2,593.2 2,594.8 2,600.7
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Basic net earnings per common share $ 2.70 $ 2.34 $ 1.80 $ 1.46 $ 0.96
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DILUTED NET EARNINGS PER SHARE
Net earnings $ 6,923 $ 6,156 $ 4,788 $ 3,910 $ 2,612
Deduct preferred dividend impact on funding of ESOP 1 4 9 12 15
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Diluted net earnings $ 6,922 $ 6,152 $ 4,779 $ 3,898 $ 2,597
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Basic weighted average common shares
outstanding 2,515.6 2,580.1 2,593.2 2,594.8 2,600.7
Add potential effect of:
Conversion of preferred shares 158.3 164.0 170.2 177.6 183.8
Exercise of stock options and other
unvested equity awards 63.2 55.3 40.3 38.5 26.6
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Diluted weighted average common shares outstanding 2,737.1 2,799.4 2,803.7 2,810.9 2,811.1
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Diluted net earnings per common share $ 2.53 $ 2.20 $ 1.70 $ 1.39 $ 0.92
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(1) Despite being included currently in diluted net earnings per common share,
the actual conversion to common stock occurs pursuant to the repayment of
the ESOP debt through 2021.
(2) Approximately 1 million in 2005, 38 million in 2004 and 66 million in 2003
of the Company's outstanding stock options were not included in the diluted
net earnings per share calculation because to do so would have been
antidilutive (i.e., the exercise price exceeded market value).
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