Basic net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble less preferred dividends by the weighted average number of common shares outstanding during the period. Diluted net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble by the diluted weighted average number of common shares outstanding during the period. The diluted shares include the dilutive effect of stock options and other unvested stock-based awards based on the treasury stock method (see Note 7) and the assumed conversion of preferred stock (see Note 8).

Net earnings per common share were calculated as follows:


Fiscal years ended June 30	2025		2024		2023
CONSOLIDATED AMOUNTS
Net earnings attributable to P&G (Diluted)	$	15,974	$	14,879	$	14,653
Less: Preferred dividends	291		284		282
Net earnings attributable to P&G available to common shareholders (Basic)	$	15,682	$	14,595	$	14,371

SHARES IN MILLIONS
Basic weighted average common shares outstanding	2,350.1		2,360.1		2,368.2
Add effect of dilutive securities:
Stock options and other unvested equity awards (1)	33.3		38.3		39.4
Convertible preferred shares (2)	71.0		73.6		76.3
Diluted weighted average common shares outstanding	2,454.4		2,471.9		2,483.9

NET EARNINGS PER COMMON SHARE
Basic	$	6.67	$	6.18	$	6.07
Diluted	$	6.51	$	6.02	$	5.90

(1)For the years ended June 30, 2025, 2024 and 2023, the weighted average of stock options that were antidilutive and not included in the diluted net earnings per share calculation were 6 million, 4 million and 19 million, respectively.