EXHIBIT 12
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years Ended June 30 | Six Months Ended December 31 | ||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | |||||||||||||||||||||
EARNINGS, AS DEFINED | |||||||||||||||||||||||||||
Earnings from operations before income taxes and after eliminating undistributed earnings of equity method investees | $ | 15,343 | $ | 15,169 | $ | 14,461 | $ | 14,927 | $ | 13,698 | $ | 6,907 | $ | 8,510 | |||||||||||||
Fixed charges (excluding capitalized interest) | 1,052 | 1,167 | 1,576 | 1,640 | 1,458 | 524 | 526 | ||||||||||||||||||||
TOTAL EARNINGS, AS DEFINED | $ | 16,395 | $ | 16,336 | $ | 16,037 | $ | 16,567 | $ | 15,156 | $ | 7,431 | $ | 9,036 | |||||||||||||
FIXED CHARGES, AS DEFINED | |||||||||||||||||||||||||||
Interest expense (including capitalized interest) | $ | 888 | $ | 1,014 | $ | 1,431 | $ | 1,546 | $ | 1,374 | $ | 445 | $ | 445 | |||||||||||||
1/3 of rental expense | 170 | 176 | 177 | 137 | 124 | 88 | 84 | ||||||||||||||||||||
TOTAL FIXED CHARGES, AS DEFINED | $ | 1,058 | $ | 1,190 | l,608 | $ | 1,683 | $ | 1,498 | $ | 533 | $ | 529 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 15.5x | 13.7x | 10.0x | 9.8x | 10. 1x | 13.9x | 17.1x | ||||||||||||||||||||