EXHIBIT (12)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Three Months Ended | ||||||||||||||||||||||||||||
| Years Ended June 30 | September 30 | |||||||||||||||||||||||||||
| 2003 | 2004 | 2005 | 2006 | 2007 | 2006 | 2007 | ||||||||||||||||||||||
EARNINGS, AS DEFINED |
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Earnings from operations before income taxes
and before adjustments for minority interests
in consolidated subsidiaries and after
eliminating undistributed earnings of equity
method investees |
$ | 7,219 | $ | 9,010 | $ | 9,954 | $ | 12,419 | $ | 14,746 | $ | 3,863 | $ | 4,229 | ||||||||||||||
Fixed charges (excluding capitalized interest) |
657 | 719 | 924 | 1,242 | 1,428 | 398 | 403 | |||||||||||||||||||||
TOTAL EARNINGS, AS DEFINED |
$ | 7,876 | $ | 9,729 | $ | 10,878 | $ | 13,661 | $ | 16,174 | $ | 4,261 | $ | 4,632 | ||||||||||||||
FIXED CHARGES, AS DEFINED |
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Interest expense (including capitalized interest) |
$ | 561 | $ | 629 | $ | 869 | $ | 1,153 | $ | 1,374 | $ | 373 | $ | 379 | ||||||||||||||
1/3 of rental expense |
96 | 90 | 90 | 122 | 124 | 32 | 32 | |||||||||||||||||||||
TOTAL FIXED CHARGES, AS DEFINED |
$ | 657 | $ | 719 | $ | 959 | $ | 1,275 | $ | 1,498 | $ | 405 | $ | 411 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES |
12.0x | 13.5x | 11.3x | 10.7x | 10.8x | 10.5x | 11.3x | |||||||||||||||||||||