EXHIBIT (11)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
Computation of Earnings Per Share
Amounts in millions except per share amounts
| Three Months Ended September 30 | ||||||
| 2008 | 2007 | |||||
| BASIC NET EARNINGS PER SHARE |
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| Net earnings |
$ | 3,348 | $ | 3,079 | ||
| Preferred dividends, net of tax benefit |
47 | 42 | ||||
| Net earnings available to common shareholders |
$ | 3,301 | $ | 3,037 | ||
| Basic weighted average common shares outstanding |
3,012.4 | 3,117.6 | ||||
| Basic net earnings per common share |
$ | 1.10 | $ | 0.97 | ||
| DILUTED NET EARNINGS PER SHARE |
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| Diluted net earnings |
$ | 3,348 | $ | 3,079 | ||
| Basic weighted average common shares outstanding |
3,012.4 | 3,117.6 | ||||
| Add potential effect of: |
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| Conversion of preferred shares |
141.2 | 146.2 | ||||
| Exercise of stock options and other Unvested Equity awards |
85.9 | 90.4 | ||||
| Diluted weighted average common shares outstanding |
3,239.5 | 3,354.2 | ||||
| Diluted net earnings per common share |
$ | 1.03 | $ | 0.92 | ||