EXHIBIT 11
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
Computation of Earnings Per Share
| Three Months Ended March 31 |
Nine Months Ended March 31 |
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| Amounts in millions except per share amounts | 2011 | 2010 | 2011 | 2010 | ||||||||||||
| BASIC NET EARNINGS PER SHARE |
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| Net earnings from continuing operations |
$ | 2,873 | $ | 2,585 | $ | 9,287 | $ | 8,761 | ||||||||
| Preferred dividends, net of tax benefit |
51 | 49 | 167 | 149 | ||||||||||||
| Net earnings from continuing operations available to common shareholders |
$ | 2,822 | $ | 2,536 | $ | 9,120 | $ | 8,612 | ||||||||
| Net earnings from discontinued operations |
$ | — | $ | — | $ | — | $ | 1,790 | ||||||||
| Net earnings available to common shareholders |
$ | 2,822 | $ | 2,536 | $ | 9,120 | $ | 10,402 | ||||||||
| Basic weighted average common shares outstanding |
2,802.2 | 2,898.2 | 2,810.5 | 2,912.1 | ||||||||||||
| Basic net earnings per common share - continuing operations |
$ | 1.01 | $ | 0.88 | $ | 3.24 | $ | 2.96 | ||||||||
| Basic net earnings per common share - discontinued operations |
$ | — | $ | — | $ | — | $ | 0.61 | ||||||||
| Basic net earnings per common share |
$ | 1.01 | $ | 0.88 | $ | 3.24 | $ | 3.57 | ||||||||
| DILUTED NET EARNINGS PER SHARE |
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| Diluted net earnings from continuing operations |
$ | 2,873 | $ | 2,585 | $ | 9,287 | $ | 8,761 | ||||||||
| Diluted net earnings from discontinued operations |
$ | — | $ | — | $ | — | $ | 1,790 | ||||||||
| Diluted net earnings |
$ | 2,873 | $ | 2,585 | $ | 9,287 | $ | 10,551 | ||||||||
| Basic weighted average common shares outstanding |
2,802.2 | 2,898.2 | 2,810.5 | 2,912.1 | ||||||||||||
| Add potential effect of: |
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| Conversion of preferred shares |
127.8 | 133.3 | 129.1 | 134.8 | ||||||||||||
| Exercise of stock options and other Unvested Equity awards |
69.3 | 72.4 | 69.0 | 63.3 | ||||||||||||
| Diluted weighted average common shares outstanding |
2,999.3 | 3,103.9 | 3,008.6 | 3,110.2 | ||||||||||||
| Diluted net earnings per common share - continuing operations |
$ | 0.96 | $ | 0.83 | $ | 3.09 | $ | 2.82 | ||||||||
| Diluted net earnings per common share - discontinued operations |
$ | — | $ | — | $ | — | $ | 0.57 | ||||||||
| Diluted net earnings per common share |
$ | 0.96 | $ | 0.83 | $ | 3.09 | $ | 3.39 | ||||||||