EXHIBIT 12
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Years Ended June 30 | Nine Months Ended March 31 |
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| Amounts in millions | 2010 | 2009 | 2008 | 2007 | 2006 | 2011 | 2010 | |||||||||||||||||||||
| 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 |
$ | 15,169 | $ | 14,461 | $ | 14,927 | $ | 13,698 | $ | 11,658 | $ | 12,152 | $ | 12,387 | ||||||||||||||
| Fixed charges (excluding capitalized interest and including amortization of capitalized interest) |
1,167 | 1,576 | 1,640 | 1,458 | 1,268 | 783 | 900 | |||||||||||||||||||||
| TOTAL EARNINGS, AS DEFINED |
$ | 16,336 | $ | 16,037 | $ | 16,567 | $ | 15,156 | $ | 12,926 | $ | 12,935 | $ | 13,287 | ||||||||||||||
| FIXED CHARGES, AS DEFINED |
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| Interest expense (including capitalized interest) |
$ | 1,014 | $ | 1,431 | $ | 1,546 | $ | 1,374 | $ | 1,153 | $ | 661 | $ | 785 | ||||||||||||||
| 1/3 of rental expense |
176 | 177 | 137 | 124 | 122 | 126 | 133 | |||||||||||||||||||||
| TOTAL FIXED CHARGES, AS DEFINED |
$ | 1,190 | $ | 1,608 | $ | 1,683 | $ | 1,498 | $ | 1,275 | $ | 787 | $ | 918 | ||||||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES |
13.7x | 10.0x | 9.8x | 10.1x | 10.1x | 16.4x | 14.5x | |||||||||||||||||||||