EX-11 2 jfm04x11.txt 10-Q JFM 2004 - EXHIBIT 11
EXHIBIT (11) THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES --------------------------------------------- Computation of Earnings Per Share --------------------------------- Amounts in millions except per share amounts Three Months Ended Nine Months Ended March 31 March 31 2004 2003 2004 2003 --------- --------- --------- --------- BASIC NET EARNINGS PER SHARE Net earnings $ 1,528 $ 1,273 $ 5,107 $ 4,231 Preferred dividends, net of tax benefit 32 31 97 94 --------- --------- --------- --------- Net earnings available to common shareholders $ 1,496 $ 1,242 $ 5,010 $ 4,137 ========= ========= ========= ========= Basic weighted average common shares outstanding 1,289.2 1,293.5 1,293.8 1,296.8 ========= ========= ========= ========= Basic net earnings per common share $ 1.16 $ 0.96 $ 3.87 $ 3.19 ========= ========= ========= ========= DILUTED NET EARNINGS PER SHARE Net earnings $ 1,528 $ 1,273 $ 5,107 $ 4,231 Deduct preferred dividend impact on funding of ESOP 1 2 3 7 --------- --------- --------- --------- Diluted net earnings $ 1,527 $ 1,271 $ 5,104 $ 4,224 ========= ========= ========= ========= Basic weighted average common shares outstanding 1,289.2 1,293.5 1,293.8 1,296.8 Add potential effect of: Conversion of preferred shares 81.6 84.7 82.5 85.5 Exercise of stock options 24.2 17.6 21.8 19.6 --------- --------- --------- --------- Diluted weighted average common shares outstanding 1,395.0 1,395.8 1,398.1 1,401.9 ========= ========= ========= ========= Diluted net earnings per common share $ 1.09 $ 0.91 $ 3.65 $ 3.01 ========= ========= ========= =========