EX-11 3 jas0411.txt EXHIBIT 11 - 10-Q JAS 2004 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 2004 2003 --------- --------- BASIC NET EARNINGS PER SHARE Net earnings $ 2,001 $ 1,761 Preferred dividends, net of tax benefit 33 33 --------- --------- Net earnings available to common shareholders $ 1,968 $ 1,728 ========= ========= Basic weighted average common shares outstanding 2,540.7 2,593.3 ========= ========= Basic net earnings per common share $ 0.77 $ 0.67 ========= ========= DILUTED NET EARNINGS PER SHARE Net earnings $ 2,001 $ 1,761 Deduct preferred dividend impact on funding of ESOP -- 1 --------- --------- Diluted net earnings $ 2,001 $ 1,760 ========= ========= Basic weighted average common shares outstanding 2,540.7 2,593.3 Add potential effect of: Conversion of preferred shares 160.1 166.6 Exercise of stock options and other unvested equity awards 55.2 37.8 --------- --------- Diluted weighted average common shares outstanding 2,756.0 2,797.7 ========= ========= Diluted net earnings per common share $ 0.73 $ 0.63 ========= =========