EX-11 3 exhibit11.htm COMPUTATION OF EARNINGS PER SHARE Exhibit 11



EXHIBIT (11)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
Computation of Earnings Per Share
Amounts in millions except per share amounts

 
 
  
2011
  
2010
  
2009
  
2008
  
2007
BASIC NET EARNINGS PER SHARE
  
 
  
 
  
 
  
 
  
 
Net earnings from continuing operations
 
$
11,797

  
$
10,946

  
$
10,680

  
$
11,291

  
$
9,662

Preferred dividends, net of tax benefit
 
233

  
219

  
192

  
176

  
161

Net earnings from continuing operations available to common shareholders
 
$
11,564

  
$
10,727

  
$
10,488

  
$
11,115

  
$
9,501

Net earnings from discontinued operations
 
—

  
1,790

  
2,756

  
784

  
678

Net earnings available to common shareholders
 
$
11,564

  
$
12,517

  
$
13,244

  
$
11,899

  
$
10,179

 
 
 
  
 
  
 
  
 
  
 
Basic weighted average common shares outstanding
 
2,804.0

  
2,900.8

  
2,952.2

  
3,080.8

  
3,159.0

 
 
 
 
 
 
 
 
 
 
 
Basic net earnings per common share - continuing operations
 
$
4.12

  
$
3.70

  
$
3.55

  
$
3.61

  
$
3.01

Basic net earnings per common share - discontinued operations
 
—

  
0.62

  
0.94

  
0.25

  
0.21

Basic net earnings per common share
 
$
4.12

  
$
4.32

  
$
4.49

  
$
3.86

  
$
3.22

 
 
 
 
 
 
 
 
 
 
 
DILUTED NET EARNINGS PER SHARE
 
 
  
 
  
 
  
 
  
 
Diluted net earnings from continuing operations
 
$
11,797

  
$
10,946

  
$
10,680

  
$
11,291

  
$
9,662

Diluted net earnings from discontinued operations
 
—

  
1,790

  
2,756

  
784

  
678

Diluted net earnings
 
$
11,797

  
$
12,736

  
$
13,436

  
$
12,075

  
$
10,340

 
 
 
 
 
 
 
 
 
 
 
Basic weighted average common shares outstanding
 
2,804.0

  
2,900.8

  
2,952.2

  
3,080.8

  
3,159.0

Add potential effect of:
 
 
  
 
  
 
  
 
  
 
Conversion of preferred shares
 
128.5

  
134.0

  
139.2

  
144.2

  
149.6

Exercise of stock options and other Unvested Equity awards
 
69.4

  
64.5

  
62.7

  
91.8

  
90.0

Diluted weighted average common shares outstanding
 
3,001.9

  
3,099.3

  
3,154.1

  
3,316.8

  
3,398.6

 
 
 
 
 
 
 
 
 
 
 
Diluted net earnings per common share - continuing operations
 
$
3.93

  
$
3.53

  
$
3.39

  
$
3.40

  
$
2.84

Diluted net earnings per common share - discontinued operations
 
—

  
0.58

  
0.87

  
0.24

  
0.20

Diluted net earnings per common share
 
$
3.93

  
$
4.11

  
$
4.26

  
$
3.64

  
$
3.04