EX-12 5 jfm12exhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES JFM 12 Exhibit 12


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
 
2011
 
2010
 
2009
 
2008
 
2007
 
2012
 
2011
EARNINGS, AS DEFINED
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from operations before income taxes and after eliminating undistributed earnings of equity method investees
$
15,021

 
$
14,881

 
$
14,275

 
$
14,692

 
$
13,448

 
$
9,916

 
$
11,935

Fixed charges (excluding capitalized interest)
1,052

 
1,167

 
1,576

 
1,640

 
1,458

 
763

 
783

TOTAL EARNINGS, AS DEFINED
$
16,073

 
$
16,048

 
$
15,851

 
$
16,332

 
$
14,906

 
$
10,679

 
$
12,718

FIXED CHARGES, AS DEFINED
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (including capitalized interest)
$
888

 
$
1,014

 
$
1,431

 
$
1,546

 
$
1,374

 
$
643

 
$
661

1/3 of rental expense
170

 
176

 
177

 
137

 
124

 
135

 
126

TOTAL FIXED CHARGES, AS DEFINED
$
1,058

 
$
1,190

 
l,608

 
$
1,683

 
$
1,498

 
$
778

 
$
787

RATIO OF EARNINGS TO FIXED CHARGES
 15.2x

 
 13.5x

 
 9.9x

 
 9.7x

 
 10.0x

 
 13.7x

 
 16.2x