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Earnings Per Share
 6 Months Ended
Dec. 31, 2014
Notes to Financial Statements [Abstract]  
EARNINGS PER SHARE
Earnings Per Share
Net earnings attributable to Procter & Gamble less preferred dividends (net of related tax benefits) are divided by the weighted average number of common shares outstanding during the period to calculate basic net earnings per common share. Diluted net earnings per common share are calculated to give effect to stock options and other stock-based awards and assume conversion of preferred stock (see below). Net earnings attributable to Procter & Gamble and common shares used to calculate basic and diluted net earnings per share were as follows:
 
Three Months Ended December 31, 2014
 
Three Months Ended December 31, 2013
CONSOLIDATED AMOUNTS
Continuing Operations
Discontinued Operations
Total
 
Continuing Operations
Discontinued Operations
Total
Net earnings
$
2,975

$
(577
)
$
2,398

 
$
3,297

$
175

$
3,472

Net earnings attributable to noncontrolling interests
(24
)
(2
)
(26
)
 
(39
)
(5
)
(44
)
Net earnings attributable to P&G (Diluted)
$
2,951

$
(579
)
$
2,372

 
$
3,258

$
170

$
3,428

Preferred dividends, net of tax benefit
(70
)
—

(70
)
 
(67
)
—

(67
)
Net earnings attributable to P&G available to Common Shareholders (Basic)
$
2,881

$
(579
)
$
2,302

 
$
3,191

$
170

$
3,361

 
 
 
 
 
 
 
 
 
SHARES IN MILLIONS
 
 
 
 
 
 
 
Basic weighted average common shares outstanding
2,705.7

2,705.7

2,705.7

 
2,719.2

2,719.2

2,719.2

Effect of dilutive securities
 
 
 
 
 
 
 
 
Conversion of preferred shares (1)
109.1

109.1

109.1

 
112.7

112.7

112.7

 
Exercise of stock options and other unvested equity awards (2)
70.4

70.4

70.4

 
76.6

76.6

76.6

Diluted weighted average common shares outstanding
2,885.2

2,885.2

2,885.2

 
2,908.5

2,908.5

2,908.5

 
 
 
 
 
 
 
 
 
PER SHARE AMOUNTS (3)
 
 
 
 
 
 
 
Basic net earnings per common share
$
1.06

$
(0.21
)
$
0.85

 
$
1.18

$
0.06

$
1.24

Diluted net earnings per common share
$
1.02

$
(0.20
)
$
0.82

 
$
1.12

$
0.06

$
1.18

 
 
 
 
 
 
 
 
 
 
Six Months Ended December 31, 2014
 
Six Months Ended December 31, 2013
CONSOLIDATED AMOUNTS
Continuing Operations
Discontinued Operations
Total
 
Continuing Operations
Discontinued Operations
Total
Net earnings
$
5,815

$
(1,397
)
$
4,418

 
$
6,231

$
298

$
6,529

Net earnings attributable to noncontrolling interests
(50
)
(6
)
(56
)
 
(64
)
(10
)
(74
)
Net earnings attributable to P&G (Diluted)
$
5,765

$
(1,403
)
$
4,362

 
$
6,167

$
288

$
6,455

Preferred dividends, net of tax benefit
(130
)
—

(130
)
 
(125
)
—

(125
)
Net earnings attributable to P&G available to Common Shareholders (Basic)
$
5,635

$
(1,403
)
$
4,232

 
$
6,042

$
288

$
6,330

 
 
 
 
 
 
 
 
 
SHARES IN MILLIONS
 
 
 
 
 
 
 
Basic weighted average common shares outstanding
2,708.2

2,708.2

2,708.2

 
2,727.2

2,727.2

2,727.2

Effect of dilutive securities
 
 
 
 
 
 
 
 
Conversion of preferred shares (1)
109.7

109.7

109.7

 
113.1

113.1

113.1

 
Exercise of stock options and other unvested equity awards (2)
68.9

68.9

68.9

 
76.1

76.1

76.1

Diluted weighted average common shares outstanding
2,886.8

2,886.8

2,886.8

 
2,916.4

2,916.4

2,916.4

 
 
 
 
 
 
 
 
 
PER SHARE AMOUNTS (3)
 
 
 
 
 
 
 
Basic net earnings per common share
$
2.08

$
(0.52
)
$
1.56

 
$
2.21

$
0.11

$
2.32

Diluted net earnings per common share
$
2.00

$
(0.49
)
$
1.51

 
$
2.11

$
0.10

$
2.21

(1) 
Despite being included currently in diluted net earnings per common share, the actual conversion to common stock occurs when the preferred shares are sold. Shares may only be sold after being allocated to the ESOP participants pursuant to the repayment of the ESOP's obligations through 2035.
(2) 
Less than 1 million in the three and six months ended December 31, 2014 and less than 1 million in the three and six months ended December 31, 2013 of the Company's outstanding stock options were not included in the diluted net earnings per share calculation because the options were out of the money or to do so would have been antidilutive (i.e., the total proceeds upon exercise would have exceeded the market value of the underlying common shares).
(3) 
Basic net earnings per common share and diluted net earnings per common share are calculated on net earnings attributable to Procter & Gamble.