EARNINGS PER SHARE

9 Months Ended

Mar. 31, 2024

Earnings Per Share

Basic net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble less preferred dividends by the weighted average number of common shares outstanding during the period. Diluted net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble by the diluted weighted average number of common shares outstanding during the period. The diluted shares include the dilutive effect of stock options and other share-based awards based on the treasury stock method and the assumed conversion of preferred stock.

Net earnings per common share were calculated as follows:


CONSOLIDATED AMOUNTS	Three Months Ended March 31				Nine Months Ended March 31
	2024		2023		2024		2023
Net earnings	$	3,781	$	3,424	$	11,830	$	11,346
Less: Net earnings attributable to noncontrolling interests	27		27		88		77
Net earnings attributable to P&G (Diluted)	3,754		3,397		11,742		11,269
Less: Preferred dividends	69		69		209		210
Net earnings attributable to P&G available to common shareholders (Basic)	$	3,685	$	3,328	$	11,533	$	11,059

SHARES IN MILLIONS
Basic weighted average common shares outstanding	2,360.5		2,359.1		2,359.5		2,370.2
Add: Effect of dilutive securities
Convertible preferred shares (1)	73.3		76.0		73.9		76.7
Stock options and other unvested equity awards (2)	38.1		38.1		38.4		39.1
Diluted weighted average common shares outstanding	2,472.0		2,473.2		2,471.8		2,486.0

NET EARNINGS PER COMMON SHARE
Basic	$	1.56	$	1.41	$	4.89	$	4.67
Diluted	$	1.52	$	1.37	$	4.75	$	4.53

(1)An overview of preferred shares can be found in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023.

(2)Excludes approximately 6 million and 21 million for the three months ended March 31, 2024 and 2023, respectively, and 6 million and 20 million for the nine months ended March 31, 2024 and 2023, respectively, of weighted average stock options outstanding because the exercise price of these options was greater than their average market value or their effect was antidilutive.