EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT (12)

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

Amounts in millions    Years Ended June 30    Nine Months Ended
March 31
     2004    2005    2006    2007    2008    2008    2009

EARNINGS, AS DEFINED

                     

Earnings from operations before income taxes and before adjustments for minority interests in consolidated subsidiaries and after eliminating undistributed earnings of equity method investees

    $ 8,646    $ 9,512    $ 12,087    $ 14,299    $ 15,674    $ 12,246    $ 12,105

Fixed charges (excluding capitalized interest)

      719      924      1,242      1,428      1,604      1,238      1,156
                                                

TOTAL EARNINGS, AS DEFINED

    $ 9,365    $ 10,436    $ 13,329    $ 15,727    $ 17,278    $ 13,484    $ 13,261
                                                

FIXED CHARGES, AS DEFINED

                     

Interest expense (including capitalized interest)

    $ 629    $ 869    $ 1,153    $ 1,374    $ 1,546    $ 1,171    $ 1,083

 1/3 of rental expense

     90      90      122      124      137      93      103
                                                

TOTAL FIXED CHARGES, AS DEFINED

    $ 719    $ 959    $ 1,275    $ 1,498    $ 1,683    $ 1,264    $ 1,186
                                                

RATIO OF EARNINGS TO FIXED CHARGES

      13.0x      10.9x      10.5x      10.5x      10.3x      10.7x      11.2x