EXHIBIT (11)

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

Computation of Earnings Per Share

Amounts in millions except per share amounts

	Years Ended June 30
	2009		2008		2007		2006		2005
BASIC NET EARNINGS PER SHARE
Net earnings from continuing operations	$	11,293	$	11,798	$	10,063	$	8,478	$	6,648
Preferred dividends, net of tax benefit		192		176		161		148		136
Net earnings from continuing operations available to common shareholders		11,101		11,622		9,902		8,330		6,512
Net earnings from discontinued operations		2,143		277		277		206		275
Net earnings	$	13,244	$	11,899	$	10,179	$	8,536	$	6,787
Basic weighted average common shares outstanding		2,952.2		3,080.8		3,159.0		3,054.9		2,515.6
Basic net earnings per common share - continuing operations	$	3.76	$	3.77	$	3.13	$	2.72	$	2.59
Basic net earnings per common share - discontinued operations		0.73		0.09		0.09		0.07		0.11
Basic net earnings per common share	$	4.49	$	3.86	$	3.22	$	2.79	$	2.70
DILUTED NET EARNINGS PER SHARE
Diluted net earnings from continuing operations	$	11,293	$	11,798	$	10,063	$	8,478	$	6,648
Diluted net earnings from discontinued operations		2,143		277		277		206		275
Diluted net earnings	$	13,436	$	12,075	$	10,340	$	8,684	$	6,923
Basic weighted average common shares outstanding		2,952.2		3,080.8		3,159.0		3,054.9		2,515.6
Add potential effect of:
Conversion of preferred shares		139.2		144.2		149.6		154.1		158.3
Exercise of stock options and other Unvested Equity awards		62.7		91.8		90.0		76.9		63.2
Diluted weighted average common shares outstanding		3,154.1		3,316.8		3,398.6		3,285.9		2,737.1
Diluted net earnings per common share - continuing operations	$	3.58	$	3.56	$	2.96	$	2.58	$	2.43
Diluted net earnings per common share - discontinued operations		0.68		0.08		0.08		0.06		0.10
Diluted net earnings per common share	$	4.26	$	3.64	$	3.04	$	2.64	$	2.53