EX-12 5 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

 

     Years Ended June 30
     2009    2008    2007    2006    2005

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

    $ 15,372    $ 15,674    $ 14,299    $ 12,087    $ 9,512

Fixed charges (excluding capitalized interest)

      1,567      1,604      1,428      1,242      924
                                  

TOTAL EARNINGS, AS DEFINED

    $ 16,939    $ 17,278    $ 15,727    $ 13,329    $ 10,436
                                  

FIXED CHARGES, AS DEFINED

               

Interest expense (including capitalized interest)

    $ 1,431    $ 1,546    $ 1,374    $ 1,153    $ 869

 1/3 of rental expense

      177      137      124      122      90
                                  

TOTAL FIXED CHARGES, AS DEFINED

    $ 1,608    $ 1,683    $ 1,498    $ 1,275    $ 959
                                  

RATIO OF EARNINGS TO FIXED CHARGES

      10.5x      10.3x      10.5x      10.5x      10.9x