EXHIBIT 11

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

Computation of Earnings Per Share

	Three Months Ended December 31				Six Months Ended December 31
Amounts in millions except per share amounts	2009		2008		2009		2008
BASIC NET EARNINGS PER SHARE
Net earnings from continuing operations	$	3,149	$	2,813	$	6,176	$	5,928
Preferred dividends, net of tax benefit		50		47		100		94
Net earnings from continuing operations available to common shareholders	$	3,099	$	2,766	$	6,076	$	5,834
Net earnings from discontinued operations	$	1,510	$	2,191	$	1,790	$	2,424
Net earnings available to common shareholders	$	4,609	$	4,957	$	7,866	$	8,258
Basic weighted average common shares outstanding		2,917.2		2,958.8		2,919.1		2,985.6
Basic net earnings per common share - continuing operations	$	1.06	$	0.94	$	2.08	$	1.96
Basic net earnings per common share - discontinued operations	$	0.52	$	0.74	$	0.61	$	0.81
Basic net earnings per common share	$	1.58	$	1.68	$	2.69	$	2.77
DILUTED NET EARNINGS PER SHARE
Diluted net earnings from continuing operations	$	3,149	$	2,813	$	6,176	$	5,928
Diluted net earnings from discontinued operations	$	1,510	$	2,191	$	1,790	$	2,424
Diluted net earnings	$	4,659	$	5,004	$	7,966	$	8,352
Basic weighted average common shares outstanding		2,917.2		2,958.8		2,919.1		2,985.6
Add potential effect of:
Conversion of preferred shares		134.7		140.0		135.5		140.6
Exercise of stock options and other Unvested Equity awards		66.6		72.0		59.9		78.9
Diluted weighted average common shares outstanding		3,118.5		3,170.8		3,114.5		3,205.1
Diluted net earnings per common share - continuing operations	$	1.01	$	0.89	$	1.98	$	1.85
Diluted net earnings per common share - discontinued operations	$	0.48	$	0.69	$	0.58	$	0.76
Diluted net earnings per common share	$	1.49	$	1.58	$	2.56	$	2.61