Procter & Gamble Co – ‘10-Q’ for 9/30/03 – EX-11

On:  Tuesday, 10/28/03, at 1:51pm ET   ·   For:  9/30/03   ·   Accession #:  80424-3-167   ·   File #:  1-00434

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Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report -- jas0310q                          14     73K 
 2: EX-11       Jas03 - 10-Q - Exhibit 11                              1      6K 
 3: EX-12       Jas03 - 10-Q - Exhibit 12                              1      8K 
 4: EX-31       Jas03 - 10-Q - Exhibit 31                              2     15K 
 5: EX-32       Jas03-10-Q - Exhibit 32                                2      9K 

EX-11   —   Jas03 – 10-Q – Exhibit 11

EXHIBIT (11)

 THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
 ---------------------------------------------
 Computation of Earnings Per Share
 ---------------------------------

Amounts in millions except per share amounts                                    

                                                        Three Months Ended
                                                        September 30
                                                          2003        2002
                                                          ---------   ----------
BASIC NET EARNINGS PER SHARE                                                    
----------------------------                                                    
Net earnings                                              $   1,761    $   1,464
Preferred dividends, net of tax benefit                          33           32
                                                          ---------    ---------
Net earnings available to common shareholders             $   1,728    $   1,432
                                                          =========    =========

Basic weighted average common shares outstanding            1,296.6      1,300.0
                                                          =========    =========

Basic net earnings per common share                       $    1.33    $    1.10
                                                          =========    =========

DILUTED NET EARNINGS PER SHARE                                                  
------------------------------                                                  
Net earnings                                              $   1,761    $   1,464
Deduct preferred dividend impact on                                             
       funding of ESOP                                            1            2
                                                          ---------    ---------
Diluted net earnings                                      $   1,760    $   1,462
                                                          =========    =========

Basic weighted average common shares outstanding            1,296.6      1,300.0
Add potential effect of:                                                        
       Conversion of preferred shares                          83.4         86.3
       Exercise of stock options                               18.9         21.0
                                                          ---------    ---------

Diluted weighted average common shares outstanding          1,398.9      1,407.3
                                                          =========    =========

Diluted net earnings per common share                     $    1.26    $    1.04
                                                          =========    =========