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EXHIBIT (11)
<TABLE>
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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Computation of Earnings Per Share
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Amounts in Millions Except Per Share Amounts
<CAPTION>
Three Months Ended
September 30
2000 1999
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<S> <C> <C>
BASIC NET EARNINGS PER SHARE
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Net earnings $ 1,155 $ 1,147
Deduct preferred stock dividends 31 30
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Net earnings applicable to common stock $ 1,124 $ 1,117
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Average number of common shares outstanding 1,305.6 1,316.5
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Basic net earnings per share $ 0.86 $ 0.85
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DILUTED NET EARNINGS PER SHARE
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Net earnings $ 1,155 $ 1,147
Deduct differential - preferred
vs. common dividends 4 5
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Net earnings applicable to common stock $ 1,151 $ 1,142
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Average number of common shares outstanding 1,305.6 1,316.5
Add potential effect of:
Exercise of options 12.5 23.3
Conversion of preferred stock 92.7 95.4
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Average number of common shares
outstanding, assuming dilution 1,410.8 1,435.2
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Diluted earnings per share $ 0.82 $ 0.80
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</TABLE>
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