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EARNINGS PER SHARE
 3 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block] Earnings Per Share
Basic net earnings per common share are calculated by dividing Net earnings attributable to Procter & Gamble less preferred dividends by the weighted average number of common shares outstanding during the period. Diluted net earnings per common share are calculated using the treasury stock method, on the basis of the weighted average number of common shares outstanding plus the dilutive effect of stock options and other stock-based awards and the assumed conversion of preferred stock.
Net earnings per share were as follows:
CONSOLIDATED AMOUNTS
Three Months Ended September 30
 
2019
 
2018
Net earnings
$
3,617

 
$
3,211

Less: Net earnings attributable to noncontrolling interests
24

 
12

Net earnings attributable to P&G (Diluted)
3,593

 
3,199

Preferred dividends
(65
)
 
(66
)
Net earnings attributable to P&G available to common shareholders (Basic)
$
3,528

 
$
3,133

 
 
 
 
SHARES IN MILLIONS
 
 
 
Basic weighted average common shares outstanding
2,504.0

 
2,495.8

Add: Effect of dilutive securities
 
 
 
Conversion of preferred shares (1)
87.4

 
91.9

Impact of stock options and other unvested equity awards (2)
56.1

 
24.4

Diluted weighted average common shares outstanding
2,647.5

 
2,612.1

 
 
 
 
NET EARNINGS PER SHARE (3)
 
 
 
Basic
$
1.41

 
$
1.26

Diluted
$
1.36

 
$
1.22

(1) 
Despite being included currently in Diluted net earnings per common share, the actual conversion to common stock occurs when the preferred shares are sold. Shares may only be sold after being allocated to the ESOP participants pursuant to the repayment of the ESOP's obligations through 2035.
(2) 
Weighted average outstanding stock options of approximately 1 million and 69 million for the three months ended September 30, 2019 and 2018 were not included in the Diluted net earnings per share calculation because the options were out of the money or to do so would have been antidilutive (i.e., the total proceeds upon exercise would have exceeded the market value of the underlying common shares).
(3) 
Net earnings per share are calculated on Net earnings attributable to Procter & Gamble.