EXHIBIT (11)

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

Amounts in millions except per share amounts

	Three Months Ended				Nine Months Ended
	March 31				March 31
	2008		2007		2008		2007
BASIC NET EARNINGS PER SHARE
Net earnings	$	2,710	$	2,512	$	9,059	$	8,072
Preferred dividends, net of tax benefit		41		38		126		116
Net earnings available to common shareholders	$	2,669	$	2,474	$	8,933	$	7,956
Basic weighted average common shares outstanding		3,067.9		3,156.0		3,093.5		3,164.3
Basic net earnings per common share	$	0.87	$	0.78	$	2.89	$	2.51
DILUTED NET EARNINGS PER SHARE
Diluted net earnings	$	2,710	$	2,512	$	9,059	$	8,072
Basic weighted average common shares outstanding		3,067.9		3,156.0		3,093.5		3,164.3
Add potential effect of:
Conversion of preferred shares		143.5		149.2		144.8		150.4
Exercise of stock options and other Unvested Equity awards		89.8		92.1		94.2		91.0
Diluted weighted average common shares outstanding		3,301.2		3,397.3		3,332.5		3,405.7
Diluted net earnings per common share	$	0.82	$	0.74	$	2.72	$	2.37