EXHIBIT (11)

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

Computation of Earnings Per Share

Amounts in millions except per share amounts

	2010		2009		2008		2007		2006
BASIC NET EARNINGS PER SHARE
Net earnings from continuing operations	$	10,946	$	10,680	$	11,291	$	9,662	$	8,187
Preferred dividends, net of tax benefit		219		192		176		161		148
Net earnings from continuing operations available to common shareholders	$	10,727	$	10,488	$	11,115	$	9,501	$	8,039
Net earnings from discontinued operations		1,790		2,756		784		678		497
Net earnings available to common shareholders	$	12,517	$	13,244	$	11,899	$	10,179	$	8,536
Basic weighted average common shares outstanding		2,900.8		2,952.2		3,080.8		3,159.0		3,054.9
Basic net earnings per common share - continuing operations	$	3.70	$	3.55	$	3.61	$	3.01	$	2.63
Basic net earnings per common share - discontinued operations		0.62		0.94		0.25		0.21		0.16
Basic net earnings per common share	$	4.32	$	4.49	$	3.86	$	3.22	$	2.79
DILUTED NET EARNINGS PER SHARE
Diluted net earnings from continuing operations	$	10,946	$	10,680	$	11,291	$	9,662	$	8,187
Diluted net earnings from discontinued operations		1,790		2,756		784		678		497
Diluted net earnings	$	12,736	$	13,436	$	12,075	$	10,340	$	8,684
Basic weighted average common shares outstanding		2,900.8		2,952.2		3,080.8		3,159.0		3,054.9
Add potential effect of:
Conversion of preferred shares		134.0		139.2		144.2		149.6		154.1
Exercise of stock options and other Unvested Equity awards		64.5		62.7		91.8		90.0		76.9
Diluted weighted average common shares outstanding		3,099.3		3,154.1		3,316.8		3,398.6		3,285.9
Diluted net earnings per common share - continuing operations	$	3.53	$	3.39	$	3.40	$	2.84	$	2.49
Diluted net earnings per common share - discontinued operations		0.58		0.87		0.24		0.20		0.15
Diluted net earnings per common share	$	4.11	$	4.26	$	3.64	$	3.04	$	2.64