EXHIBIT 11

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

Computation of Earnings Per Share

	Three Months Ended December 31				Six Months Ended December 31
Amounts in millions except per share amounts	2010		2009		2010		2009
BASIC NET EARNINGS PER SHARE
Net earnings from continuing operations	$	3,333	$	3,149	$	6,414	$	6,176
Preferred dividends, net of tax benefit		63		50		116		100
Net earnings from continuing operations available to common shareholders	$	3,270	$	3,099	$	6,298	$	6,076
Net earnings from discontinued operations	$	—	$	1,510	$	—	$	1,790
Net earnings available to common shareholders	$	3,270	$	4,609	$	6,298	$	7,866
Basic weighted average common shares outstanding		2,800.3		2,917.2		2,814.4		2,919.1
Basic net earnings per common share - continuing operations	$	1.17	$	1.06	$	2.24	$	2.08
Basic net earnings per common share - discontinued operations	$	—	$	0.52	$	—	$	0.61
Basic net earnings per common share	$	1.17	$	1.58	$	2.24	$	2.69
DILUTED NET EARNINGS PER SHARE
Diluted net earnings from continuing operations	$	3,333	$	3,149	$	6,414	$	6,176
Diluted net earnings from discontinued operations	$	—	$	1,510	$	—	$	1,790
Diluted net earnings	$	3,333	$	4,659	$	6,414	$	7,966
Basic weighted average common shares outstanding		2,800.3		2,917.2		2,814.4		2,919.1
Add potential effect of:
Conversion of preferred shares		129.0		134.7		129.8		135.5
Exercise of stock options and other Unvested Equity awards		70.9		66.6		68.8		59.9
Diluted weighted average common shares outstanding		3,000.2		3,118.5		3,013.0		3,114.5
Diluted net earnings per common share - continuing operations	$	1.11	$	1.01	$	2.13	$	1.98
Diluted net earnings per common share - discontinued operations	$	—	$	0.48	$	—	$	0.58
Diluted net earnings per common share	$	1.11	$	1.49	$	2.13	$	2.56