Earnings per share on continuing operations
Basic – continuing operations
Basic earnings per share (on continuing operations) is calculated by dividing the profit attributable to equity holders of the Company in respect of continuing operations by the weighted average number of ordinary shares in issue during the year.
| 2008 £m |
2007 £m |
||
| Profit attributable to equity holders of the Company – continuing operations (£ million) | 8.5 | 8.0 | |
| Weighted average number of ordinary shares in issue (million) | 122.2 | 118.3 | |
| Basic earnings per share – continuing operations (pence per share) | 7.0p | 6.8p |
Diluted – continuing operations
Diluted earnings per share is calculated by adjusting the weighted average number of shares in issue to assume conversion of all potential dilutive ordinary shares. The Company has two categories of potential dilutive ordinary shares; share options and warrants. The calculation is performed for the share options and warrants to determine the number of shares that could have been acquired at fair value determined as the average annual market share price of the Company’s shares based on the monetary value of the subscription rights attached to outstanding share options and warrants. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of share options and warrants to give the number of shares deemed to be issued at nil consideration. These dilutive shares are added to the weighted average number of ordinary shares in issue.
| 2008 £m |
2007 £m |
||
| Profit attributable to equity holders of the Company – continuing operations (£ million) | 8.5 | 8.0 | |
| Weighted average number of ordinary shares in issue (million) | 122.2 | 118.3 | |
| Adjustment for warrants (million) | 1.8 | 1.6 | |
| Adjustment for share options (million) | 0.1 | 0.1 | |
| Weighted average number of ordinary shares for diluted earnings per share (million) | 124.1 | 120.0 | |
| Diluted earnings per share – continuing operations (pence per share) | 6.8p | 6.7p |
Adjusted – continuing operations
The adjusted earnings per share is calculated as follows:
| 2008 £m |
2007 £m |
||
| Profit attributable to equity holders of the Company – continuing operations (£ million) | 8.5 | 8.0 | |
| Pension curtailment loss (£ million) | – | 0.8 | |
| Exceptional credit for pension past service cost (£ million) | – | (2.0) | |
| Acquisition and Rights Issue costs (£ million) | 1.1 | – | |
| Re-financing costs (£ million) | – | 0.4 | |
| Adjusted earnings attributable to equity holders of the Company – continuing operations (£ million) | 9.6 | 7.2 | |
| Weighted average number of ordinary shares in issue (million) | 122.2 | 118.3 | |
| Adjusted earnings per share – continuing operations (pence per share) | 7.9p | 6.1p |
Earnings per share on continuing and discontinued operations
Basic – continuing and discontinued operations
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.
| 2008 £m |
2007 £m |
||
| Profit attributable to equity holders of the Company (£ million) | 8.5 | 24.7 | |
| Weighted average number of ordinary shares in issue (million) | 122.2 | 118.3 | |
| Basic earnings per share (pence per share) | 7.0p | 20.9p |
Diluted – continuing and discontinued operations
Diluted earnings per share is calculated by adjusting the weighted average number of shares in issue to assume conversion of all potential dilutive ordinary shares. The Company has two categories of potential dilutive ordinary shares; share options and warrants. The calculation is performed for the share options and warrants to determine the number of shares that could have been acquired at fair value determined as the average annual market share price of the Company’s shares based on the monetary value of the subscription rights attached to outstanding share options and warrants. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of share options and warrants to give the number of shares deemed to be issued at nil consideration. These dilutive shares are added to the weighted average number of ordinary shares in issue.
| 2008 £m |
2007 £m |
||
| Profit attributable to equity holders of the Company (£ million) | 8.5 | 24.7 | |
| Weighted average number of ordinary shares in issue (million) | 122.2 | 118.3 | |
| Adjustment for warrants (million) | 1.8 | 1.6 | |
| Adjustment for share options (million) | 0.1 | 0.1 | |
| Weighted average number of ordinary shares for diluted earnings per share (million) | 124.1 | 120.0 | |
| Diluted earnings per share (pence per share) | 6.8p | 20.6p |
Adjusted – continuing and discontinued operations
The adjusted earnings per share is calculated as follows:
| 2008 £m |
2007 £m |
||
| Profit attributable to equity holders of the Company (£ million) | 8.5 | 24.7 | |
| Pension curtailment loss (£ million) | – | 0.8 | |
| Exceptional credit for pension past service cost (£ million) | – | (2.0) | |
| Acquisition and Rights Issue costs (£ million) | 1.1 | – | |
| Re-financing costs (£ million) | – | 0.4 | |
| Profit on disposal of businesses (£ million) | – | (17.4) | |
| Adjusted earnings – attributable to equity holders of the Company (£ million) | 9.6 | 6.5 | |
| Weighted average number of ordinary shares in issue (million) | 122.2 | 118.3 | |
| Adjusted earnings per share (pence per share) | 7.9p | 5.5p |