Notes to the financial statements

for the year ended 31 March 2012

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12 Earnings per share

The calculation of basic and diluted earnings per share is based on the following numbers of shares and earnings:

Consolidated 2012
Number
2011
Number
Weighted average number of shares
For basic earnings per share 509,443,836 509,452,227
Share options in issue 19,388,758 21,238,004
For diluted earnings per share 528,832,594 530,690,231

2012
£’000
2011
£’000
Earnings
Profit attributable to equity holders of the Company 37,727 22,621
Adjustments
Exceptional items 8,337
Tax on exceptional items (2,334)
Adjusted profit attributable to equity holders of the Company 37,727 28,624

Consolidated 2012
Pence
2011
Pence
Earnings per share
Basic 7.41 4.44
Diluted 7.13 4.26
Adjusted basic 7.41 5.62
Adjusted diluted 7.13 5.39

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 excluding ordinary shares purchased by the Company and held in trust.

Adjusted basic earnings per share is calculated by adjusting the profit attributable to equity holders of the Company for the exceptional items net of taxation and dividing this adjusted figure by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held in trust.

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive ordinary shares. The dilutive potential ordinary shares are in the form of share options. A calculation has been done to determine the number of shares that would have been issued assuming the exercise of the share options.

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