Basic earnings per share are calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period. The weighted average number of shares excludes shares held by an Employee Benefit Trust (see note 20) and has been adjusted for the issue/purchase of shares during the period.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. These represent share options granted to employees where the exercise price is less than the average market price of the Company's ordinary shares during the 52 weeks to 28 March 2014.
The Group has also chosen to present an alternative earnings per share measure, with profit adjusted for non-recurring items because it better reflects the Group's underlying performance.
| For the period | 52 weeks to
28 March
2014
Number of
shares
m | 52 weeks to
29 March
2013
Number of
shares
m |
|---|
| Weighted average number of shares in issue | 199.1 | 199.1 |
| Less: shares held by the Employee Benefit Trust (weighted average) | (5.1) | (4.8) |
| Weighted average number of shares for calculating basic earnings per share | 194.0 | 194.3 |
| Weighted average number of dilutive shares | 2.9 | 1.5 |
| Total number of shares for calculating diluted earnings per share | 196.9 | 195.8 |
| For the period | 52 weeks to
28 March 2014
£m | 52 weeks to
29 March 2013
£m |
|---|
| Basic earnings attributable to equity shareholders | 55.5 | 52.7 |
| Non-recurring items (see note 5): | | |
| Operating expenses | 0.2 | 1.0 |
| Tax on non-recurring items | 0.1 | 0.1 |
| Underlying earnings before non-recurring items | 55.8 | 53.8 |
Earnings per share is calculated as follows:
| For the period | 52 weeks to
28 March
2014 | 52 weeks to
29 March
2013 |
|---|
| Basic earnings per ordinary share | 28.6p | 27.2p |
| Diluted earnings per ordinary share | 28.2p | 26.9p |
| Basic earnings per ordinary share before non-recurring items | 28.8p | 27.7p |
| Diluted earnings per ordinary share before non-recurring items | 28.4p | 27.5p |