Note 11 • Earnings per share

(a) Basic

Earnings per share are based on the net profit attributable to ordinary shareholders of €117,537 (€100,312) and the weighted average number of shares outstanding during the year. The weighted average number of shares used in the computation was 56,879,908 for the year to 31 December 2010 (56,536,181). Treasury shares were deducted in calculating the weighted average number of shares outstanding.

(b) Diluted

Diluted earnings per share are calculated taking into account the potential dilutive effect of the achievement share options granted under the share incentive scheme (see note 23). The weighted average number of ordinary shares adjusted for the share schemes can be specified as follows:

Diluted earnings per share are based on the same net profit for the year as used in calculating basic earnings per share, because the total number of shares has been increased by the number of shares deemed to have been issued for no consideration.