Notes to the financial statements
For the 52 weeks ended 1 March 2008
14. Basic and diluted earnings per share (‘EPS’)
Basic earnings per share is calculated by dividing the profit attributable to the equity holders of the Company by the weighted average number of ordinary shares in issue during the period, excluding ordinary shares held in Home Retail Group’s ESOT. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potential dilutive ordinary shares. Basic and diluted EPS for 2007 have been calculated on the basis of the number of shares in issue at the date of demerger for the pre-demerger period together with the weighted average number of shares post-demerger, excluding ordinary shares held in Home Retail Group’s ESOT.
| Earnings | 52 weeks ended 1 March 2008 £m |
Short period ended 3 March 2007 £m |
|---|---|---|
| Profit after tax for the financial period | 294.6 | 187.4 |
| Effect of exceptional items | (0.8) | 15.8 |
| Effect of financing fair value remeasurements | 9.0 | 0.1 |
| Financing impact on retirement benefit balances | (13.0) | (12.1) |
| Demerger incentive schemes | 11.7 | 5.8 |
| Attributable taxation | (7.1) | 9.2 |
| Benchmark profit after tax for the financial period | 294.4 | 206.2 |
| millions | millions | |
|---|---|---|
| Weighted average number of shares | ||
| Number of ordinary shares for the purpose of basic EPS | 867.7 | 869.6 |
| Dilutive effect of share incentive awards | 9.6 | 7.6 |
| Number of ordinary shares for the purpose of diluted EPS | 877.3 | 877.2 |
| EPS | pence | pence |
|---|---|---|
| Basic EPS | 34.0 | 21.6 |
| Diluted EPS | 33.6 | 21.4 |
| Basic benchmark EPS | 33.9 | 23.7 |
| Diluted benchmark EPS | 33.6 | 23.5 |
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