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Notes to the condensed financial statements
4. Earnings per ordinary share
Basic earnings per ordinary share are calculated using the weighted average of 374,670,385 (September 2008: 373,508,685; March 2009: 373,831,805) shares in issue during the period (net of shares purchased by the Company and held as treasury shares). Diluted earnings per ordinary share are calculated using 375,570,655 (September 2008: 374,816,680; March 2009: 374,893,326) shares which includes dilutive potential ordinary shares of 900,270 (September 2008: 1,307,995; March 2009: 1,061,521). Dilutive potential ordinary shares are calculated from those exercisable share options where the exercise price is less than the average price of the Company’s ordinary shares during the period.
Adjusted earnings are calculated as earnings from continuing operations excluding the amortisation of acquired intangible assets after tax. The Directors consider that adjusted earnings represent a more consistent measure of underlying performance. A reconciliation of earnings and the effect on basic earnings per share figures is presented below:
|
Unaudited 27 weeks to 3 October 2009 £000 |
Unaudited 26 weeks to 27 September 2008 £000 |
Audited 52 weeks to 28 March 2009 £000 |
|
|---|---|---|---|
| Earnings from continuing operations | 25,726 | 25,599 | 52,581 |
| Add back amortisation of acquired intangible assets after taxation | 1,869 | 2,495 | 4,618 |
| Adjusted earnings | 27,595 | 28,094 | 57,199 |
| Per ordinary share | |||
|---|---|---|---|
|
Unaudited 27 weeks to 3 October 2009 pence |
Unaudited 26 weeks to 27 September 2008 pence |
Audited 52 weeks to 28 March 2009 pence |
|
| Earnings from continuing operations | 6.87 | 6.85 | 14.07 |
| Add back amortisation of acquired intangible assets after taxation | 0.50 | 0.67 | 1.23 |
| Adjusted earnings | 7.37 | 7.52 | 15.30 |
