NOTES TO THE ACCOUNTS

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12 Earnings per share

Basic earnings per share has been calculated by dividing the profit attributable to equity holders of £79.9m (2009: £39.5m) by the weighted average number of shares in issue during the period (excluding own shares held) of 211.3m (2009: 166.6m).

The weighted average number of shares in issue for the prior period of 133.7m has been restated to reflect the bonus element of the rights issue that occurred in the period using a bonus factor of 1.246.

Diluted earnings per share has been calculated on a similar basis taking account of 0.9m (2009: 0.7m) dilutive potential shares under option, giving a weighted average number of ordinary shares adjusted for the effect of dilution of 212.2m (2009: 167.5m). Where the average share price during the year is lower than the option price or the performance conditions of the option had not been met at the balance sheet date the options become anti-dilutive and are excluded from the calculation. The number of options where the average share price was lower than the option price was 2.4m (2009: 2.6m), the number of options that were anti-dilutive as a result of performance conditions not being met was 2.5m (2009: 2.5m).

Adjusted earnings per share excludes the effect of exceptional items and is presented to show the underlying performance of the group on both a basic and dilutive basis.

Adjusted earnings per share

Treasury shares and shares held by the EBT are excluded from the calculation of weighted average number of shares in issue.