Denominator computations
2021 Number | 2020 Number | |
‘000 | ‘000 | |
Number of shares at beginning of year | 319,495 | 320,354 |
Shares issued in lieu of dividend | - | 4,624 |
Shares issued in respect of options exercised | 985 | 142 |
Share repurchased and subsequently cancelled | - | (5,625) |
Number of shares at end of year (note 25) | 320,480 | 319,495 |
Weighted average number of ordinary shares (basic)* | 309,149 | 308,906 |
Adjustment for the effect of conversion of options | - | 1,690 |
Weighted average number of ordinary shares, including options (diluted) | 309,149 | 310,596 |
* Excludes 10.8m treasury shares (FY2020: 10.8m).
(Loss)/profit attributable to ordinary shareholders
2021 | 2020 | |
€m | €m | |
Group (loss)/profit for the financial year | (104.5) | 9.1 |
Adjustment for exceptional items, net of tax (note 5) | 33.7 | 82.7 |
(Loss)/earnings as adjusted for exceptional items, net of tax | (70.8) | 91.8 |
Cent | Cent | |
Basic (loss)/earnings per share | ||
Basic (loss)/earnings per share | (33.8) | 2.9 |
Adjusted basic (loss)/earnings per share | (22.9) | 29.7 |
Diluted (loss)/earnings per share | ||
Diluted (loss)/earnings per share | (33.8) | 2.9 |
Adjusted diluted (loss)/earnings per share | (22.9) | 29.6 |
Basic (loss)/earnings per share is calculated by dividing the Group (loss)/profit for the financial year by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased/issued by the Group and accounted for as treasury shares (at 28 February 2021: 10.8m shares; at 29 February 2020: 10.8m shares).
Diluted (loss)/earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potential dilutive ordinary shares. The average market value of the Company’s shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the period of the year that the options were outstanding.
Employee share awards (excluding awards which were granted under plans where the rules stipulate that obligations must be satisfied by the purchase of existing shares (note 4)), which are performance-based are treated as contingently issuable shares because their issue is contingent upon satisfaction of specified performance conditions in addition to the passage of time. In accordance with IAS 33 Earnings per Share, these contingently issuable shares are excluded from the computation of diluted earnings per share where the vesting conditions would not have been satisfied as at the end of the reporting period (1,930,864 at 28 February 2021 and 175,492 at 29 February 2020). If dilutive other contingently issuable ordinary shares are included in diluted EPS based on the number of shares that would be issuable if the end of the reporting period was the end of the contingency period.