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Notes to the Financial Statements 2018
6. Net earnings per share Earnings per share is the portion of a company's profit allocated to each outstanding ordinary share and is calculated by dividing the earnings attributable to shareholders by the weighted average of ordinary shares on issue during the year excluding treasury stock. Earnings per share serves as an indicator of the Group's profitability. The diluted net earnings per share calculation uses the weighted average number of shares as determined for basic net earnings per share, adjusted for dilutive securities. Capital notes and options are convertible into the company's shares and may therefore result in dilutive securities for purposes of determining the diluted net earnings per share. Fletcher Building may, at its option, purchase or redeem the capital notes for cash at the principal amount plus any accrued but unpaid interest.
Year ended June 2018
Year ended June 2017
Fletcher Building Group Net earnings per share (cents) Basic
(25.5) (25.5)
13.5 13.5
Diluted
NZ$M
NZ$M
Numerator Net earnings/(loss)
(190) (190)
94 94
Numerator for basic earnings per share
Dilutive capital notes distribution Numerator for diluted net earnings per share
(190)
94
Denominator (millions of shares) Denominator for basic net earnings per share Conversion of dilutive capital notes Denominator for diluted net earnings per share
745
694
745 694 The Group issued additional shares during the year through an entitlement offer (refer to Note 2). The effect of the entitlement offer on net earnings per share for the comparative year is as follows:
Year ended June 2017
Net earnings (NZ$M)
94
Adjusted denominator (millions of shares) Restated net earnings per share (cents)
722 13.0
Supplementary Non-GAAP disclosures: The following supplementary Non-GAAP disclosures have been made to provide additional, useful information.
Year ended June 2018 NZ$M
Year ended June 2017 NZ$M
The effect of the losses recorded in Building + Interiors and of significant items (refer Note 4) on earnings per share is as follows:
(190)
Net earnings/(loss) after taxation per income statement Add back: Significant items after taxation (Note 4)
94
130 475 415
227 210 531
Add back: Building + Interiors after taxation
Net earnings before significant items and Building + Interiors
55.7
Net earnings per share before significant items and Building + Interiors (cents)
76.5 13.5
(25.5)
Net earnings per share - as reported (cents)
68 Fletcher Building Limited Annual Report 2018
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