Basic and diluted earnings per share are calculated on the profit on ordinary activities after taxation and on the weighted average number of shares in issue during the period as shown below:
| Year ended 31 March 2004 |
2004 | 2003 | |||||
| Weighted average number of shares m |
Profit after taxation £m |
|
|
Weighted average number of shares m |
Profit after taxation £m |
Weighted average number of shares m |
Profit after taxation Restated £m |
|---|---|---|---|---|---|---|---|
| 488.1 | 171.5 | Earnings per share | Basic | 500.3 | 66.1 | 488.6 | 75.5 |
| 519.0 | 179.3 | Diluted | 519.3 | 66.1 | 518.9 | 78.6 | |
| 488.1 | 180.6 | Adjusted earnings per share | Basic | 500.3 | 66.8 | 488.6 | 77.0 |
| 519.0 | 188.4 | Diluted | 519.3 | 66.8 | 518.9 | 80.1 | |
Adjusted earnings per share are calculated by excluding £0.7 million (31 March 2004: £9.1 million; 30 September 2003: £1.5 million) which is the capital allowance effect of FRS 19.
The basic weighted average number of shares has changed as a result of the conversion on or before 30 July 2004 of the 6% Irredeemable Convertible Bonds.
