TOPIC 7

EARNINGS PER SHARE

(EPS)

1
2 Learning Outcome

 To calculate EPS
 To calculate diluted EPS
3 EARNING PER SHARE
 Refer to MFRS 133
 Effective =1 January 2012
 Definition : the amount of profit attributable to each equity share
 Useful information to investors:
 EPS is used by investors to evaluate & compare company
performance
 EPS forms the basis for calculating the price-earning ratio (a
standard share market indicator)
 Ratio used to value the shares of a company in a variety of
investment decisions – buying shares, mergers & acquisition.
4 EARNING PER SHARE

Applied by:
 enterprises whose ordinary shares(OS) or potential
ordinary share (POS) are publicly traded, and
 enterprises that are in process of issuing OS or POS
in public securities market
5 EARNING PER SHARE

 ENTERPRISES WHOSE SHARES ARE PUBLICLY

TRADED
 Required to disclose EPS in accordance with the standard
 When both parent and consolidated financial statement
are presented, only EPS on the basis of consolidated need
to be presented

 ENTERPRISES WHOSE SHARES ARE NOT

PUBLICLY TRADED
 NOT required to disclosed EPS.
 However, if EPS is to be disclosed, the calculation and
disclosure should apply accordance with the standard
6 PRESENTATION IN THE
FINANCIAL STATEMENT

 On the face of Income Statement

 Present both:
1. Basic EPS
2. Diluted EPS (DEPS)
..even if the amounts are -ve
7 BASIC EPS
* For a company with a simple capital structure of one class of
ordinary shares.
* Should be presented by a company that has no potential ordinary
shares, that is no outstanding commitments regarding share capital
such as convertible securities, option and warrants.
 Basic EPS =
Profit After Tax Attributable To Ordinary Shareholders of Parent*
– Preference Dividend (after tax)
Number of Ordinary Shares Outstanding

* Profit After Tax Attributable To Ordinary Shareholders of Parent

= Profit After Tax (Net Profit) – Non Controlling Interest
8 Basic EPS

 Profit after tax attributable to equity holders of the parent is

RM3,000,000 and non-controlling interest is RM1,000,000. Share
capital is 10,000,000

 Basic EPS: 3,000,000/10,000,000 =0.3 = 30 sen

 BASIC EPS :
9
Preference Dividend*
Preference shares are those, which enjoy the following two preferential
rights:
 1. Dividend at a fixed rate or a fixed amount on these shares before any
dividend on equity shares.
 2. Return of preference share capital before the return of equity share
capital at the time of winding up of the company.
 For non-cumulative preference shares
Non-cumulative preference shares are those type of preference shares,
which have right to get fixed rate of dividend out of the profits of current
year only. They do not carry the right to receive arrears of dividend.
 For cumulative preference shares
When unpaid dividends on preference shares are treated as arrears and
are carried forward to subsequent years, then such preference shares
are known as cumulative preference shares
10 Preference Dividend

 Profit after tax RM10,000,000 Preference Dividend RM700,000

(10% x 10,000,000 (shares in unit) x 70% after tax)) and share
capital 100,000,000. Tax rate 30%.

 Basic EPS: 10,000,000-700,000/100,000,000=0.093 =9.3 sen

 If the preference shares are cumulative, the full amount of
preference dividend whether or not paid, should be deducted.
Also, the deduction is limited to the stated amount of preference
dividends irrespective of the amount paid. In this case is
RM700,000.
11 Non-cumulative preference shares

 Assume preference shares are non-cumulative. Company only

pay 8% preference dividend
 Preference Dividend : RM560,000 (8% x 10,000,000 (shares in
unit) x 70% after tax))
 Basic EPS: 10,000,000-560,000/100,000,000=0.0944 =9.44 sen
12 NUMBER OF ORDINARY
SHARES OUTSTANDING
 Weighted average number of ordinary shares outstanding
during the period
 Changes in number of shares during the period:
With consideration
Without consideration
13 CHANGES IN NUMBER OF SHARE
..WITH CONSIDERATION

 There have a changes in resources (increase or inflow

of net asset) :
a) New shares issue for cash
b) Shares buy back

** number of OS are adjusted for the new shares issued

and share buy back on a time proportionate basis.
14 EXAMPLE 1..WITH CONSIDERATION

During year 2021, the numbers of ordinary shares for Mawar Bhd are:
No. of Shares
1 Jan – Balance at beginning year 3,000
1 July – Issue of new shares for cash 1,200
1 Oct - Shares bought back 400

Net profit for the year 2021 are RM1,600. The amounts of preference
dividend declared by Mawar Bhd was RM270(after tax)

Required: Calculate EPS for Mawar Bhd

15 EXAMPLE 1 (con’t)

Earning = 1,600 – 270 = 1,330

Weighted average number of ordinary shares outstanding during

the period:
= 3,000 + (1,200 x 6/12) –(400 x 3/12)
= 3,500
Or
= (3,000 x 6/12) + (4,200 x 3/12) + (3,800 x 3/12)
= 3,500

Basic EPS = 1,330 = RM0.38

3,500
16 CHANGES IN NUMBER OF SHARE
..WITHOUT CONSIDERATION

There is no changes in resource (increase or inflow of

net asset):
1. Bonus issue
2. Shares split
3. Consolidation of shares
4. Rights issue

… numbers of OS are adjusted as if the event had

occurred at the beginning of the earliest period
reported
17
BONUS ISSUE

 A bonus issue, also known as a scrip issue or a capitalization issue,

is an offer of free additional shares to existing shareholders. A
company may decide to distribute further shares as an alternative
to increasing the dividend payout. For example, a company may
give one bonus share for every five shares held.
 The number of OS to be retroactively adjusted for the effect of
the bonus issue (para 26)
 Previous year’s EPS also be adjusted as if the bonus issue was
made on the first day of previous year.
 If new shares issued during the year, the bonus shares would be
assumed to have been issued on the date of the issuance.
18 EXAMPLE 2 – BONUS ISSUE

Net profit 2020 RM 6,000

Net profit 2021 RM15,000
Ordinary shares outstanding
until 31 August 2021 20,000

Bonus issue on 1 September 2021: 2 ordinary shares for

each ordinary shares outstanding

Required:
Calculate EPS for 2021 and adjusted EPS for 2020
19 EXAMPLE 2 (con’t)
Number of bonus = 20,000 x2
= 40,000

EPS 2021 = RM15,000

(20,000 + 40,000)
= RM0.25 or 25 sen
Or EPS 2021=15,000 /(20,000 x 3) = 25 sen
Adjusted EPS 2020 = RM6,000
60,000
= RM0.10 per share
or 10 sen
For denominator, the EPS calculations for current and prior year
should be based on the new number of shares.
20 Issue New Shares During the Year
 Outstanding shares 100,000,000 (FYE Jan –Dec). On 1 May 2021
issue 30,000,000 new shares, on 1 Oct 2021 issue bonus issue a 1
for 10 bonus issues.
 100,000,000 x1/10 = 10,000,000
[100,000,000+10,000,000=110,000,000] ;
 30,000,000x 1/10=3,000,000 [30,000,000
+3,000,000=33,000,000]
 Denominator 2021 = (110,000,000 x12/12 ) + (33,000,000 x8/12)
= 132,000,000
 Denominator 2020 = 110,000,000
21 Share Split
 A share split is a decision by a company's board of directors to increase the
number of shares that are outstanding by issuing more shares to current
shareholders. For example, in a 2-for-1 share split, an additional share is
given for each share held by a shareholder.
 Share splits, like bonus split does not involve inflow of fund. It is a
retroactively adjusted.

 Company with 100,000,000 with FYE 31 December each year. On 31

August 2021, share split 1 into 2 shares.
 The denominator EPS calculation year 2021and 2020 is 200,000,000
(100,000,000 x2)
22 Share Split

 Outstanding shares 100,000,000 (FYE Jan –Dec). On 1 May 2021

issue 30,000,000 new shares, on 1 Oct 2021 issue bonus issue a 1
into 2 share splits or 2-for-1 share split.
 100,000,000 x2 = 200,000,000;
 30,000,000x 2=60,000,000
 Denominator 2021 = (200,000,000 x12/12 ) + (60,000,000 x8/12)
= 240,000,000
 Denominator 2020 = 200,000,000
23 Reverse Share Split
 A reverse share split decreases the total number of a company's
outstanding shares and simultaneously increases the price per
share.
 E.g. Company outstanding 100,000,000. In year 2021 it reverse
share split by a 2 into I shares.

 For year 2021 and 2020, the denominator EPS calculation is 50,
000, 000 (100,000,000 /2) outstanding shares.
24 RIGHTS ISSUE
 An invitation to existing shareholders to buy additional shares at
a special price. It is sometimes called renounceable or non-
renounceable right issues.
 Renounceable rights are transferable rights to buy share at a
discount while non-renounceable rights is non -transferable.
 For example, if the shares of an entity are traded at RM5.00 per
share, and the exercise price under a rights issue is RM4.00 per
share, then for every RM1,000 the entity receives 250 shares
(RM1,000/RM4) under rights issue, whereas if it were to issue a
full market price, it has to issue only 200 shares
(RM1,000/RM5). The additional 50 shares issued are deemed to
be bonus shares.
 The notional (not existing in reality) bonus element in a rights
issue may be computed as equal to the difference between the
“market price of the shares cum rights” (cum-right price) and the
“market price of the shares ex-rights” (ex-right price).
  Cum rights (or "with" rights) allows a shareholder of record to
subscribe to a rights offering declared by a company. Owners of
25 shares that have cum rights are able to buy new shares, typically
at a price lower than the current market price of the shares in
question.
 Ex-right price is the market price that a stock will theoretically
have following a new rights issue.
26 RIGHT ISSUE

 the exercise price is often less than the fair value of shares,
therefore, such rights issue includes a bonus element
 The number of ordinary shares to be used in calculating
(Basic Earning per Share)BEPS:
the number of ordinary shares X factor *
outstanding prior to right issue
 27 RIGHT ISSUE (con’t)
* Right adjustment factor:
= FV per share immediately prior to the exercise of rights
**Theoretical ex-rights value per share

**Theoretical ex-rights value per share :

= (Number of Shares before the Rights Issue X ‘Cum right price) +
(Number of Shares Issued under the rights issue X Exercise Price)
Number of Share After the Right Issue
(Number of Share Outstanding before the rights Issue +
Number of Share Issued in the Exercise)
28 EXAMPLE 3 ...RIGHT ISSUE (Con’t)

 Net profit
2019 2020 2021
RM3,200 RM4,000 RM5,800
 Shares outstanding prior to right issue= 1,500 shares
 Right issue : One new shares for each five outstanding
 Exercise price : RM9.90 (exercise price)
 Last date to exercise rights : 1 Mei 2020
 Fair value of one ordinary share on 30 April 2020 : RM15.00 (cum
right price)

 Required: Calculate BEPS for 2019, 2020, 2021

29 EXAMPLE 3 ...RIGHT ISSUE (Con’t)

Solution:
Right issue =1,500 / 5
= 300

Theoretical ex-rights value per share;

= (1,500 x FV15) + (300 x EP 9.90)
1,500 + 300
= RM14.15

Factor = 15 / 14.15
= 1.06
30 EXAMPLE 3 ...RIGHT ISSUE (Con’t)

BEPS 2019 (as originally reported):

= 3,200 / 1,500
= RM2.13

Year 2019 (restated for rights issue):

= 3,200
(1,500 x 1.06)
= RM2.01
31 EXAMPLE 3 ...RIGHT ISSUE (Con’t)

BEPS 2020:
= 4,000
(1,500 x 1.06 x4/12) + (1,800 x 8/12)
= RM2.31

BEPS 2021
= 5,800 / 1,800
= RM3.22
 DILUTED EARNING PER SHARE
32
(DEPS)
• Diluted EPS means decrease or reduction in EPS.
• EPS may decrease if the equity profit is divided by a greater number
of equity shares which can arise because of existing commitments
regarding share capital such as warrant, option and convertible
securities.
• MFRS 133 defines these commitments as potential ordinary share
(POS) which are defined as “ a financial instrument or other contract
that may entitle its holder to ordinary shares”.
• Diluted EPS must be shown to indicate the potential that the current
EPS may be diluted in future because of those POS.
• The dilution is not an actual one, but potential dilution, which may or
may not occur in the future.
• The information about DEPS is important because shareholders and
investors should be made aware of potential danger that the EPS is
future may be diluted if existing POS were all converted or exercised to
ordinary shares of the company.
33 DILUTED EARNING PER
SHARE(DEPS)
 POS – financial instrument or other contract that may entitle its holder
to OS:
a) convertible preference shares
b) convertible debt
c) share warrants and options
d) employee plan eg: ESOS
 Net profit and weighted average number of shares should be adjusted
for the effect of all ‘dilutive potential ordinary shares’(DPOS)
 DEPS – more forward looking & is intended to act as a warning to
existing/prospective shareholders
34 DILUTED EPS (Con’t)

POS: DILUTIVE OR ANTIDILUTIVE?

 Decrease EPS from continuing ordinary operation
- Dilutive (DPOS)
 Increase EPS from continuing ordinary operation
- Antidilutive
35 DILUTED EARNING PER SHARE
(Con’t)
EFFECTS DPOS ON NET PROFIT(NP):
1. Dividend recognised
2. Interest recognised
3. Other changes in income/expense-result from the conversion of
DPOS
 Will no longer be incurred (if POS are converted into OS) –
Net Profit increased
 In computing DEPS, the earnings for the period should be
adjusted by adding back the assumed saving in interest on the
securities so converted and dividend for preference share and
adding or deducting other changes in income and expenses that
would result from the conversion of the convertible securities.
36 DILUTED EARNING PER SHARE
(Con’t)

EFFECT DPOS ON WEIGHTED AVERAGE

NUMBER OF SHARES:
 Increase number of shares
- Number of shares is determined from the terms of
POS
 DILUTED EARNING PER SHARE
37
(Con’t)
OPTION & WARRANT
 Options are special rights given to employees to acquire ordinary
shares.
 Warrant is a long-dated call option that gives the holder the right to
subscribe ordinary shares of a company, normally as a package with
unsecured loan stocks.
 The difference between the number of shares issued under option and
the number of shares that would have been issued at fair value should
be treated as an issue of ordinary shares without consideration.
 Option/warrant that would result in the issue of OS for less than fair
value are dilutive.
 Fair value of ordinary shares – average price of OS during the period.
 No adjustments are made to the earnings.
38
EXAMPLE 4 - OPTION

 The information about Kenanga Bhd for the year 2021 are:
Net profit RM250,000

Weighted average of OS 62,500

Average Fair Value of OS RM16

Weighted average of option 8,000

Exercise price share under option RM12

 Required: Calculate BEPS and DEPS

39 EXAMPLE 4

Increase in numbers of OS:

Numbers of shares under option = 8,000

Number of shares that would been issued at FV (p37a)

= (8,000 x 12) / 16
= 6,000

Incremental shares issued without consideration(p37b)

= 8,000 – 6,000
= 2,000
Or:
= 8,000 x (AvePRM16 – EPRM12)/RM16
= 2,000
40 EXAMPLE 4

BEPS = RM250,000
62,500
= RM4
41 EXAMPLE 4
DEPS: NI =RM250,000
Increase in earning =0
Increase in numbers of OS:
Numbers of shares under option 8,000
(-) Number of shares that would been issued at FV
[(8,000 x 12) / 16] 6,000
Incremental shares issued without consideration
2,000

Or 8,000 x (AvePRM16 – EPRM12)/RM16 =2,000

DEPS = RM250,000
(62,500 + 2000)
= RM3.88
 DILUTED EPS
42
- THERE ARE MORE THAN ONE ‘POS’:
 Test whether they are dilutive or antidilutive separately
Steps:
1. compute earning per incremental share related to each POS
2. those earning per incremental share that are higher than ‘net
profit per share from continuing operation (control number)* are
ANTIDILUTIVE and should be excluded
3. those earning per incremental shares that are lower than ‘net
profit per share from continuing operation (control number)’*
are DILUTIVE and to be included in computation DEPS with the
lowest being included first … and so on
4. The worst …..DEPS
43
DILUTED EPS
- THERE ARE MORE THAN ONE ‘POS’:

Para 42 :
 An entity uses profit or loss from continuing operations
attributable to the parent entity as the control number to
establish whether potential ordinary shares are dilutive
or antidilutive.
 Profit or loss from continuing operations attributable to
the parent entity shall excludes items relating to
discontinued operations.
44 EXAMPLE 5 – DEPS

 The information about Dahlia Bhd for the year 2021 are:
POS

Option 7,500 with exercise price of RM18

8% convertible Nominal amount RM50,000. Each 1000 bond
bond is convertible to 50 OS.
Convertible 10,000 shares entitled to a cumulative
Preference dividend of RM3 per share (after tax). Each
Shares preference share is convertible to 2 OS

Tax rates 25%, Profit After Tax RM3,000,000

45 EXAMPLE 5 – DEPS (cont’)

Net profit attributable to OS RM125,000

(after deduct preference div.)

OS outstanding 50,000
Average FV of one OS during year RM25

 Required: Calculate BEPS and DEPS

Solution:
BEPS = RM125,000 / 50,000
= RM2.50
46 EXAMPLE 5 (Cont’)

Earning Per Incremental Share on Conversion of POS

1. Option

Increase in earning = 0

Increase in shares= 7,500 x (RM25 – RM18)

(RM25)
= 2,100

Increase in EPIS = 0
2,100
=0 < RM2.5
(dilutive)
47 EXAMPLE 5 (Con’t)

2. 8% Convertible bond

Increase in earning = 8% x RM50,000 x (1-25%)

= RM3,000

Increase in shares = 50,000 x 50

1,000

= 2,500 shares

Increase in EPIS = RM3,000

2,500
= RM1.20 <
RM2.5 (dilutive)
48 EXAMPLE 5 (Con’t)

3. Convertible preference shares

Increase in earning = RM3 x 10,000

= RM30,000

Increase in shares = 2 x 10,000

= 20,000

Increase in EPIS = RM30,000

20,000
=RM1.5 <
RM2.5 (dilutive)
49 EXAMPLE 5 – CALCULATION(Con’t)

 Ranking:
1. Option (0)
2. 8% Convertible bond (1.20)
3. Convertible Preference share (1.5)
50 EXAMPLE 5 (Con’t)
Calculation of DEPS:

1. Basic + Option
= RM125,000 + 0
50,000 + 2,100
= RM125,000
52,100
= RM2.40
51 EXAMPLE 5 (Con’t)

Calculation of DEPS:

2. Basic + Option + C.Bond

= RM125,000 + RM3,000
52,100 + 2,500
= RM128,000
54,600
= RM2.34
52 EXAMPLE 5 (Con’t)

3. Basic+option+C.Bond+C.Preference Share

= RM128,000 + RM30,000
54,600 + 20,000
= RM158,000
74,600
= RM2.12

The worst is RM2.12 – Diluted EPS

 BEPS & DEPS WHEN NOT ALL POS
53
HAVE BEEN CONVERTED TO OS

Calculation of BEPS
 consider the proportion of POS that have been converted to OS

Calculation of DEPS: (para38)

1. Proportion of POS that have been converted to OS
 at beginning of year or from the date of issuance of POS to the
date of conversion

2. Proportion of POS that have not been converted to OS

 at beginning of year or from the date of issuance to the end
of current year
54 EXAMPLE 6

 Here are the information about Cempaka Bhd:

1/1/2019 Cempaka Bhd issued 10,000,000 common shares of
RM1 par
30/6/2020 Cempaka Bhd issued RM10,000,000, 12%
convertible loan. Each of RM1000 loan is convertible
into 1000 ordinary share
30/9/2021 Cempaka Bhd issued 1,000,000 ,7% convertible
preference shares at RM1 par. Each of preference
share can be converted to 4 OS.
55 EXAMPLE 6 ( Cont’)

The transaction of Cempaka Bhd for the year 2021 are:

31/3 Declared one bonus issue for each ordinary share
outstanding
30/4 Converted RM3,000,000, 12% loan to ordinary share

30/5 Converted 300,000 ,7% convertible preference share to

ordinary share.
30/7 Granted stock options for 12,000,000 shares of ordinary
stock to employee with exercise price of RM1.00

Average fair value of one ordinary share during the year 2021 is RM2
per share and fair value of one ordinary share on 31 December 2021 is
RM2.50. Net profit for the year 2021 is RM3,000,000. Tax rate is 25%.
56 EXAMPLE 6 (Cont’)

Required:
1. Calculate Basic EPS at 31/12/2021
2. Calculate earnings per incremental share for each
potential ordinary share (POS)
3. Calculate Diluted EPS
57 Solution:
1. Basic EPS:
Earning
= 3,000,000 – (700,000 x 7% x 75%)
= 3,000,000 – 36,750
= 2,963,250

Numbers of OS outstanding
= 10,000,000 + 10,000,000 + (3,000,000/1,000 x 1,000 x 2 x 8/12)
+ (300,000 x 4 x 2 x 7/12)
= 20,000,000 + 4,000,000 + 1,400,000
= 25,400,000
58 Solution:

Basic EPS
= RM2,963,250
25,400,000
= RM0.1167
59
Solution:
2. Earning per incremental share for each POS

Convertible Loan
Increase in earning
= (3,000,000 x 12% x 4/12 x 75%) + (7,000,000 x 12% x 75%)
= 90,000 + 630,000
= 720,000

Increase in number of OS
= (3,000,000/1,000 x 1,000 x 2 x 4/12) + (7,000,000/1,000 x 1,000 x 2)
= 16,000,000

EPIS
= 720,000 /16,000,000
= 0.045 (< 0.1168)
dilutive
60 Solution:
2. Earning per incremental share for each POS..cont

Convertible Preference Share

Increase in earning
= 700,000 x 7% x 75%
= 36,750

Increase in number of OS
= (300,000 x 4 x 2 x 5/12) + (700,000 x 4 x 2)
= 1,000,000 + 5,600,000
= 6,600,000

EPIS
= 36,750/ 6,600,000
= 0.0056 (< 0.1168)
dilutive
61
Solution:
2. Earning per incremental share for each POS..cont

Option
Increase in earning = 0

Increase in number of OS
= 12,000,000 x (2 – 1)/2 x 5/12
= 2,500,000 (no bonus issue as the grant date is later than bonus issue
date)
EPIS
= 0 / 2,500,000
= 0 (< 0.1168)
dilutive
62 Solution:

Ranking:
1. Option (0)
2. Convertible Preference Share (0.0056)
3. Convertible Loan (0.045)
63 Solution
Earning (RM) ÷ Unit of DEPS
Outstanding (RM)
Shares
BEPS 2,963,250 25,400,000 0.1167
+ Option 0 2,500,000
2,963,250 27,900,000 0.1062
+ Convertible Preference 36,750 6,600,000
Share
3,000,000 34,500,000 0.0870
+ Convertible Loan 720,000 16,000,000
3,720,000 50,500,000 0.0737

DEPS = RM0.0737
64
PRESENTATION

Para 64:
An entity shall present in the statement of comprehensive income
basic and diluted earnings per share for profit or loss from continuing
operations attributable to the ordinary equity holders of the parent
entity.
Para 68:
An entity that reports a discontinued operation shall disclose the basic
and diluted amounts per share for the discontinued operation either in
the statement of comprehensive income or in the notes.
Para 69:
An entity shall present basic and diluted earnings per share, even if the
amounts are negative (ie a loss per share).
65
DISCLOSURE (Para 70)

(a) the amounts used as the numerators in calculating basic and

diluted earnings per share, and a reconciliation of those amounts
to profit or loss attributable to the parent entity for the period.

(b) the weighted average number of ordinary shares used as the

denominator in calculating basic and diluted earnings per share,
and a reconciliation of these denominators to each other.
66
DISCLOSURE (Para 70)

(c) instruments (including contingently issuable shares) that could

potentially dilute basic earnings per share in the future, but were
not included in the calculation of diluted earnings per share
because they are antidilutive for the period(s) presented.
(d) a description of ordinary share transactions or potential ordinary
share transactions, other than those accounted for in accordance
with paragraph 64, that occur after the reporting period and that
would have changed significantly the number of ordinary shares
or potential ordinary shares outstanding at the end of the period if
those transactions had occurred before the end of the reporting
period.
 Effect of events/items on EPS & DEPS
67
Basic EPS DEPS
Increase(√) in Income Unit of shares Income Unit of
shares
Share Split X √ X √
Bonus issues X √ X √
Rights issue X √, If exercised √ √
Share buyback X X, decrease X X
Reverse share split X decrease X decrease
Option nil √, If exercised nil √
Convertible Preference Included in √, if √ √
Shares Net income converted
Convertible debts, Included in √, if √ √
debentures, loans Net income converted
68  Assume Jan to Dec accounting period. Any end of the month
transaction is carry forward to subsequent month e.g. 31May 2021 (a)
transaction treat as subsequent month June, the rest transactions before
the end of the month, considered in the present month transaction.
 FYE Jan to Dec. E.g converted or exercised on1 May

Basic EPS Converted 8/12 May to Dec

EPIS Convertible 4/12 Jan to April
 FYE Jan to Dec. E.g converted or exercised on 30 May

Basic EPS Converted 7/12 June to Dec

EPIS Convertible 5/12 Jan to May
 END OF TOPIC 7

69