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36 Earnings per share

Basic earnings per share are determined by dividing net profit by the weighted average number of outstanding Snam shares during the year, excluding treasury shares.

Diluted earnings per share are determined by dividing net profit by the weighted average number of outstanding shares during the period, excluding treasury shares, increased by the number of shares which could potentially be issued following the allocation or disposal of treasury shares held for stock option plans. Based on the plans existing as at 31 December 2013, the dilutive effect is in connection with the 2008 year allocations.

The weighted average number of outstanding shares used to calculate diluted earnings per share is 3,378,702,020 and 3,379,543,289 for 2012 and 2013, respectively.

The reconciliation of the weighted average number of outstanding shares used to determine basic and diluted earnings per share is set out below:

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2012

2013

Weighted average number of outstanding shares used to calculate basic earnings

3,378,676,996

3,379,465,365

Number of potential shares for stock option plans

25,024

77,924

Weighted average number of outstanding shares used to calculate diluted earnings

3,378,702,020

3,379,543,289

Net profit attributable to Snam (€ million)

779

917

Basic earnings per share (€ per share)

0.23

0.27

Diluted earnings per share (€ per share)

0.23

0.27

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