25 Earnings per share
Basic earnings per share, equal to €0.147 (€0.150 per share in the first half of 2016), are calculated by dividing the net profit attributable to Snam (€504 million; €526 million in the first half of 2016) by the weighted average number of Snam shares outstanding during the period, excluding treasury shares.
Diluted earnings per share are calculated 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 added to those outstanding. With reference to the first half of 2017, diluted earnings per share take into consideration the potential effects resulting from the granting of treasury shares in the portfolio following the issuing of the convertible bond loan in Snam ordinary shares.
The weighted average number of outstanding shares used to calculate diluted earnings per share is 3,507,423,882 and 3,499,511,044 respectively for the first half of 2017 and the first half of 2016.
The reconciliation of the weighted average number of outstanding shares used to determine basic and diluted earnings per share is set out below:
Download XLS (25 kB) 

First half 


2016 
2017 



Weighted average number of outstanding shares used to calculate basic earnings 
3,499,511,044 
3,470,733,114 

Potential number of shares following the issue of the convertible bond loan 

36,690,768 





Weighted average number of outstanding shares used to calculate diluted earnings 
3,499,511,044 
3,507,423,882 





Net profit  continuing operations (€ millions) (a) 
364 
504 

Dilutive effect of convertible bond loan^{50} 

1 

Net profit for diluted earnings  continuing operations (€ millions) 
364 
505 





Basic earnings per share  continuing operations 
0.104 
0.147 

Diluted earnings per share  continuing operations 
0.104 
0.146 





Net profit  discontinued operations (€ millions) (a) 
162 






Basic earnings per share  discontinued operations 
0.046 


Diluted earnings per share  discontinued operations 
0.046 






Group net profit (€ millions) (a) 
526 
504 

Group diluted net profit for diluted earnings (€ millions) 
526 
505 





Basic earnings per share (€ per share) 
0.150 
0.147 

Diluted earnings per share (€ per share) 
0.150 
0.146 