Notes to the Consolidated And Separate Annual Financial Statements | Note 25

25. Earnings per share
25.1 Basic earnings per share
 

Basic earnings per share is determined by dividing earnings attributable to the ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.

    Group Company
    2022    2021  2022  2021 
Diluted earnings per share        
From operations (c per share) 56.4 66.8 — —

The calculation of basic earnings per share is based on earnings attributable to ordinary shareholders of R1 410m (2021: R1 674m) and a weighted average number of ordinary shares outstanding during the year of 2 499 126 870 (2021: 2 506 187 798).
25.2 Diluted earnings per share
 

In the determination of diluted earnings per share, earnings attributable to the equity holders of the parent and the weighted average number of ordinary shares are adjusted for the effects of all potentially dilutive ordinary shares.

    Group Company
    2022    2021  2022  2021 
Diluted earnings per share        
From operations (c per share) 56.4 66.8 — —
         
Reconciliation of shares in issue to weighted average number of shares in issue (R'000)        
Total number of shares in issue at the beginning of the year 2,499,127 2,510,704 — —
Treasury shares purchased during the year and cancelled (weighted) — (4,516) — —
Weighted average number of shares in issue for the year 2,499,127 2,506,188 — —

The calculation of diluted earnings per share is based on earnings attributable to ordinary shareholders of R1 410m (2021: R1 674m) and a weighted average number of shares outstanding during the year of 2 499 126 870 (2021: 2 506 187 798).
25.3 Headline earnings and diluted headline earnings per share
 

Headline earnings per share and diluted headline earnings per share are determined by dividing headline earnings and diluted headline earnings by the weighted average number of ordinary shares outstanding during a period.

The calculation of headline earnings per share is based on earnings attributable to ordinary shareholders of R1 410m (2021: R1 678m) and a weighted average number of shares outstanding during the year of 2 499 126 870 (2021: 2 506 187 798).

    Group Company
    2022    2021  2022  2021 
Headline earnings per share (c) 56.4 67.0 — —
Diluted headline earnings per share (c) 56.4 67.0 — —
Headline earnings reconciliation (R'000)        
Earnings for the year attributable to equity holders of the parent 1,410,010 1,673,665 — —
Adjusted for:        
Impairment of property, plant and equipment 236 5,824 — —
Profit on sale of property, plant and equipment (650) (116) — —
Tax effect 112 (1,598) — —
Headline earnings for the year 1,409,708 1,677,775 — —
Reconciliation of weighted average number of ordinary shares used for the earnings per share to weighted average number of shares used for diluted earnings per share (R'000)        
Weighted average number of shares used for the diluted earnings per share 2,499,127 2,506,188 — —