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6 Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders for the year by the weighted average number of ordinary shares in issue during the year, excluding those shares held by the Premier Farnell Executive Trust (note 19). For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume issue of all dilutive potential ordinary shares, being those share options and awards with a non-market based performance condition granted to employees where the exercise price is less than the average market price of the Company’s ordinary shares during the year, and those shares with a market based performance condition based on the current estimate of the number of shares that will vest under the performance criteria.

Reconciliations of earnings and the weighted average number of ordinary shares used in the calculations are set out below:

Earnings 2009
(52 weeks)
£m		 Basic
earnings
per share
2009
(52 weeks)
pence		 Diluted
earnings
per share
2009
(52 weeks)
pence		 Earnings
2008
(53 weeks)
£m		 Basic
earnings
per share
2008
(53 weeks)
pence		 Diluted
earnings per share
2008
(53 weeks)
pence
Continuing operations 51.7 14.3 14.2 49.8 13.7 13.6
Discontinued operations – – – (13.5) (3.7) (3.7)
Total (attributable to ordinary shareholders) 51.7 14.3 14.2 36.3 10.0 9.9
Total earnings per share
Profit attributable to ordinary shareholders 51.7 14.3 14.2 36.3 10.0 9.9
Gain on purchase of preference shares (3.7) (1.0) (1.0) (0.9) (0.3) (0.3)
Restructuring costs 3.4 0.9 0.9 – – –
Tax attributable to restructuring costs (1.0) (0.3) (0.3) – – –
Profit attributable to ordinary shareholders before gain on purchase of preference shares and restructuring costs 50.4 13.9 13.8 35.4 9.7 9.6
Earnings per share from continuing operations
Profit after taxation from continuing operations 51.7 14.3 14.2 49.8 13.7 13.6
Gain on purchase of preference shares (3.7) (1.0) (1.0) (0.9) (0.3) (0.3)
Restructuring costs 3.4 0.9 0.9 – – –
Tax attributable to restructuring costs (1.0) (0.3) (0.3) – – –
Profit attributable to ordinary shareholders before gain on purchase of preference shares and restructuring costs 50.4 13.9 13.8 48.9 13.4 13.3

Earnings per share before the gain on purchase of preference shares and excluding restructuring costs have been provided in order to facilitate year on year comparison.

2009 Number 2008 Number
Weighted average number of shares 362,412,369 363,476,320
Dilutive effect of share options 2,678,546 1,913,997
Diluted weighted average number of shares 365,090,915 365,390,317