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Note 24 - Earnings Per Share
 12 Months Ended
Dec. 31, 2018
Statement Line Items [Line Items]  
Disclosure of earnings per share [text block]
24
       Earnings per share
 
Weighted average number of shares – Basic earnings per share
 
(In number of shares)   Note     2018     2017     2016  
                         
Issued shares at beginning of year  
23
      
10,603,153
      
52,787,428
      
52,078,908
  
Share consolidation  
 
      
—  
      
(42,135,492
 )    
(41,663,126
 )
Issued shares post consolidation  
 
      
10,603,153
      
10,651,936
      
10,415,782
  
Weighted average shares repurchased  
 
      
—  
      
(60,978
 )    
—  
  
Weighted average shares issued  
 
      
—  
      
16,924
      
41,460
  
Weighted average number of shares at December 31  
 
      
10,603,153
      
10,607,882
      
10,457,242
  
 
Weighted average number of shares – Diluted earnings per share
 
(In number of shares)
 
2018
 
 
2017
 
 
2016
 
                   
Weighted average shares at December 31    
10,603,153
      
10,607,882
      
10,457,242
  
Effect of dilutive options    
698
      
9,622
      
23,449
  
Weighted average number of shares (diluted) at December 31    
10,603,851
      
10,617,504
      
10,480,691
  
 
The average market value of the Company’s shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the year during which the options were outstanding. Options of
37,302
(
2017:
18,378;
2016:
68,795
), were excluded from the dilutive earnings per share calculation as these options were anti-dilutive. The quantity of options outstanding as at year end that were out of the money and that had an anti-dilutive effect amounted to
20,000
(
2017:
5,000
) options.
 
The calculation of total basic and diluted earnings per share for the year ended
December 31, 2018
was based on the adjusted profit attributable to shareholders as follows:
 
    2018     2017     2016  
Profit/(loss) for the year attributable to owners of the Company (basic and diluted)    
10,766
      
9,384
      
8,526
  
Blanket Mine Employee Trust Adjustment    
(280
 )    
(210
 )    
(238
 )
Profit attributable to ordinary shareholders (basic and diluted)    
10,486
      
9,174
      
8,288
  
Basic earnings per share - $    
0.99
      
0.86
      
0.79
  
Diluted earnings per share - $    
0.99
      
0.86
      
0.79
  
 
Basic earnings are adjusted for the amounts that accrue to other equity holders of subsidiaries upon the full distribution of post-acquisition earnings to shareholders.
 
Diluted earnings is calculated on the basis that the unpaid ownership interests of Blanket Mine’s Indigenisation shareholders are effectively treated as options whereby the weighted average fair value for the period of the Blanket Mine shares issued to Indigenous Zimbabweans and which are subject to settlement of the loan accounts is compared to the balance of the loan accounts and any excess portion is regarded as dilutive. The difference between the number of Blanket Mine shares subject to the settlement of the loan accounts and the number of Blanket Mine shares that would have been issued at the average fair value is treated as the issue of shares for
no
consideration and regarded as dilutive shares. The calculated dilution is taken into account with additional earnings attributable to the dilutive shares in Blanket Mine, if any. The interest of NIEEF and Fremiro shareholding were anti-dilutive in the current and prior year (i.e. the value of the options was less than the outstanding loan balance) and accordingly there was
no
adjustment to fully diluted earnings attributable to shareholders.