25	Earnings per share

Weighted average number of shares – Basic earnings per share

(In number of shares)	Note	2019		2018		2017

Issued number of shares at the beginning of year	23		10,603,153		10,603,153		52,787,428
Share consolidation			-		-		(42,135,492	)
Issued shares post consolidation			10,603,153		10,603,153		10,651,936
Weighted average shares repurchased			-		-		(60,978	)
Weighted average shares issued			138,736		-		16,924
Weighted average number of shares at December 31			10,741,889		10,603,153		10,607,882

Weighted average number of shares – Diluted earnings per share

(In number of shares)	2019		2018		2017

Issued number of shares at the beginning of year		10,603,851		10,603,153		10,607,882
Effect of dilutive options		143,267		698		9,622
Weighted average number of shares (diluted) at December 31		10,747,118		10,603,851		10,617,504

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

32,771

(

2018:

37,302;

2017:

18,378

), 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 amounted to

18,000

(

2018:

18,000

) options.

The calculation of total basic and diluted earnings per share for the year ended

December 31, 2019

was based on the adjusted profit attributable to shareholders as follows:

	2019			2018			2017
Profit for the year attributable to owners of the Company (basic and diluted)		42,018			10,766			9,384
Blanket Mine Employee Trust Adjustment		(986	)		(280	)		(210	)
Profit attributable to ordinary shareholders (basic and diluted)		41,032			10,486			9,174
Basic earnings per share - $		3.82			0.99			0.86
Diluted earnings per share - $		3.81			0.99			0.86

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 indigenous shareholders are effectively treated as options whereby the weighted average fair value for the period of the Blanket Mine shares issued to the indigenous shareholders 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

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 the NIEEF and Fremiro shareholdings 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

adjustment to fully diluted earnings attributable to shareholders.