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Note 27 - Earnings Per Share

12 Months Ended

Dec. 31, 2021

Disclosure of earnings per share [text block]

27	Earnings per share

Weighted average number of shares – Basic earnings per share

(in number of shares)

2021

2020

2019

Issued shares at the beginning of year (note 25)

12,118,823

10,763,041

10,603,153

Weighted average shares issued

51,462

940,489

138,736

Weighted average number of shares at December 31

12,170,285

11,703,530

10,741,889

Weighted average number of shares - Diluted earnings per share
(in number of shares)	2021		2020		2019

Weighted average at December 31		12,170,285		11,703,530		10,741,889
Effect of dilutive options		6,933		13,173		5,229
Weighted average number of shares (diluted) at December 31		12,177,218		11,716,703		10,747,118

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 18,842 (2020: 14,827, 2019: 32,771) 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 Nil (2020: Nil, 2019: 18,000) options.

The calculation of total basic and diluted earnings per share for the year ended December 31, 2021 was based on the adjusted profit attributable to shareholders as follows:

	2021			2020			2019

Profit for the year attributable to owners of the Company (basic and diluted)		18,405			20,780			42,018
Blanket Mine Employee Trust Adjustment		(326	)		(485	)		(986	)
Profit attributable to ordinary shareholders (basic and diluted)		18,079			20,295			41,032
Basic earnings per share - $		1.49			1.73			3.82
Diluted earnings per share - $		1.48			1.73			3.81

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 are 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 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 the NIEEF shareholding was anti-dilutive (i.e., the value of the options was less than the outstanding loan balance). Accordingly, there was no adjustment to fully diluted earnings attributable to shareholders.