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Note 26 - Earnings Per Share

12 Months Ended

Dec. 31, 2022

Disclosure of earnings per share [text block]

26	Earnings per share

Weighted average number of shares – Basic earnings per share
(in number of shares)	2022		2021		2020

Issued shares at the beginning of year (note 24)		12,756,606		12,118,823		10,763,041
Weighted average shares issued		74,214		51,462		940,489
Weighted average (basic) at December 31		12,830,820		12,170,285		11,703,530

Weighted average number of shares - Diluted earnings per share
(in number of shares)	2022		2021		2020

Weighted average (basic) at December 31		12,830,820		12,170,285		11,703,530
Effect of dilutive options		6,482		6,933		13,173
Weighted average number of shares (diluted) at December 31		12,837,302		12,177,218		11,716,703

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 13,518 (2021: 18,842, 2020: 14,827) 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 (2021: Nil, 2020: Nil) options.

The calculation of total basic and diluted earnings per share for the year ended December 31, 2022 was based on the adjusted profit attributable to shareholders as follows:

	2022			2021			2020

Profit for the year attributable to owners of the Company (basic and diluted)		17,903			18,405			20,780
Blanket Mine Employee Trust Adjustment		(517	)		(326	)		(485	)
Profit attributable to ordinary shareholders (basic and diluted)		17,386			18,079			20,295
Basic earnings per share - $		1.36			1.49			1.73
Diluted earnings per share - $		1.35			1.48			1.73

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.