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Earnings per share
 12 Months Ended
Dec. 31, 2019
Text block [abstract]  
Earnings per share
9. Earnings per share
 
Basic EPS
 
The calculation of basic EPS is as follows:
 
Continuing operations
  
2019
1
 
 
2018
1
 
  
2017
1
 
Earnings
2
(£ million)
  
 
860.1
 
 
 
698.2
 
  
 
1,726.6
 
Weighted average shares used in basic EPS calculation (million)
  
 
1,250.0
 
 
 
1,247.8
 
  
 
1,261.1
 
EPS
  
 
68.8p
 
 
 
56.0p
 
  
 
136.9p
 
 
 
 
 
Discontinued operations
  
2019
 
 
2018
 
  
2017
 
Earnings
2
(£ million)
  
 
(3.8
) 
 
 
126.4
 
  
 
237.1
 
Weighted average shares used in basic EPS calculation (million)
  
 
1,250.0
 
 
 
1,247.8
 
  
 
1,261.1
 
EPS
  
 
(0.3p
) 
 
 
10.1p
 
  
 
18.8p
 
 
 
 
 
Continued and discontinued operations
  
2019
1
 
 
2018
1
 
  
2017
1
 
Earnings
2
(£ million)
  
 
856.3
 
 
 
824.6
 
  
 
1,963.7
 
Weighted average shares used in basic EPS calculation (million)
  
 
1,250.0
 
 
 
1,247.8
 
  
 
1,261.1
 
EPS
  
 
68.5p
 
 
 
66.1p
 
  
 
155.7p
 
 
Note
s
1
 
 
Earnings figures have been restated as described in the accounting policies.
2
 
 
Earnings is equivalent to profit for the year attributable to equity holders of the parent.
 
Diluted EPS
 
The calculation of diluted reported and diluted EPS is as follows:
 
Continuing operations
  
2019
1
 
 
2018
1
 
  
2017
1
 
Diluted earnings
(£ million)
  
 
860.1
 
 
 
698.2
 
  
 
1,726.6
 
Weighted average shares used in diluted EPS calculation (million)
  
 
1,260.6
 
 
 
1,261.2
 
  
 
1,275.8
 
Diluted EPS
  
 
68.2p
 
 
 
55.4p
 
  
 
135.3p
 
 
 
 
 
Discontinued operations
  
2019
 
 
2018
 
  
2017
 
Diluted earnings
(£ million)
  
 
(3.8
) 
 
 
126.4
 
  
 
237.1
 
Weighted average shares used in diluted EPS calculation (million)
  
 
1,260.6
 
 
 
1,261.2
 
  
 
1,275.8
 
Diluted EPS
  
 
(0.3p
) 
 
 
10.0p
 
  
 
18.6p
 
 
 
 
 
Continued and discontinued operations
  
2019
1
 
 
2018
1
 
  
2017
1
 
Diluted earnings
(£ million)
  
 
856.3
 
 
 
824.6
 
  
 
1,963.7
 
Weighted average shares used in diluted EPS calculation (million)
  
 
1,260.6
 
 
 
1,261.2
 
  
 
1,275.8
 
Diluted EPS
  
 
67.9p
 
 
 
65.4p
 
  
 
153.9p
 
 
Note
1
 
 
Earnings figures have been restated as described in the accounting policies.
 
Diluted EPS has been calculated based on the diluted earnings amounts above. At 31 December 2019, options to purchase 19.3 million ordinary shares (2018: 16.9 million, 2017: 8.2 million) were outstanding, but were excluded from the computation of diluted earnings per share because the exercise prices of these options were greater than the average market price of the Group’s shares and, therefore, their inclusion would have been accretive.
 
A reconciliation between the shares used in calculating basic and diluted EPS is as follows:
 
 
  
2019
m
 
  
2018
m
 
  
2017
m
 
Average shares used in basic EPS calculation
  
 
1,250.0
 
  
 
1,247.8
 
  
 
1,261.1
 
Dilutive share options outstanding
  
 
0.3
 
  
 
1.6
 
  
 
1.8
 
Other potentially issuable shares
  
 
10.3
 
  
 
11.8
 
  
 
12.9
 
Shares used in diluted EPS calculation
  
 
1,260.6
 
  
 
1,261.2
 
  
 
1,275.8
 
 
At 31 December 2019 there were 1,328,167,813 (2018: 1,332,678,227, 2017: 1,332,511,552) ordinary shares in issue, including treasury shares of 70,787,730 (2018: 70,854,553, 2017: 62,578,938).