12 Earnings per share


	Three months ended		Six months ended
	31 December		31 December
	2019	2018	2019	2018
Profit for the period (£’000)	35,007	26,770	36,135	33,416
Basic earnings per share (pence)	21.27	16.27	21.96	20.31
Diluted earnings per share (pence)	21.25	16.26	21.94	20.29

(i)Basic

Basic earnings per share is calculated by dividing the profit for the period by the weighted average number of ordinary shares in issue during the period.

(ii)Diluted

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue during the year to assume conversion of all dilutive potential ordinary shares. The Company has one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the “Equity Plan”). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year, or, if later, the date of issue of the potential ordinary shares.

(iii)Weighted average number of shares used as the denominator


	Three months ended		Six months ended
	31 December		31 December
	2019	2018	2019	2018
	Number	Number	Number	Number
	‘000	‘000	‘000	‘000
Class A ordinary shares (thousands)	40,573	40,526	40,573	40,526
Class B ordinary shares (thousands)	124,000	124,000	124,000	124,000
Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share	164,573	164,526	164,573	164,526
Adjustment for calculation of diluted earnings per share assumed conversion into Class A ordinary shares	173	137	164	137
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share	164,746	164,663	164,737	164,663