NOTES TO THE ANNUAL FINANCIAL STATEMENTS – NOTE 22

    2015       2014  
22. EARNINGS PER SHARE            
(a) Basic            
  Basic earnings per share are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year. 577 617       450 230  
  Profit attributable to equity holders of the Company (R’000)            
  Weighted average number of ordinary shares in issue (thousands) 665 030       663 298  
  Basic earnings per share (cents per share) 86.86       67.88  
(b) Headline
  Headline earnings are calculated applying the principles contained in SAICA circular 2/2013.

The weighted average number of ordinary shares used is the same as that used for the basic earnings per share.
    2015    
    Profit
before tax
and non-
controlling
interest
R’000		 Tax
R’000		 Non-
controlling
interest
R’000		 Headline
earnings
R’000		    
  Profit attributable to equity holders of the Company 846 690 (265 497) (3 576) 577 617    
  Profit on disposal of property, plant and equipment (1 707) 478 4 (1 225)    
  Impairment of property, plant and equipment in joint venture 3 264 — — 3 264    
  Profit on disposal of subsidiary (3 962) — — (3 962)    
  Profit on disposal of associate (37 238) 8 595 — (28 643)    
  Headline earnings       547 051    
  Weighted average number of ordinary shares in issue (thousands)       665 030    
  Headline earnings per share (cents per share)       82.26    
    2014  
  Profit attributable to equity holders of the Company 655 357 (206 442) 1 315 450 230    
  Profit on disposal of property, plant and equipment (287) 80 — (207)    
  Impairment of property, plant and equipment 129 (36) — 93    
  Impairment of intangible assets 1 073 (300) — 773    
  Headline earnings       450 889    
  Weighted average number of ordinary shares in issue (thousands)       663 298    
  Headline earnings per share (cents per share)       67.98    
(c) Diluted - basic and headline
  Diluted earnings per share are calculated by adjusting the number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The dilutive potential ordinary shares of the Company are the forfeitable shares granted. For this calculation, an adjustment is made for the number of shares that would be issued on vesting under the forfeitable share plan.
    2015
R’000		       2014
R’000		  
  Basic earnings (R’000) 577 617       450 230  
  Dilutive instrument (R’000) (5 603)       (695)  
  Diluted earnings (R’000) 572 014       449 535  
  Weighted average number of ordinary shares in issue (thousands) 665 030       663 298  
  Adjusted for forfeitable shares (thousands) 7 672       9 014  
  Weighted average number of ordinary shares for diluted earnings (thousands) 672 702       672 312  
  Diluted basic earnings per share (cents per share) 85.03       66.86  
  Headline earnings (R’000) 547 051       450 889  
  Dilutive instrument (R’000) (5 603)       (695)  
  Diluted headline earnings (R’000) 541 448       450 194  
  Weighted average number of ordinary shares for diluted headline earnings (thousands) 672 702       672 312  
  Diluted headline earnings per share (cents) 80.49       66.96  
(d) Core            
  Core earnings per share is calculated after adding back the amortisation of intangible assets as a consequence of the purchase price allocations completed in terms of IFRS 3(R) – Business Combinations.            
  Reconciliation between net profit for the period and core net profit for the period:            
  Net profit for the period (R’000) 577 617       450 230  
  Amortisation on intangibles raised through business combinations net of tax and non-controlling interest (R’000) 18 961       10 372  
  Core net profit for the period (R’000) 596 578       460 602  
  Weighted average number of ordinary shares in issue (thousands) 665 030       663 298  
  Core earnings per share (cents per share) 89.71       69.44  

NOTES TO THE ANNUAL FINANCIAL STATEMENTS – NOTE 22