APC 2004 Annual Report Download - page 88
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86
14.6 - Earnings per share
Fully diluted earnings per share are calculated by
dividing net income, as adjusted for interest expense
on the convertible debt, by the weighted-average
number of common shares (minus shares repur-
chased) and share equivalents (represented by con-
vertible bonds, to the extent that their conversion is
probable) outstanding during the year in question.The
dilutive impact of stock options is determined by cal-
culating the number of shares that could be pur-
chased on the open market using the funds obtained
from the exercise of the options (treasury stock
method - see Note 1.22).
Determination of the share base used in calculation
(in thousands of shares)
2004 2003
Primary Diluted Primary Diluted
Common shares 220,923 220,923 223,146 223,146
Convertible bonds, stock options - 334 - 33
Share base 220,923 221,257 223,146 223,179
Earnings per share
(in euros per share)
2004 2003
Primary Diluted Primary Diluted
Income from continuing operations 5.63 5.63 4.28 4.28
Exceptional items
(see Note 24)
(0.44) (0.44) (0.73) (0.73)
Income tax (1.50) (1.50) (0.57) (0.57)
Amortization of goodwill (0.98) (0.98) (0.85) (0.85)
Net income
of fully consolidated companies 2.71 2.70 2.13 2.13
Earnings per share 2.56 2.55 1.94 1.94
14.5 - Change in foreign
currency translation reserves
F
luctuations in foreign currency translation rates
reduced
shareholders' equity by 96.8 million as fol-
lows:
2004 2003
United States (87.8) (256.5)
United Kingdom (3.0) (9.0)
Denmark (0.8) (6.5)
China (0.3) (10.3)
Japan 0.1 2.0
Sweden 3.1 5.1
Other (8.1) (23.9)
Total (96.8) (299.1)