16 (Loss)/earnings per share
| Weighted | |||
|---|---|---|---|
| Loss | average | Loss | |
| for | number | per | |
| the year | of shares | share | |
| £m | ‘000 | p | |
| Year ended 31st December 2009 | (26.8) | 100,802 | (26.59) |
| Adjustment for dilutive share-based payments | – | – | – |
| Diluted | (26.8) | 100,802 | (26.59) |
| Year ended 31st December 2008 | (586.4) | 100,758 | (581.99) |
| Adjustment for dilutive share-based payments | – | – | – |
| Diluted | (586.4) | 100,758 | (581.99) |
The diluted loss per share for the year to 31st December 2009 has been restricted to a loss of 26.59p per share (2008: 581.99p loss), as the loss per share cannot be reduced by dilution in accordance with IAS 33, Earnings per Share. At 31st December 2009, there were 597,244 share options and contingently issuable shares (2008: 435,000) which could potentially dilute earnings in the future.
| Weighted | (Loss)/ | ||
|---|---|---|---|
| (Loss)/ | average | earnings | |
| profit for | number | per | |
| the year | of shares | share | |
| £m | ‘000 | p | |
| Year ended 31st December 2009 | (26.8) | 100,802 | (26.59) |
| Adjustment for: | |||
| Disposal of properties | 16.6 | – | 16.47 |
| Group revaluation deficit | 80.3 | – | 79.66 |
| Joint venture revaluation deficit | 1.3 | – | 1.29 |
| Fair value movement in derivative financial instruments | (3.9) | – | (3.87) |
| Prior year tax relating to capital items | (11.1) | – | (11.01) |
| Minority interests in respect of the above | (0.4) | – | (0.40) |
| Recurring | 56.0 | 100,802 | 55.55 |
| Adjustment for dilutive share-based payments | – | 597 | (0.32) |
| Diluted recurring and diluted EPRA | 56.0 | 101,399 | 55.23 |
| Year ended 31st December 2008 | (586.4) | 100,758 | (581.99) |
| Adjustment for: | |||
| Disposal of properties | (1.2) | – | (1.19) |
| Group revaluation deficit | 597.9 | – | 593.40 |
| Joint venture revaluation deficit | 1.3 | – | 1.29 |
| Fair value movement in derivative financial instruments | 28.1 | – | 27.89 |
| Development income | (0.5) | – | (0.50) |
| Prior year tax relating to capital items | (5.0) | – | (4.96) |
| Minority interests in respect of the above | (11.2) | – | (11.11) |
| Recurring | 23.0 | 100,758 | 22.83 |
| Adjustment for dilutive share-based payments | – | 435 | (0.10) |
| Diluted recurring | 23.0 | 101,193 | 22.73 |
| Adjustment for development income | 0.5 | – | 0.49 |
| Diluted EPRA | 23.5 | 101,193 | 23.22 |
Recurring earnings per share excludes the after tax effect of fair value adjustments to the carrying value of assets and liabilities, the profit or loss after tax arising from the disposal of properties and investments, development income and any exceptional costs and income in order to show the underlying trend.