Annual Report and Accounts 2009

Notes to the Consolidated Financial Statements for the year to 31 December 2009

10. Earnings per share

  2009 2008
(Restated)
Basic loss per share - total Group (25.1p) (132.7p)
Diluted loss per share - total Group (25.1p) (132.7p)
 
Basic loss per share from continuing operations (25.1p) (136.5p)
Diluted loss per share from continuing operations (25.1p) (136.5p)
 
Basic earnings per share from discontinued operations 3.8p
Diluted earnings per share from discontinued operations 3.8p
 
Adjusted basic loss per share from continuing operations (4.3p) (7.2p)
Adjusted diluted loss per share from continuing operations (4.3p) (7.2p)
 
Weighted average number of shares for basic (loss)/earnings per share - million 2,551.8 1,387.4
Weighted average number of shares for diluted (loss)/earnings per share - million 2,551.8 1,387.4
Weighted average number of shares for adjusted diluted (loss)/earnings per share - million 2,551.8 1,387.4

As part of the debt refinancing effective on 30 April 2009, the Group issued 57.8m warrants giving the holders the right to subscribe to an equivalent number of ordinary shares in Taylor Wimpey plc at par value. Due to their anti-dilutive nature, the warrants have been excluded from the current and prior year calculation of weighted average number of shares for the year.

The prior year number of shares used for calculating earnings per share has been restated to include the effect of the bonus share element of the open offer. The earnings per share for the comparative period have been restated as prescribed in IAS 33 'Earnings per share'.

Adjusted basic and adjusted diluted loss per share, which exclude the impact of exceptional items and the associated net tax charges, are shown to provide clarity on the underlying performance of the continuing Group. A reconciliation from loss from continuing operations attributable to equity shareholders used for basic and diluted loss per share to that used for adjusted loss per share is shown below.

  2009
£m
2008
£m
Loss from continuing operations for basic loss per share and diluted loss per share (640.4) (1,894.4)
Add exceptional items (see Notes 5 and 7) 603.8 1,895.0
Deduct exceptional tax items (73.6) (100.0)
Loss from continuing operations for adjusted basic and adjusted diluted loss per share (110.2) (99.4)