Avis online annual report 2008

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Notes to the Consolidated Financial Statements continued

for the year ended 31 December 2007

9 Earnings per share

a) Basic and diluted
Basic and diluted earnings per share are based on the profit for the year attributable to equity holders of the Company, and the weighted average number of shares in issue for the year attributable to equity holders of the Company.

Basic and diluted earnings per share from continuing operations is as follows:

Continuing operations
Earnings/(loss) from continuing operations	2007 €m	2006 €m	2007 £m	2006 £m
Earnings/(loss) for the year attributable to equity holders of the Company	15.4	(1.5)	10.4	(1.0)

	2007	2006	2007	2006
Earnings/(loss) per share from continuing operations	Euro cents	Euro cents	Sterling pence	Sterling pence
Basic and diluted earnings/(loss) per share from continuing operations	1.6	(0.2)	1.1	(0.1)

Discontinued operation - Greece
The results of the discontinued operation are provided for the period up to the date of disposal, being 25 July 2007 (see Note 39).

(Loss)/earnings from discontinued operation	2007 €m	2006 €m	2007 £m	2006 £m
(Loss)/earnings for the year from discontinued operation attributable to equity holders of the Company	(12.4)	3.0	(8.4)	2.0

	2007	2006	2007	2006
(Loss)/earnings per share from discontinued operation	Euro cents	Euro cents	Sterling pence	Sterling pence
Basic and diluted (loss)/earnings per share from the discontinued operation	(1.3)	0.4	(0.9)	0.2

Basic and diluted including discontinued operation	2007	2006 as restated¹	2007	2006 as restated¹
Earnings	€m	€m	£m	£m
Earnings for the year attributable to equity holders of the Company	3.0	1.5	2.0	1.0

	2007	2006 as restated¹	2007	2006 as restated¹
Earnings per share	Euro cents	Euro cents	Sterling pence	Sterling pence
Basic and diluted earnings per share	0.3	0.2	0.2	1.0

1 Restated following the prior year adjustment regarding Avis Portugal (see Note 33).

The weighted average number of shares in issue for the year was 918,499,740 (2006: 920,041,073).

Options have been granted to certain Directors and employees over ordinary shares of the Company. These options constitute the only category of potentially dilutive ordinary shares but these did not increase the weighted average number of shares in either 2006 or 2007. These options were not dilutive as either the option exercise prices were in excess of the prevailing market share price, or exercise of the options is subject to performance conditions which had not been fully satisfied by the year end.

b) Underlying

Underlying earnings per share is based on the underlying profit for the year attributable to equity holders of the Company, and the weighted average number of shares in issue for the year attributable to equity holders of the Company.

Underlying earnings per share from continuing operations is as follows:

Earnings from continuing operations	2007 €m	2006 €m	2007 £m	2006 £m
Underlying earnings for the year from continuing operations attributable to equity holders of the Company	26.3	21.2	17.9	14.6

	2007	2006	2007	2006
Earnings from continuing operations	Euro cents	Euro cents	Sterling pence	Sterling pence
Basic and diluted underlying earnings per share from continuing operations	2.9	2.3	1.9	1.6