Basic earnings per share are calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period. The weighted average number of shares excludes shares held by an Employee Benefit Trust (see Note 23) and has been adjusted for the issue/purchase of shares during the period.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. These represent share options granted to employees where the exercise price is less than the average market price of the Company's ordinary shares during the 52 weeks to 2 April 2021.
The Group has also chosen to present an alternative earnings per share measure, underlying earnings per share, with profit adjusted for non-underlying items because it better reflects the Group's underlying performance. This measure is defined on Glossary of Alternative Performance Measures.
| For the period | 52 weeks to
2 April
2021
Number
of shares
m | 53 weeks to
3 April
2020
Number
of shares
m |
| Weighted average number of shares in issue | 199.1 | 199.1 |
| Less: shares held by the Employee Benefit Trust (weighted average) | (2.0) | (2.1) |
| Weighted average number of shares for calculating basic earnings per share | 197.1 | 197.0 |
| Weighted average number of dilutive shares | 4.9 | 3.3 |
| Weighted average number of shares for calculating diluted earnings per share | 202.0 | 200.3 |
| For the period | 52 weeks to
2 April
2021
£m | 53 weeks to
3 April
2020
£m |
| Basic earnings attributable to equity shareholders | 53.2 | 17.5 |
| Non-underlying items (see note 5): | | |
| Operating expenses | 35.0 | 34.2 |
| Tax on non-underlying items | (6.1) | (5.0) |
| Underlying earnings before non-underlying items | 82.1 | 46.7 |
Earnings per share is calculated as follows:
| For the period | 52 weeks to
2 April
2021 | 53 weeks to
3 April
2020 |
| Basic earnings per ordinary share | 27.1p | 8.9p |
| Diluted earnings per ordinary share | 26.4p | 8.7p |
| Basic underlying earnings per ordinary share | 41.7p | 23.7p |
| Diluted underlying earnings per ordinary share | 40.7p | 23.3p |