Notes to the consolidated annual financial statements l Note 8

  Cents 2016   2015  
8. Earnings and dividends per share        
  Basic earnings per share 881   864  
  Diluted earnings per share 857   845  
  Headline earnings per share 883   860  
  Diluted headline earnings per share 860   840  
  Dividends per share1 795   805  
  Note:
  1. Includes dividends of 400 cents per share and 395 cents per share, declared on 14 May 2015 and 6 November 2015, respectively. The Group declared a final dividend in respect of the year ended 31 March 2016 after the reporting period (Note 28).

8.1 Earnings per share

Earnings per share calculations are based on earnings and the weighted average number of ordinary shares outstanding as set out below:
  Rm 2016    2015   
8.1.1 Diluted earnings reconciliation             
   Earnings attributable to equity shareholders for basic earnings per share  12 917     12 672    
   Adjusted for:             
      Dilutive effect of potential ordinary shares in subsidiary  (333)    (268)   
  Earnings for diluted earnings per share 12 584     12 404   
8.1.2  Headline earnings reconciliation          
   Earnings, attributable to equity shareholders, for basic earnings per share  12 917      12 672    
   Adjusted for:             
      Net loss/(profit) on disposal of property, plant and equipment and intangible assets (Note 3) 26     (68)   
      Net loss/(profit) on disposal of property, plant and equipment and intangible assets (Note 3) 50     (110)   
      Tax and non-controlling interest impact  (24)    42    
   Impairment losses (Note 2) 14     –    
      Impairment losses (Note 2) 14     –    
      Tax and non-controlling interest impact  –     –    
           
   Headline earnings for headline earnings per share1  12 957     12 604    
      Dilutive effect of potential ordinary shares in subsidiary  (333)    (268)   
   Headline earnings for diluted headline earnings per share  12 624     12 336    
  Note:
  1. This disclosure is a requirement of the JSE Limited and is not a recognised measure under IFRS. It has been calculated in accordance with Circular 2/2015 as issued by SAICA.

  Shares 2016   2015  
8.1.3 Reconciliation of weighted average number of ordinary shares outstanding        
  For basic and headline earnings per share 1 466 641 659   1 466 400 489  
  Diluted earnings and diluted headline earnings per share 2 041 696   2 021 143  
  For diluted earnings and diluted headline earnings per share1 1 468 683 355   1 468 421 632  
  Note:
  1. Includes shares held under the forfeitable share plan (Note 17.1.1).
8.2 Dividends per share

Vodacom Group Limited acquired 1 767 453 shares in the market during the year at an average price of R136.81 per share. Dividends per share calculations are based on a declared dividend of R11 829 million (2015: R11 978 million) and shares of
1 487 954 000 for all reporting periods. R41 million (2015: R50 million) of the dividend declared was offset against the forfeitable share plan reserve, R5 million (2015: R5 million) expensed as staff expenses and R123 million (2015: R124 million) paid to Wheatfields, a wholly-owned subsidiary holding treasury shares on behalf of the Group.