Pierre’s, headquartered in Paris, reports the following note to its 1999 financial statements:

Share Capital: The share capital comprises fully paid shares with a nominal value of 1 FRF [French franc]. Shares at the beginning of the year and changes in the number of shares are as follows:

1999 1998 On January 1 75,452,501 74,442,637 In lieu of cash (stock) dividends — 725,402 Exercise of stock options 112,095 140,550 Conversion of bonds 745 3,324 Exercise of staff (employee) options — 25,733 On December 31 75,565,341 75,337,646 Information relevant to the earnings per share calculations is as follows:

Average outstanding 75,422,540 75,122,483 Profit attributed to shareholder (FRF) 965,000,000 841,000,00