9. Earnings per share 9.1 Basic earnings per ordinary share Basic earnings per share is calculated by dividing the profit for the year attributable to equity holders by the weighted average number of ordinary shares in issue during the year. 9.2 Headline earnings per ordinary share Headline earnings per share is calculated by excluding applicable non-trading and capital gains and losses from the profit attributable to ordinary shareholders and dividing the resultant headline earnings by the weighted average number of ordinary shares in issue during the year. Headline earnings is defined in Circular 1/2021 issued by the South African Institute of Chartered Accountants. 9.3 Diluted earnings per ordinary share Diluted earnings per ordinary share is calculated by adjusting the profit attributable to equity holders for any changes in income or expense that would result from the conversion of dilutive potential ordinary shares and dividing the result by the weighted average number of ordinary shares increased by the weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential shares. 9.4 Normalised earnings per share Normalised earnings per share is calculated by dividing the normalised profit for the year attributable to owners of the company per the group segmental income and profit analysis by the weighted average number of shares in issue, adjusted for shares held by policyholders classified as treasury shares. 9.5 Number of shares Millions 2022 2021 Weighted average number of shares 1 386 1 388 Weighted average shares held by policyholders classified as treasury shares (4) (6) Weighted average treasury shares (123) (85) Weighted average number of shares in issue (net of treasury shares) 1 259 1 297 Dilutive shares 98 56 Diluted weighted average number of shares 1 357 1 353 Actual number of shares in issue 1 354 1 402 Actual treasury shares (126) (126) Shares in issue net of treasury shares 1 228 1 276 Normalised number of shares Weighted average number of shares in issue 1 259 1 297 Shares held by policyholders classified as treasury shares 4 6 Normalised number of shares in issue 1 263 1 303 Summary notes continued For the year ended 31 March 2022 9.6 Calculation of basic and headline earnings from total operations Rm 2022 2021 Profit attributable to owners of the company 495 185 Adjusting items: Loss on disposal of property and equipment continuing operations 2 Software written off continuing operations 2 5 Profit on disposal of subsidiaries discontinued operations (80) (26) Headline earnings for the year 419 164 Earnings per share from total operations1 Basic earnings per share (cents) 39.3 14.3 Headline earnings per share (cents) 33.2 12.7 Diluted basic earnings per share (cents) 36.5 13.7 Diluted headline earnings per share (cents) 30.9 12.2 1 Amounts computed using unrounded numbers. The group has an approved share scheme for employees that may result in dilution on both earnings per share and headline earnings per share at the future date of vesting. The dilutive effect is conditional on employee retention and performance during the year for each award. The above dilutive effect is calculated based on the performance of the company for the current year in relation to the performance criteria. 9.7 Calculation of normalised earnings from total operations Rm 2022 20211 Normalised profit for the year per the group segmental income and profit analysis 501 195 Less: profit attributable to non-controlling interests (12) (18) Normalised profit attributable to owners of the company 489 177 Adjusting items: Loss on disposal of property and equipment continuing operations 2 Software written off continuing operations 2 5 Profit on disposal of subsidiary discontinued operations (80) (26) Normalised headline earnings for the year 413 156 Normalised earnings per share2 Normalised basic earnings per share (cents) 38.8 13.6 Normalised headline earnings per share (cents) 32.7 12.0. 9.8 Calculation of basic and headline earnings from continuing operations Rm 2022 20211 Profit after tax from continuing operations 478 416 Less: profit attributable to non-controlling interests (12) (16) Profit attributable to owners of the company 466 400 Adjusting items: Loss on disposal of property and equipment 2 Software written off 2 5 Headline earnings from continuing operations 470 405 Earnings per share from continuing operations2 Basic earnings per share from continuing operations (cents) 37.0 30.8 Headline earnings per share from continuing operations (cents) 37.2 31.2 Diluted basic earnings per share from continuing operations (cents) 34.3 29.6 Diluted headline earnings per share from continuing operations (cents) 34.7 29.9 1 Restated for the effects of discontinued operations, refer to note 8. 2 Amounts computed using unrounded numbers. 9.9 Calculation of basic and headline earnings from discontinued operations Rm 2022 20211 Profit/(loss) after tax from discontinued operations 29 (213) Less: profit attributable to non-controlling interests (2) Profit/(loss) from discontinued operations attributable to owners of the company 29 (215) Adjusting items: Profit on disposal of subsidiaries (80) (26) Headline loss from discontinued operations (51) (241) Earnings per share from discontinued operations2 Basic earnings/(loss) per share from discontinued operations (cents) 2.3 (16.5) Headline loss per share from discontinued operations (cents) (4.0) (18.5) Diluted basic earnings/(loss) per share from discontinued operations (cents) 2.2 (16.5) Diluted headline loss per share from discontinued operations (cents) (4.0) (18.5). 11. Comment on the return to shareholders over the last 2 years. Has the Alexander Forbes strategy aligned with the overall objective of increased shareholder wealth? Show all calculations and workings used in arriving at your evaluation.