Basic earnings per share are calculated by dividing profit attributable to shareholders of Volkswagen AG by the weighted average number of ordinary and preferred shares outstanding during the reporting period. IAS 33.23 sets out that all potential shares that will be issued upon the conversion of a mandatory convertible note must be accounted for as issued shares and included in the calculation of basic and diluted earnings per share. The number of outstanding preferred shares is therefore increased by the potential preferred shares that would be issued if the mandatory convertible note issued in November were actually to be converted. The average number of new preferred shares to be included is based on the maximum conversion ratio resulting from the minimum conversion price of €154.50. The finance costs associated with the mandatory convertible note are not included in the calculation of consolidated profit because the interest component was recognized in other comprehensive income when the note was issued, and interest expense arises only from the amount of compound interest. Since the number of basic and diluted shares is identical, basic earnings per share also correspond to diluted earnings per share.

See note 24 for further information regarding the issuance of the mandatory convertible note.

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Ordinary

 

Preferred

Quantity

 

2012

 

2011

 

2012

 

2011

Weighted average number of shares outstanding – basic

 

295,089,818

 

295,068,426

 

172,480,067

 

170,142,778

Dilutive potential ordinary shares from the stock option plan

 

0

 

7,508

 

0

 

0

Weighted average number of shares outstanding – diluted

 

295,089,818

 

295,075,934

 

172,480,067

 

170,142,778

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€ million

 

2012

 

2011

Profit after tax

 

21,884

 

15,799

Noncontrolling interests

 

168

 

391

Profit attributable to shareholders of Volkswagen AG

 

21,717

 

15,409

Basic earnings attributable to ordinary shares

 

13,699

 

9,767

Diluted earnings attributable to ordinary shares

 

13,699

 

9,767

Basic earnings attributable to preferred shares

 

8,017

 

5,642

Diluted earnings attributable to preferred shares

 

8,017

 

5,642

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2012

 

2011

Basic earnings per ordinary share

 

46.42

 

33.10

Diluted earnings per ordinary share

 

46.42

 

33.10

Basic earnings per preferred share

 

46.48

 

33.16

Diluted earnings per preferred share

 

46.48

 

33.16

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