31. EARNINGS PER SHARE

Earnings per share for the years ended 31 December 2014 and 2013 were calculated as follows:

'14

'13

Consolidated net profit used to calculate earnings per share (1)

112.777

121.303
Number of ordinary shares outstanding during the period (note 18)
(2)

534.000.000

534.000.000
Effect of own shares (note 18)

3.881.374

3.881.374
Number of shares in the period (3)

530.118.626

530.118.626
Basic earnings per share (euro per share) (1)/(3)

0,21

0,23

The basic earnings per share are the same as the diluted earnings as there are no situations that could origin dilution effects.