Earnings per share

12 Months Ended

Dec. 31, 2012

Earnings per share [Abstract]

Earnings per share

Note 5 – Earnings per share

The components of the numerator and denominator for the calculation of basic and diluted earnings per share resulting from continuing operations are as follows:

	Net income		Weighted average million of shares outstanding		Earnings per share
2010
Earnings per share		1,117		409		2.73
Effect of dilution:
Convertible bonds		228		60
Share options		-		2
Diluted earnings per share**		1,345		471		2.73
2011
Earnings per share		1,401		459		3.05
Effect of dilution:
Convertible bonds		45		28
Share options		-		1
Diluted earnings per share		1,446		488		2.96
2012
Earnings per share		1,108		469		2.37
Effect of dilution:
Convertible bonds		37		20
Share options		-		1
Diluted earnings per share		1,145		490		2.34

**The loss on debt extinguishment of $145 million has been added back to net income in addition to interest expenses related to the convertible bonds. These effects are anti-dilutive, and exceed the effect of increased denominator when calculating the diluted earnings per share. As a consequence of this, the diluted earnings per share equal basic earnings per share.