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EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

NOTE 38 - EARNINGS PER SHARE

(a) Basic

Basic earnings per share are calculated by dividing the earnings attributable to Eletrobras’ shareholders and the number of shares issued, excluding those purchased by Eletrobras and held as treasury shares. Preferred shares have a guaranteed right (per share) of superiority of at least 10% in the distribution of Dividends and/or Interest on Equity (JCP) in relation to common shares.


12/31/2021
Numerator	Common		Preferred A		Preferred B		Total
Earning attributable to each class of shares	4,556,833		571		1,088,737		5,646,141
Earning for the Year	4,556,833		571		1,088,737		5,646,141

Denominator	Common		Preferred A		Preferred B
Weighted average number of shares	1,288,843		147		279,941
% of shares in relation to the total	82.15	%	0.01	%	17.84	%

Basic earnings per share from continuing operations (R$)	3.54		3.89		3.89


12/31/2020
Numerator	Common		Preferred A		Preferred B		Total
Earning attributable to each class of shares	5,097,535		657		1,240,496		6,338,688
Earning for the Year	5,097,535		657		1,240,496		6,338,688

Denominator	Common		Preferred A		Preferred B
Weighted average number of shares	1,254,102		147		277,444
% of shares in relation to the total	81.88	%	0.01	%	18.11	%

Basic earnings per share from continuing operations (R$)	4.06		4.47		4.47


31/12/2019
Numerator	Common	Preferred A	Preferred B	Total
Earning attributable to each class of shares - Continued Operation	6,234,543	927	1,674,592	7,910,061
Earning attributable to each class of shares - Discontinued Operation	2,589,148	385	695,442	3,284,975
Earning for the Year	8,823,691	1,312	2,370,034	11,195,036


Denominator	Common		Preferred A		Preferred B
Weighted average number of shares	1,087,050		147		265,437
% of shares in relation to the total	80.37	%	0.01	%	19.62	%

Basic earnings per share from continued operations (R$)	5.74		6.31		6.31
Basic earnings per share from discontinued operation (R$)	2.38		2.62		2.62

Net basic earnings per share	8.12		8.93		8.93

(b) Diluted

As of December 31, 2021, based on the liability balance related to the compulsory loan, the dilution was simulated with an increase of 25,069,829 preferred shares B in earnings per share, as shown below.


12/31/2021
					Converted
Numerator	Common		Preferred A		Preferred B		Preferred B		Total
Earning attributable to each class of shares	4,479,305		562		96,059		1,070,214		5,646,141
Earning for the Period	4,479,305		562		96,059		1,070,214		5,646,141

					Preferred B -
Denominator	Common		Preferred A		Converted		Preferred B
Weighted average number of shares in thousand	1,288,843		147		25,127		279,941
% of shares in relation to the total	80.85	%	0.01	%	1.58	%	17.56	%

Diluted earnings per share (R$)	3.48		3.82		3.82		3.82


12/31/2020
					Converted
Numerator	Common		Preferred A		Preferred B		Preferred B		Total
Earning attributable to each share class	5,018,390		647		98,415		1,221,236		6,338,688
Earning for the Period	5,018,390		647		98,415		1,221,236		6,338,688

					Preferred B -
Denominator	Common		Preferred A		Converted		Preferred B
Weighted average number of shares in thousand	1,254,102		147		22,358		277,444
% of shares in relation to the total	80.99	%	0.01	%	1.41	%	17.59	%

Diluted earnings per share (R$)	4.00		4.40		4.40		4.40


12/31/2019
Numerator	Common	Preferred A	Converted Preferred B	Preferred B	Total
Earning attributable to each class of shares - Continued Operation	6,337,062	795	58,131	1,514,074	7,910,061
Earning attributable to each class of shares - Discontinued Operation	2,631,722	330	24,142	628,782	3,284,975
Earning for the Period	8,968,784	1,125	82,273	2,142,856	11,195,036


					Preferred B -
Denominator	Common		Preferred A		Converted		Preferred B
Weighted average number of shares	1,288,843		147		10,748		279,941
% of shares in relation to the total	81.59	%	0.01	%	0.68	%	17.72	%
Diluted earnings per share from continued operations (R$)	4.92		5.41		5.41		5.41
Diluted earnings per share from discontinued operation (R$)	2.04		2.25		2.25		2.25
Diluted earnings per share (R$)	6.96		7.66		7.65		7.65

Accounting Policy

To obtain the basic result per share, Eletrobras divides the profit or loss attributable to the holders of common shares of Eletrobras by the weighted average number of common shares held by shareholders (excluding those held in treasury) during the period. In the case of a consolidated balance sheet, the profit or loss attributable to the Company refers to the portion of the Parent Company. Thus, non-controlling interests are excluded.

In order to obtain the diluted result per share, Eletrobras assumed the exercise of options, subscription bonuses and other potential dilutive effects. Its only dilutive effect is the conversion of the compulsory loan. Assumed amounts arising from these instruments are deemed to be received from the issue of shares at the average market price of the shares during the period.

According to the dividend policy, preferred shares have an assured right (per share) of superiority of at least 10% in the distribution of Dividends and/or Interest on Equity in respect of common shares.