Notes to the condensed consolidated annual financial statements l Note 7

7 Earnings per share   2017
Rm
      Restated*
2016
Rm
  
Total operations             
Basic earnings per share (cents)   738.8      432.4   
Diluted earnings per share (cents)   724.1      425.8   
Headline earnings per share (cents)   721.1      323.0   
Diluted headline earnings per share (cents)   706.8      318.1   
Reconciliation of weighted average number of ordinary shares:   Number of 
shares 
    Number of 
shares 
 
Ordinary shares in issue   526 948 700      526 948 700   
Weighted average number of shares held by subsidiaries and in escrow   (12 994 315)     (15 791 240)  
Weighted average number of shares outstanding   513 954 385      511 157 460   
Reconciliation of diluted weighted average number of ordinary shares            
Weighted average number of shares outstanding   513 954 385      511 157 460   
Expected future vesting of shares   10 416 531      7 808 223   
Diluted weighted average number of shares outstanding   524 370 916      518 965 683   
Reconciliation between earnings and headline earnings:   Rm      Rm   
Profit for the year   3 854      2 321   
Non-controlling interests   (57)     (111)  
Profit attributable to owners of Telkom   3 797      2 210   
Profit on disposal of property, plant and equipment and intangible assets   (217)     (704)  
Write-offs of property, plant and equipment and intangible assets   143      170   
Taxation effects   (17)     (25)  
Headline earnings   3 706      1 651   

* Refer to note 2.3.

Dividend per share (cents)
The calculation of dividend per share is based on dividends of R1 422 million declared on 4 July 2016 and R692 million declared on 11 November 2016 (FY2016: R1 291 million). 526 948 700 ordinary shares were outstanding on the date of the dividend declaration (FY2016: 526 948 700).

Notes to the condensed consolidated annual financial statements l Note 7