6 Earnings per Share

Basic earnings per share (EPS) are calculated on the weighted average number of shares outstanding during the reporting period, excluding the average number of shares purchased by the Group and held as treasury shares.

Diluted earnings per share include the dilutive effect of convertible bonds and share options issued. In the diluted EPS calculation, the convertible debt is assumed to have been converted into shares and the profit attributable to shareholders is adjusted for the applicable interest expense minus the related taxes. Share options are dilutive when they would result in the issuance of shares for less than the average market price during the period. Dilutive share options are assumed to have been exercised. The assumed proceeds are regarded as having been received from the issuance of shares at the average market price during the period. The difference between the number of shares issued and the number of shares that would have been issued at the average market price during the period is considered as an issuance of shares for no consideration.

In CHF million (if not noted otherwise)  
  Continuing operations Discontinued operations Group
  2010 2009 2010 2009 2010 2009
 
Basic earnings per share
 
Net result attributable to equity holders of Swiss Life Holding
  557 325 –47 557 278
Weighted average number of shares outstanding
  31 904 887 31 374 354 31 374 354 31 904 887 31 374 354
Basic earnings per share for the net result attributable to equity holders of Swiss Life Holding (in CHF)
  17.46 10.36 –1.50 17.46 8.86
 
Diluted earnings per share
 
Net result attributable to equity holders of Swiss Life Holding
  557 325 –47 557 278
Elimination of interest expense on convertible bonds
  2 2
Result used to determine diluted earnings per share
  557 327 –47 557 280
 
Weighted average number of shares outstanding
  31 904 887 31 374 354 31 374 354 31 904 887 31 374 354
Adjustments (number of shares)
 
Assumed conversion of convertible bonds
  201 113 201 113
Equity compensation plans
  170 522 130 958 170 522 130 958
Weighted average number of shares outstanding for diluted earnings per share
  32 075 409 31 706 425 31 374 354 32 075 409 31 706 425
Diluted earnings per share for the net result attributable to equity holders of Swiss Life Holding (in CHF)
  17.37 10.33 –1.50 17.37 8.83


 
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