17 Earnings per share

Group
2014
£m
2013
£m
Earnings
Profit for the period attributable to owners of the Company27.435.9
No.No.
Number of shares at year end80,961,37880,455,547
Weighted average number of ordinary shares – basic80,580,95980,280,115
Effect of dilutive options and contingent shares1,072,360769,189
Weighted average number of ordinary shares – diluted81,653,31981,049,304
Basic earnings per share (pence)34.044.7
Diluted earnings per share (pence)33.644.3

Underlying basic earnings per share

Group
2014
£m
2013
£m
Earnings
Underlying profit for the period attributable to the owners of the Company46.738.4
No.No.
Weighted average number of ordinary shares – basic80,580,95980,280,115
Weighted average number of ordinary shares – diluted81,653,31981,049,304
Underlying basic earnings per share (pence)58.047.8
Underlying diluted earnings per share (pence)57.247.4

There were no share-related events after the balance sheet date that may affect earnings per share.

Underlying is defined as reported results adjusted to reflect the impact of the gain/loss recognised on re-measurements (being the fair valuation of deferred contingent share consideration and financial derivatives), exceptional items and, when appropriate, the related income tax. The directors believe that the underlying results provide additional guidance to statutory measures to help understand the performance of the Group. Further details of the adjustments are included in note 13. All references to underlying are after making these adjustments. Retail and Wholesale segments are presented before inter-segment royalties.