Earnings per share are calculated as follows:

2011 2010
    
Net income €/000 47,023 42,841
Earnings attributable to ordinary shares €/000 47,023 42,841
Average number of ordinary shares in circulation 371,793,901 380,363,391
Earnings per ordinary share 0.126 0.113
Adjusted average number of ordinary shares 374,048,592 382,790,766
Diluted earnings per ordinary share 0.126 0.112

The potential effects deriving from stock option plans were considered when calculating diluted earnings per share.