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15.1 Earnings per share

 Year 2009Year 2008
Group profits (losses) for the period (A) (Euro thousands): 71,052 94,765
Weighted average number of shares in circulation  
 for the purposes of calculating earnings (losses) per share:  
- base (B) 1,050,897,499 1,031,541,215
- diluted (C ) 1,050,897,499 1,031,541,215
Profit (loss) per share (in Euro)  
- base (A/B) 0.068 0.092
- diluted (A/C) 0.068 0.092

Base earnings per share are calculated according to the profit attributable to holders of ordinary capital instruments of the Parent Company entity. Diluted earnings per share are equal to base earnings per share because no other categories of share, apart from ordinary shares, exist, and nor do any instruments convertible to shares. The average weighted number of the issued shares during the 2009 financial year, compared with the previous period, increased as a result of the share capital increase resolved by the parent company's Shareholders' Meeting held on 21 October 2009, for the amount of Euro 82,276,052, through the issue of new ordinary shares, reserved to shareholders: Municipality of Ferrara, Holding Ferrara Servizi Spa, Con.Ami and Area Asset Spa.

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