REGISTRATION DOCUMENT - Bourbon

CONSOLIDATED FINANCIAL STATEMENTS4Notes to the consolidated financial statementsFor each period presented, the basis earnings per share were determined as follows:12.31.2011 12.31.2010Weighted average number of shares used in the calculation of net earnings per share 65,015,281 64,679,422Net income (in € millions)Consolidated, Group share 6.8 39.2Consolidated, Group share – excluding income from discontinued operations/operations held for sale 6.4 10.1Net income from discontinued operations/operations held for sale – Group share 0.5 29.1Net earnings per share (in €)Consolidated, Group share 0.11 0.61Consolidated, Group share – excluding income from discontinued operations/operations held for sale 0.10 0.16Net income from discontinued operations/operations held for sale – Group share 0.01 0.455.2.2 Diluted net earnings per sharePursuant to IAS 33, the number of shares used to calculate diluted earnings per share takes into account the diluting effect of the exercise ofstock options (stock subscription and stock purchase options), determined on the basis of the “share buyback” method. It also includes theshares whose issue is conditional. The weighted average number of shares used to calculate basis earnings per share is, therefore, increasedby dilutive potential ordinary shares. Diluted earnings per share are established as follows:Number of potential shares:12.31.2011 12.31.2010Weighted average number of shares outstanding during the period 65,015,281 64,679,422Weighted average number of shares, the issue of which is conditional during the period 42,081 54,565Weighted average number of dilutive stock options during the period 69,613 236,524Weighted average number of potential shares 65,126,975 64,970,511Pursuant to IAS 33, the determination of diluted net earnings per share for 2011 and 2010 does not take into account the stock option plansauthorized by the Board of Directors on December 10, 2007 and August 24, 2009 because these plans have an anti-dilutive effect. For 2011,the determination of diluted net earnings per share does not take into account the stock option plans authorized by the Board of Directors onDecember 4, 2006.Diluted net earnings per share:12.31.2011 12.31.2010Weighted average number of shares used in the calculation of diluted net earnings per share 65,126,975 64,970,511Net income (in € millions )Consolidated, Group share 6.8 39.2Consolidated, Group share – excluding income from discontinued operations/operations held for sale 6.4 10.1Net income from discontinued operations/operations held for sale – Group share 0.5 29.1Diluted net earnings per share (in € )Consolidated, Group share 0.10 0.60Consolidated, Group share – excluding income from discontinued operations/operations held for sale 0.10 0.16Net income from discontinued operations/operations held for sale – Group share 0.01 0.45BOURBON - 2011 Registration Document 111