The following table sets forth the calculation of earnings per share (in thousands of Brazilian Reais, except per share amounts):
| December 31, 2017 |
December 31, 2016 |
December 31, 2015 |
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Profit attributable from continued operation to ordinary equity holders for basic earnings |
551,021 | 325,132 | 381,392 | |||||||||
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Profit attributable from discontinued operation to ordinary equity holders for basic earnings |
— | (47,328 | ) | 24,326 | ||||||||
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Effect of dilution: |
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Dilutive effect of subsidiary’s stock option plan |
(1,352 | ) | (3,096 | ) | (394 | ) | ||||||
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Dilutive effect of subsidiary’s stock option plan—Discontinued operation |
— | 200 | — | |||||||||
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Dilutive effect of put option |
— | (15,601 | ) | (15,601 | ) | |||||||
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Profit from continued operation attributable to ordinary equity holders adjusted for the effect of dilution |
549,669 | 306,435 | 365,397 | |||||||||
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Profit from discontinued operation attributable to ordinary equity holders adjusted for the effect of dilution |
— | (47,128 | ) | 24,326 | ||||||||
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Basic number of shares outstanding—In thousands of shares |
262,999 | 264,691 | 264,691 | |||||||||
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Effect of dilution: |
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Dilutive effect of stock option plan |
5,553 | — | — | |||||||||
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Diluted number of shares outstanding—In thousands of shares |
268,552 | 264,691 | 264,691 | |||||||||
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Basic earnings per share from: |
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Continuing operations |
R$2.0951 | R$1.2283 | R$1.4409 | |||||||||
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Discontinuing operations |
— | (R$ 0.1788 | ) | R$0.0919 | ||||||||
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| R$2.0951 | R$1.0495 | R$1.5328 | ||||||||||
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Diluted earnings per share from: |
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Continuing operations |
R$2.0468 | R$1.1577 | R$1.3805 | |||||||||
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Discontinuing operations |
— | (R$ 0.1780 | ) | R$0.0919 | ||||||||
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| R$2.0468 | R$0.9797 | R$1.4724 |