Caledonia Mining Corp Plc | CIK:0000766011 | 3

  • Filed: 4/2/2018
  • Entity registrant name: Caledonia Mining Corp Plc (CIK: 0000766011)
  • Generator: Thunderdome
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/766011/000117184318002450/0001171843-18-002450-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/766011/000117184318002450/cmcl-20171231.xml
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    • ifrs-full:DisclosureOfEarningsPerShareExplanatory

    21
    Earnings per share
     
    Basic earnings per share
     
    The calculation of basic earnings per share for the year ended
    December 31, 2017
    was based on the adjusted profit attributable to shareholders of
    $9,174
    (
    2016:
    $8,288;
    2015:
    $4,679
    ), and a weighted average number of shares outstanding of
    10,607,882
    (
    2016:
    10,457,242;
    2015:
    10,419,017
    ).
     
    Weighted average number of shares
     
    (In number of shares)   Note   2017     2016     2015  
                           
    Issued shares at beginning of year  
    19
    		    
    52,787,428
    		      
    52,078,908
    		      
    52,117,908
    		  
    Share consolidation (note 19)  
     
    		    
    (42,135,492
    		 )    
    (41,663,126
    		 )    
    (41,694,326
    		 )
    Issued shares post consolidation  
     
    		    
    10,651,936
    		      
    10,415,782
    		      
    10,423,582
    		  
    Weighted average shares repurchased  
     
    		    
    (60,978
    		 )    
    -
    		      
    -
    		  
    Weighted average cancellation during the year  
     
    		    
    -
    		      
    -
    		      
    (4,565
    		 )
    Weighted average shares issued  
     
    		    
    16,924
    		      
    41,460
    		      
    -
    		  
    Weighted average number of shares at December 31  
     
    		    
    10,607,882
    		      
    10,457,242
    		      
    10,419,017
    		  
     
        2017     2016     2015  
    Profit attributable to shareholders    
    9,384
    		      
    8,526
    		      
    4,779
    		  
    Blanket Mine Employee Trust Adjustment    
    (210
    		 )    
    (238
    		 )    
    (100
    		 )
    Adjusted profit attributable to shareholders    
    9,174
    		      
    8,288
    		      
    4,679
    		  
    Basic earnings per share - $    
    0.86
    		      
    0.79
    		      
    0.45
    		  
     
    ·
    Basic earnings are adjusted for the amounts that accrue to other equity holders of subsidiaries upon the full distribution of post-acquisition earnings to shareholders.
     
    ·
    Diluted earnings is calculated on the basis that the unpaid ownership interests of Blanket Mine’s Indigenisation shareholders are effectively treated as options whereby the weighted average fair value for the period of the Blanket Mine shares issued to Indigenous Zimbabweans and which are subject to settlement of the loan accounts is compared to the balance of the loan accounts and any excess portion is regarded as dilutive. The difference between the number of Blanket Mine shares subject to the settlement of the loan accounts and the number of Blanket Mine shares that would have been issued at the average fair value is treated as the issue of shares for
    no
    consideration and regarded as dilutive shares. The calculated dilution is taken into account with additional earnings attributable to the dilutive shares in Blanket Mine, if any.
     
    The interest of NIEEF and Fremiro shareholding were anti-dilutive in the current and prior year (i.e. the value of the options was less than the outstanding loan balance) and accordingly there was
    no
    adjustment to fully diluted earnings attributable to shareholders.
     
    The calculation of diluted earnings per share at
    December 31, 2017
    was based on the adjusted profit attributable to shareholders of
    $9,174
    (
    2016:
    $8,288;
    2015:
    $4,679
    ), and a weighted average number of shares and potentially dilutive shares outstanding of
    10,617,504
    (
    2016:
    10,480,691;
    2015:
    10,440,651
    ), calculated as follows:
     
    Weighted average number of shares
    (In number of shares)
    		   2017     2016     2015  
    Weighted average shares at December 31    
    10,607,882
    		      
    10,457,242
    		      
    10,419,017
    		  
    Effect of dilutive options    
    9,622
    		      
    23,449
    		      
    21,634
    		  
    Weighted average number of  shares (diluted) at December 31    
    10,617,504
    		      
    10,480,691
    		      
    10,440,651
    		  
    Diluted earnings per share - $    
    0.86
    		      
    0.79
    		      
    0.45
    		  
     
    The average market value of the Company’s shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the year during which the options were outstanding. Options of
    18,378
    (
    2016:
    68,795;
    2015:
    426,550
    ), were excluded from the dilutive earnings per share calculation as these options were anti-dilutive. The quantity of options outstanding as at year end that were out of the money and that had an anti-dilutive effect amounted to
    5,000
    (
    2016:
    18,000;
    2015:
    386,184
    ) options.