Notes to the Consolidated Financial Statements for the year ended 30 June 2023 17. Retained earnings Reconciliation of movements in retained earnings is as follows: 2023 $’000 2022 $’000 Equity Retained earnings/(Accumulated losses) at the beginning of the year 9,225 (16,854) Profit/(Loss) after income tax (8,610) 26,079 615 9,225 18. Earnings/(Loss) per share Basic earnings per share is determined by dividing the operating profit after income tax by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share adjusted the figures used in the determination of basic earnings per share by taking into account amounts unpaid on ordinary shares and any reduction in earnings per share that will probably arise from the exercise of partly paid shares or options outstanding during the year. The conversion of options and performance rights to shares for purposes of dilutive calculation is not required when the Group is in a loss position because the conversion would cause the loss position to decrease. The Company’s basic and diluted earnings/(loss) per share are as follows: 2023 Cents per share 2022 Cents per share From continuing operations Basic earnings per share (2.39) 7.53 Diluted earnings per share1 (2.39) 7.44 Note 1: The potential ordinary shares are anti-dilutive so no change was made to the basic earnings per share for the year 2023. The profit/(loss) after income tax used in the calculation is as follows: 2023 $’000 2022 $’000 Earnings used in calculating earnings per share – continuing operations Profit/(Loss) after income tax (8,610) 26,079 The weighted average number of shares used in the calculation is as follows: 2023 Number (‘000) 2022 Number (‘000) Weighted average number of shares used as denominator Weighted average number of ordinary shares for basic earnings per share 360,573 346,534 Effects of dilution from: - Options 249 105 - Performance rights 4,401 3,699 Weighted average number of ordinary shares for diluted earnings per share 365,223 350,338 56 Sheffield Resources Limited Annual Report 2023
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