• Legal and Financial Report
• 2009 Annual Consolidated Accounts
• Notes to the Consolidated Annual Accounts
• Note 35.- Earnings per Share

• Consolidated Financial Statements
• Consolidated P&L Incomes Accounts
• Overall Consolidated Income Statement
• Consolidated Statements of Changes in Shareholders’ Equity
• Consolidated Statements of Changes in Cash Flow
• Notes to the Consolidated Annual Accounts
• Appendices
• Consolidated Management Report

Note 35.- Earnings per Share

35.1. Basic earnings per share

The basic earnings per share ratio is calculated by dividing the earnings of the Company attributable to the shareholders by the average number of shares in circulation during the period.

35.2. Income from dilutive shares

Incomes from dilutive shares are calculated dividing the benefit attributable to the Company shareholders between the average weighted number of ordinary shares in circulation during the exercise, taking into account the inherent dilutive effects on the potential ordinary shares in circulation during the exercise. There are no other dilutive factors, different from the emitted bond during the exercise which modify the amount of per share basic earnings.

During this exercise, the diluted per share benefits exceed the basic per share benefits.