18 Earnings per Share

The earnings per share are calculated by dividing the profit for the period attributable to the shareholders by the weighted average number of ordinary shares in circulation during the reporting period.







The number of outstanding shares on average was adjusted in order to take account of the effect of the bonus element for subscription rights issued in July 2015 as part of the capital increase.






Profit for the period attributable to Vonovia shareholders (in € million)





Weighted average number of shares





Earnings per share (basic and diluted) in €





When calculating the diluted weighted average of ordinary shares as of December 31, 2016, 14,743,685 potential ordinary shares resulting from the public takeover offer made to the shareholders of conwert were not included, as they do not have a diluting effect.

At the end of the reporting periods, no diluting financial instruments were in circulation. The basic earnings per share correspond to the diluted earnings per share.