10. Earnings per share
For the six months ended 30 June 2017 2016 Basic earnings per share (in euro cents) (21,3) (25,0) Diluted earnings per share (in euro cents)
(21,3) (25,0)
Basic earnings per share (EPS) are calculated by dividing net result attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the period.
The diluted earnings per share is equal to the basic earnings per share because the impact of war-rants and granted share options would have an anti-dilutive effect.
11. Equity, share options, treasury shares and dividend
Equity
Due to the external financing concluded in the period under review 185 convertible bonds (with a notional amount of EUR 10,000) have been issued for an amount of EUR 1.9 million. As per 30 June 2017 182 have been converted. Regarding this conversion 3,239,904 shares have been issued. Fur-thermore 250,000 shares have been issues related to the warrants attached to these bonds. The total number of outstanding shares amounts 13,873,292.
Share options
During the period under review 320,000 options were granted. under the existing stock option plan.
Treasury shares
The Company has no own shares in treasury at 30 June 2017 (31 December 2016: 0).
Dividend
Following the shareholder resolution on 4 July 2017, the Company paid no dividend for the year 2016.
12. Financial instruments at fair value
Tranche warrants
The value of the tranche warrant changes in relation to an underlying variable as the strike price of the share subscription warrant to be issued following a tranche warrant exercise is dependent on the
market price of the share on either (a) the date of the applicable request, in case of a request for the
exercise of tranche warrants by the issuer or (b) the tranche warrant exercise date, in case of a tranche warrant exercise at the discretion of the investor.
Given that the value of the tranche warrant does change in relation to an underlying variable, the tranche warrant does satisfy the criteria’s for classification as a derivative financial instrument.
The subsequent measurement of a derivative financial instrument is at fair value with the movements in fair value recorded in the profit and loss.
The fair value of a single tranche warrant is derived from the valuation of its underlying convertible note and share subscription warrants. Two valuation approaches have been used to arrive at the fair value of such tranche warrants: