5. Earnings per share

Earnings per share, basic and diluted are calculated in accordance with the criteria established by IAS 33. For more information see Glossary of terms

The Bank issued additional share capital in 2014, 2013 and 2012 (see 25). In accordance with IAS 33, when there is a capital increase earnings per share, basic and diluted, should be recalculated for previous periods applying a corrective factor to the denominator (the weighted average number of shares outstanding) This corrective factor is the result of dividing the fair value per share immediately before the exercise of rights by the theoretical ex-rights fair value per share. The basic and diluted earnings per share for December 2013 and 2012 were recalculated on this basis.

The calculation of earnings per share is as follows:

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Basic and Diluted Earnings per Share	2014	2013 (*)	2012 (*)
Numerator for basic and diluted earnings per share (millions of euros)
Profit attributable to parent company	2,618	2,084	1,676
Adjustment: Mandatory convertible bonds interest expenses (3)	-	-	95
Profit adjusted (millions of euros) (A)	2,618	2,084	1,771
Profit from discontinued operations (net of non-controlling interest) (B)	-	1,819	319
Denominator for basic earnings per share (number of shares outstanding)
Weighted average number of shares outstanding (1)	5,905	5,597	5,148
Weighted average number of shares outstanding x corrective factor (2)	5,905	5,815	5,514
Adjustment: Average number of estimated shares to be converted (3)	-	-	315
Adjusted number of shares - Basic earning per share (C)	5,905	5,815	5,829
Adjusted number of shares - diluted earning per share (D)	5,905	5,815	5,829
Basic earnings per share from continued operations (Euros per share)A-B/C	0.44	0.05	0.25
Diluted earnings per share from continued operations (Euros per share)A-B/D	0.44	0.05	0.25
Basic earnings per share from discontinued operations (Euros per share)B/C	-	0.31	0.05
Diluted earnings per share from discontinued operations (Euros per share)B/D	-	0.31	0.05

(1) Weighted average number of shares outstanding (millions of euros), excluded weighted average of treasury shares during the period. (2) Corrective factor, due to the capital increase with pre-emptive subscription right, applied for the previous years. (3) Conversion of convertible bonds as of June 30, 2013 (see Note 21.4) (*) Data recalculated due to the mentioned corrective factor.

As of December 31, 2014, 2013 and 2012, there were no other financial instruments or share option commitments with employees that could potentially affect the calculation of the diluted earnings per share for the years presented. For this reason the basic and diluted earnings are the same.