5. Earnings per share

Basic and diluted earnings per share 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 2015, 2014 and 2013 (see Note 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 2014 and 2013 was recalculated on this basis.

The calculation of earnings per share is as follows:

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Basic and Diluted Earnings per Share	2015	2014 (*)	2013 (*)
Numerator for basic and diluted earnings per share (millions of euros)
Profit attributable to parent company	2,642	2,618	2,084
Adjustment: Mandatory convertible bonds interest expenses (1)	(212)	(126)	(35)
Profit adjusted (millions of euros) (A)	2,430	2,492	2,049
Profit from discontinued operations (net of non-controlling interest) (B)	-	-	1,819
Denominator for basic earnings per share (number of shares outstanding)
Weighted average number of shares outstanding (2)	6,290	5,905	5,597
Weighted average number of shares outstanding x corrective factor (3)	6,290	6,059	5,963
Adjusted number of shares - Basic earning per share (C)	6,290	6,059	5,963
Adjusted number of shares - diluted earning per share (D)	6,290	6,059	5,963
Basic earnings per share from continued operations (Euros per share)A-B/C	0.39	0.41	0.04
Diluted earnings per share from continued operations (Euros per share)A-B/D	0.39	0.41	0.04
Basic earnings per share from discontinued operations (Euros per share)B/C	-	-	0.31
Diluted earnings per share from discontinued operations (Euros per share)B/D	-	-	0.31

(1) Remuneration in the period related to contingent convertible securities (See Note 21.4) (2) Weighted average number of shares outstanding (millions of euros), excluded weighted average of treasury shares during the period. (3) Corrective factor, due to the capital increase with pre-emptive subscription right, applied for the previous years. (*) Data recalculated due to the mentioned corrective factor.

As of December 31, 2015, 2014 and 2013, there were no other financial instruments or share options awarded to 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 matched.