Section 24 – Earnings per share

24.1 Average number of ordinary diluted shares

Earnings per share and diluted earnings per share31.12.201631.12.2015
Consolidated profit for the period (in thousands of Euro) 687,945 161,966
Average number of outstanding shares53,153,17853,034,493
Average number of potentially dilutive shares9,6355,787
Average number of diluted shares53,143,54353,028,706
Consolidated earnings per share (Units of Euro)12.943.05
Consolidated diluted earnings per share (Units of Euro)12.953.05

Potentially dilutive shares refer to share-based payments for upfront variable pay, as described in Part I of these Notes.