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## Notes to the Financial Statements (continued) 

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## 5. Earnings Per Share 

The following reflects the income and share data used in the calculations of basic and diluted earnings per share: 

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In the prior year, the parent entity raised $103,744,599 (before costs of $23,487) and issued 37,717,029 new shares by means of a pro rata renounceable rights issue. The rights issue closed on 19 December 2001 and the new shares were allotted on 14 January 2002. 

In accordance with AASB 1027 “Earnings Per Share”, as a result of the rights issue disclosed above, the prior period basic and diluted earnings per share calculations have been adjusted by a bonus element, due to the market price immediately prior to the rights issue exercise date exceeding the rights issue exercise price. 

The 10,500,000 share options with an exercise price of $3.21 per option and the 4,000,000 share options with an exercise price of $4.10 per option have been excluded from the current year diluted earnings per share calculation. For these options, the exercise price exceeded the average market price for the year ended 30 June 2003 and therefore were not considered to be dilutive. 

There have been no other conversions to, calls of, or subscriptions for ordinary shares or issues of potential ordinary shares since the reporting date and before the completion of this financial report. 

