Note 17 Earnings per share

           
(SEK million)       2008 2007
Earnings per share before dilution          
Net income for the year attributable to equity holders of the parent company       2,851 1,363
           
Shares outstanding on 1 January       66,352,540 67,042,524
Effect from stock options exercised       188,097 21,158
Effect from share buy-back       -632,264 -117,906
Weighted average number of shares before dilution       65,908,373 66,945,776
           
Earnings per share before dilution, SEK       43.25 20.35
           
Earnings per share after dilution          
Net income for the year attributable to equity holders of the parent company       2,851 1,363
Effect from dilution in associated companies       -19 -12
Diluted net income for the year attributable to the equity holders of the parent company       2,832 1,350
           
Weighted average number of shares before dilution       65,908,373 66,945,776
Effect from stock options exercised       47,105 212,005
Weighted average number of shares after dilution       65,955,478 67,157,781
           
Earnings per share after dilution, SEK       42.93 20.11
           
Potentially dilutive instruments
Modern Times Group MTG AB has outstanding employee stock option programmes where the strike price exceeded the average share price for ordinary shares. These options are therefore not included in the calculation of diluted earnings per share. If the average share price exceeds the strike price in future, these options will be dilutive.
MTG has bought back 798,000 Class B shares between 1 March and 31 March 2008, and 719,000 Class B shares in 2007, in accordance with the decision at the Annual General Meeting on 9 May 2007. The Annual General Meeting on 14 May 2008 approved to cancel all of the repurchased shares.

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