Note 17 Earnings per share

(SEK million)   20092008
Earnings per share before dilution     
Net income for the year attributable to equity holders of the parent company   -2,0332,851
      
Shares outstanding on 1 January   65,890,37566,352,540
Effect from stock options exercised   1,217188,097
Effect from share buy-back   --632,264
Weighted average number of shares before dilution   65,891,59265,908,373
      
Basic earnings per share, SEK   -30.8643.25
      
Diluted earnings per share     
Net income for the year attributable to equity holders of the parent company   -2,0332,851
Effect from dilution in associated companies (CTC Media)   -7-19
Diluted net income for the year attributable to the equity holders of the parent company   -2,0412,832
      
Weighted average number of shares before dilution   65,891,59265,908,373
Effect from stock options   -47,105
Weighted average number of shares after dilution   65,891,59265,955,478
      
Diluted earnings per share, SEK   -30.9742.93
      
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. Further, the company has outstanding employee stock option programmes, where the strike price is below the average share price for ordinary shares. These options are not included in the calculation, as these would dilute the loss per share. However, the options will be diluting going forward, when earnings per share are positive, as long as the share price lies above the strike price.

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Modern Times Group MTG AB Box 2094 SE-103 13 Stockholm Sweden Visiting: Skeppsbron 18 Tel: +46 8 562 000 50

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