_390 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements Note 12. EARNINGS PER SHARE Basic earnings per share are calculated by dividing income attributable to the shareholders of the Company by the weighted average number of shares outstanding during the year, excluding shares bought back by the Group and held as treasury shares. Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares. At December 31, 2023, the only potentially dilutive financial instruments consisted of performance shares (note 28.1). No share transactions affecting the weighted average number of shares used to calculate basic earnings per share and diluted earnings per share occurred after the end of the 2023 reporting period. 2023 2022 Net income (in € millions), excluding non-controlling interests 1,983 2,001 Less, estimated General Partners’ profit shares (3) (2) Net income attributable to the shareholders of the Company used to calculate basic earnings per share 1,980 1,999 Weighted average number of shares outstanding (thousands of shares) used to calculate basic earnings per share 714,188 712,364 Plus, adjustment for performance shares 5,450 4,886 Weighted average number of shares used to calculate diluted earnings per share 719,638 717,250 EARNINGS PER SHARE (in €) Basic 2.77 2.81 Diluted 2.75 2.79
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