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Annual Report & Accounts 2006 - Notes to the Consolidated Financial Statements
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Gaming VC Annual Report 2006: Employee benefits Weighted average number of ordinary shares (diluted) Year ended 31 December Year ended 31 December In shares 2006 2005 Weighted average number of ordinary shares at end of the year 31,135,762 31,135,762 Effect of share options on issue ^ ^ Weighted average number of ordinary shares (diluted) at end of the year 31,135,762 31,135,762 Diluted earnings per share Year ended 31 December Year ended 31 December In euro 2006 2005 Diluted earnings per share (0.926) 0.411 Diluted earnings per share before exceptional items 0.408 0.411 11 Employee beneóts Share-based payments At 2 December 2004, the Group established a share option programme that entitles key management personnel and senior employees to purchase shares in the Group. At 23 January and 16 May 2006, grants were made available to eligible individuals under the programme as detailed below. In accordance with the programme options are exercisable at the market price of the shares at the starting date of employment or the date of grant. Share-based payments Grant date/employees entitled Number of instruments Contractual life of options Option grants to eligible individuals at 23 January 2006 375,000 Ten years Option grants to eligible individuals at 16 May 2006 140,000 Ten years Vesting Options will vest and become exercisable as to one quarter on the órst anniversary of the date of grant, and the balance becoming exercisable in 36 equal monthly instalments over the following three years. The number of weighted average exercise prices of share options is as follows: Weighted average exercise price Number of options Weighted average exercise price Number of options 2006 2006 2005 2005 GBP GBP Outstanding at the beginning of the year 4.58 840,365 4.20 310,000 Granted during the year 3.55 515,000 4.81 530,365 Forfeited during the year 4.66 (291,467) ^ ^ Outstanding at the end of the year 4.06 1,063,898 4.58 840,365 Exercisable at the end of the year 229,652 77,500 The options outstanding at 31 December 2006 have a weighted average contractual life of 8.75 years.