b'92 Mercia Asset Management PLC Annual Report & Accounts 2022Notes to the consolidated financial statements continued11. Earnings per shareBasic earnings per share is calculated by dividing the profit for the financial year by the weighted average number of Ordinary shares in issue during the year. Diluted earnings per share is calculated by dividing the profit for the financial year by the weighted average number of Ordinary shares outstanding and, when dilutive, adjusted for the effect of all potentially dilutive shares including share options on an as-if-converted basis. The potential dilutive shares are included in diluted earnings per share calculations on a weighted average basis for the year. The profit and weighted average number of shares used in the calculations are set out below:Year ended Year ended31 March 31 March2022 2021Profit for the financial year (000) 26,100 34,458Basic weighted average number of Ordinary shares (000) 440,110 440,110Basic earnings per Ordinary share (pence) 5.93 7.83Diluted weighted average number of Ordinary shares (000) 448,466 440,110Diluted earnings per Ordinary share (pence) 5.82 7.83The calculation of basic and diluted earnings per share is based on the following data:Year ended Year ended31 March 31 March2022 2021000 000Weighted average number of sharesBasic 440,110 440,110Dilutive impact of share options8,356 Diluted weighted average number of Ordinary shares 448,466 440,11012. DividendsYear ended 31 March 2022 Year ended 31 March 2021PencePenceDividends declared/proposed in respect of the year per share 000 per share 000Interim dividend declared in relation to year ended 31 March 2021 0.1 440Final dividend declared in relation to year ended 31 March 2021 0.3 1,320Interim dividend declared in relation to year ended 31 March 2022 0.3 1,320Final dividend proposed in relation to year ended 31 March 2022 0.5 2,201Total 0.8 3,521 0.4 1,760Year ended 31 March 2022 Year ended 31 March 2021PencePenceDividends paid during the year per share 000 per share 000Interim dividend paid in relation to year ended 31 March 2021 0.1 440Final dividend paid in relation to year ended 31 March 2021 0.3 1,320Interim dividend paid in relation to year ended 31 March 2022 0.3 1,321Total 0.6 2,641 0.1 440The final dividend for the year ended 31 March 2022 proposed by the Board of 0.5 pence per share, totalling 2,201,000, is subject to shareholder approval at the AGM on 13 September 2022, and as such has not been included as a liability in these financial statements in accordance with IAS 10.'