18. EARNINGS (LOSS) PER SHARE
The amounts considered for calculations of earnings (loss) per share ("EPS") in 2011, 2010 and 2009 were as follows:
Diluted earnings per share reflect the effects of any transactions which have a potentially dilutive effect on the weighted average number of common shares outstanding. The dilutive effect of the number of shares resulting from the executives' stock option programs is determined under the inverse treasury method. In connection with the restricted CPO grants under the long-term compensation program initiated in 2009, as well as the convertible securities, the total amount of CPOs committed for issuance in the future is computed from the beginning of the reporting period. Based on MFRS B-14 "Earnings per Share" ("MFRS B14"), the weighted average number of shares outstanding in 2010 and 2009 includes the shares issued as a result of the capitalization of retained earnings declared in February 2011 and April 2010, respectively (note 16A).
According to MFRS B-14, diluted earnings per share shall not be disclosed when the result from continuing operations is a loss.