10. Earnings and dividend per share
 
  Group
  31 March
2021
Rm 		Restated 31      
March***
2020      
Rm      
Total operations    
Basic earnings per share (cents) 489.9 107.5      
Diluted earnings per share (cents) 484.0 106.0      
Headline earnings per share (cents)* 522.2 194.4      
Diluted headline earnings per share (cents)* 516.0 191.8      

Reconciliation of weighted average number of ordinary shares:  Number of  
shares  		 Number of 
shares 
Weighted ordinary shares in issue  511 140 239  511 140 239  
Weighted average number of treasury shares  (16 718 676) (13 288 103)
Weighted average number of shares outstanding  494 421 563  497 852 136 

Reconciliation of diluted weighted average number of ordinary shares:    
Weighted average number of shares outstanding
 494 421 563  497 852 136 
Expected future vesting of shares related to Group share scheme incentive plans (refer to note 24) 5 995 674  6 781 658 
Diluted weighted average number of shares outstanding 500 417 237  504 633 794 

* The disclosure of headline earnings is a requirement of the JSE Ltd. It has been calculated in accordance with the South African Institute of Chartered Accountants' circular 1/2019 issued in this regard as well as the relevant requirements of IAS 33.
         31 March    
2021    
Rm     		    Restated      
31 March***
2020      
Rm      
Total operations  Gross  Net ** Gross  Net**  
Reconciliation between earnings and headline earnings:             
Profit for the year     2 428        540      
Non-controlling interests     (6)       (5)     
Profit attributable to owners of Telkom     2 422        535      
Profit on disposal of property, plant and equipment and intangible assets  (4)  (4)    (18) (18)     
Profit on disposal of subsidiaries and associates  –   –     (9) (9)     
Write-offs, impairments and losses of property, plant and equipment and intangible assets  200   164     414  392     
Gain on remeasurement of non-current assets held for sale  –   –    (23) (23)     
Translation of net investment in a foreign operation  –   –     91  91      
Headline earnings     2 582        968      
Dividend per share (cents)    50.08        320.93      

      31 March    
2021    
Rm    		    Restated       
31 March***
2020       
Rm       
Total operations  Gross  Net**  Gross  Net**  
Reconciliation between earnings and headline earnings:             
Profit for the year     2 428        540       
Non-controlling interests     (6)        (5)      
Profit attributable to owners of Telkom     2 422        535       
Profit on disposal of property, plant and equipment and intangible assets  (4) (4)     (18) (18)      
Profit on disposal of subsidiaries and associates  –  –      (9) (9)      
Write-offs, impairments and losses of property, plant and equipment and intangible assets  200  164     414  392     
Gain on remeasurement of non-current assets held for sale  –  –      (23) (23)    
Translation of net investment in a foreign operation  –  –      91  91     
Headline earnings     2 582         968     
Dividend per share (cents)    50.08         320.93     

The dividend per share is based on a dividend of 50.08 cents per share declared on 19 June 2020 (31 March 2020: 249.40 cents per share declared on 27 May 2019 and 71.53 cents per share declared on 8 November 2019). A total of 511 140 239 number of ordinary shares were outstanding on the date of the dividend declaration (31 March 2020: 511 140 239).

** The taxation impact consists of a R36 million increase (31 March 2020: R22 million) in tax expense related to the recoupment and scrapping of disposals and write-offs in respect of PPE and intangible assets.
*** Restated. Refer to notes 2.3.1.1 and 2.6.