Icon Energy Limited Annual Report 2016

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2016 NOTE 13 - SHARE BASED PAYMENTS (Continued) 30 June 2016 30 June 2015 NOTE $ $ - 30,136 99,520 109,966 99,520 140,102 Share Based Payments Reserve Opening Balance 605,649 877,588 Reserve transfer for performance rights vested - (412,041) Performance rights expired (406,608) Fair value of shares/rights granted 99,520 140,102 Closing balance 298,561 605,649 NOTE 14 - RESERVES Share based payments reserve* 13 298,561 605,649 Foreign currency translation reserve ** 627 126 Total reserves 299,188 605,775 30 June 2016 30 June 2015 $ $ (a) (5,602,229) (5,863,547) (5,602,229) (5,863,547) (5,602,229) (5,863,547) (b) 602,631,022 615,926,074 - - 602,631,022 615,926,074 (0.93) (0.95) (0.93) (0.95) Rights issued under Performance Rights Plan - STI Earnings used in the calculation of basic EPS Basic earnings/(loss) per share (cents per share) Adjustment for calculation of diluted earnings per share * Share based payments reserve is used to recognise the fair value of shares and rights issued to employees of the company. ** The foreign currency translation reserve records exchange differences arising on translation of a foreign controlled subsidiary. Weighted average number of ordinary shares outstanding during the year used in the calculation of basic EPS. Diluted earnings/(loss) per share (cents per share) Rights issued under Performance Rights Plan - LTI Weighted average number of ordinary shares outstanding during the year used in the calculation of diluted EPS. CONSOLIDATED ENTITY CONSOLIDATED ENTITY Earnings used in the calculation of diluted EPS NOTE 15 - EARNINGS PER SHARE Net Profit/(Loss) for the year Total expenses arising from share-based payment transactions recognised during the year as part of employee benefit expense were as follows: Reconciliation of Earnings to Net Profit/(Loss): Expenses arising from share-based payment transactions NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2016 FINANCIAL REPORT 50 ICON ENERGY ANNUAL REPORT 2016