Icon Energy Limited Annual Report 2017

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2017 NOTE 12 - SHARE BASED PAYMENTS (Continued) 30 June 2017 30 June 2016 NOTE $ $ - - - 99,520 - 99,520 Share Based Payments Reserve Opening Balance 298,561 605,649 Reserve transfer for performance rights vested - - Performance rights expired (298,561) (406,608) Fair value of shares/rights granted - 99,520 Closing balance - 298,561 NOTE 13 - RESERVES Share based payments reserve* 12 - 298,561 Foreign currency translation reserve ** 427 627 Total reserves 427 299,188 30 June 2017 30 June 2016 $ $ (a) (5,670,094) (5,602,229) (5,670,094) (5,602,229) (5,670,094) (5,602,229) (b) 597,556,938 602,631,022 - - 597,556,938 602,631,022 (0.95) (0.93) (0.95) (0.93) * 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. Rights issued under Performance Rights Plan - STI Basic earnings/(loss) per share (cents per share) Adjustment for calculation of diluted earnings per share Expenses arising from share-based payment transactions Diluted earnings/(loss) per share (cents per share) Reconciliation of Earnings to Net Profit/(Loss): Earnings used in the calculation of basic EPS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Rights issued under Performance Rights Plan - 2014 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 14 - 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: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2017 FINANCIAL REPORT 50 ICON ENERGY ANNUAL REPORT 2017