Artículo A16. IAS 33 Paragraph A16

To the extent that partly paid shares are not entitled to participate in dividends during the period they are treated as the equivalent of warrants or options in the calculation of diluted earnings per share. The unpaid balance is assumed to represent proceeds used to purchase ordinary shares . The number of shares included in diluted earnings per share is the difference between the number of shares subscribed and the number of shares assumed to be purchased.