8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  April 23, 2009

SHORE BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Maryland	0-22345	52-1974638
(State or other jurisdiction of	(Commission file number)	(IRS Employer
incorporation or organization)		Identification No.)

18 East Dover Street, Easton, Maryland 21601

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:  (410) 822-1400

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))

ITEM 2.02.  Results of Operation and Financial Condition.

On April 23, 2009, Shore Bancshares, Inc. issued a press release describing its financial results for the three months ended March 31, 2009.  A copy of the press release is furnished herewith as Exhibit 99.1.

The information contained in this Item 2.02 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01.  Financial Statements and Exhibits.

(d) Exhibits.

Exhibit 99.1 Press release dated April 23, 2009 (furnished herewith).

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SHORE BANCSHARES, INC.
Dated:  April 24, 2009	By:	/s/ W. Moorhead Vermilye
		W. Moorhead Vermilye
		President and CEO

-2-

EXHIBIT INDEX

Exhibit

Number Description

99.1 Press release dated April 23, 2009 (furnished herewith).

-3-

EX-99.1

Exhibit 99.1

Shore Bancshares, Inc.

18 E. Dover Street

Easton, Maryland 21601

Phone 410-822-1400

PRESS RELEASE

Shore Bancshares Reports First Quarter 2009 Earnings Results

Easton, Maryland (04/23/2009) - Shore Bancshares, Inc. (NASDAQ - SHBI) reported net income of $2.5 million or $0.30 per diluted common share for the first quarter of 2009, compared to $2.3 million or $0.27 per diluted common share for the fourth quarter of 2008 and $3.4 million or $0.40 per diluted common share for the first quarter of 2008.

“Credit demand was strong across our markets, as evidenced by nearly $20 million in loan growth during the quarter. New loans were originated with an intense focus on careful underwriting and overall quality. Deposit growth was steady and appears to be driven in part by market disruption from ongoing consolidation efforts of the large national competitors,” said W. Moorhead Vermilye, President and Chief Executive Officer.

“We do not see prospects for meaningful near-term improvement in the difficult operating environment for community banks in our region. Thus, maintaining consistent and acceptable levels of credit quality in our loan portfolios is clearly the main challenge we face over the coming quarters. We expect to continue our elevated emphasis on early identification of potential problem loans and we intend to remain conservative as we build our loan-loss reserves.”

“On January 9, 2009, we sold 25,000 shares of our Series A Preferred Stock to the U.S. Treasury under its TARP Capital Purchase Plan for $25 million. On April 15, 2009, we repurchased all of the Preferred Stock from Treasury at a repurchase price of $25 million, plus accrued dividends of $208,333.33. It is important to note that we were well-capitalized according to regulatory definitions prior to receiving the TARP funds, and we remain well-capitalized after the repurchase,” stated Vermilye.

The Company’s return on average assets for the quarter ended March 31, 2009 was 0.97%, compared to 0.87% and 1.38% for the quarters ended December 31, 2008 and March 31, 2008, respectively.  The return on average stockholders’ equity was 6.84% for the first quarter of 2009, compared to 7.11% for the fourth quarter of 2008 and 10.96% for the first quarter of 2008.

At March 31, 2009, total assets were $1.077 billion, total deposits were $873.1 million, and total stockholders’ equity was $153.4 million, an increase of 3.1%, 3.3% and 20.5%, respectively, when compared to the same amounts at December 31, 2008.  The increase in total assets of $32 million since December 31, 2008 related mainly to loan growth, funded primarily by deposit growth.  Loans increased $19.6 million, or 2.2%, during the first quarter of 2009, with loans totaling $908.1 million at March 31, 2009.  The increase in stockholder’s equity during the first quarter was primarily related to the Company’s sale of $25 million in Preferred Stock under the Treasury’s Capital Purchase Program.  As noted above, the Preferred Stock was repurchased on April 15, 2009.

Page 2 of 8

Review of Quarterly Financial Results

Net interest income for the first quarter of 2009 was $10.1 million, a decline of 2.8% from the fourth quarter of 2008 and an increase of 0.3% from the same period last year.  Lower overall yields on loans caused the decline in net interest income in the first quarter of 2009 when compared to the fourth quarter of 2008, despite a $22 million increase in average loan volume and a lower overall cost of funds.  When compared to the first quarter of 2008, the increased volume of loans and reduction in cost of funds was sufficient to offset the decline in loan yields.  The Company’s net interest margin was 4.09% for the first quarter of 2009, a decrease of 15 basis points when compared to the fourth quarter of 2008 and a decrease of 33 basis points when compared to the first quarter of 2008.

The provision for credit losses was $912 thousand for the three months ended March 31, 2009. The comparable amounts were $1.4 million and $462 thousand for the three months ended December 31, 2008 and March 31, 2008, respectively.  The increased level of provision expense was primarily in response to continued growth in the loan portfolio, the overall increase in nonperforming assets and loan charge-offs, as well as overall economic conditions.  Net charge-offs were $546 thousand for the first quarter of 2009, $683 thousand for the fourth quarter of 2008 and $87 thousand for the first quarter of 2008.  Annualized net charge-offs to average loans was 0.25% for the first quarter of 2009, 0.31% for the fourth quarter of 2008 and 0.04% for the first quarter of 2008. Nonperforming assets to total assets was 0.85% at March 31, 2009.  The comparable nonperforming asset ratio was 0.79% at December 31, 2008 and 0.34% at March 31, 2008.  The allowance for credit losses to period-end loans increased to 1.07% at March 31, 2009, compared to 1.05% at December 31, 2008 and 0.98% at March 31, 2008. Management believes that the provision for credit losses and the resulting allowance were adequate at March 31, 2009.

Total noninterest income for the first quarter of 2009 increased $942 thousand when compared to the fourth quarter of 2008 and declined $152 thousand when compared to the first quarter of 2008. The increase when compared to fourth quarter of 2008 was primarily a result of an increase in insurance agency commissions and contingency payments of $840 thousand.  Contingency payments are typically received in the first quarter of each year and are based on the prior year’s performance. The first quarter of 2009 included investment securities gains of $49 thousand compared to securities losses of $15 thousand in the fourth quarter of 2008.  The decline in noninterest income during the first quarter of 2009 when compared to the first quarter of 2008 was primarily due to a decline in insurance agency commissions of $196 thousand.

Total noninterest expense for the first quarter of 2009 increased $262 thousand when compared to the fourth quarter of 2008 and increased $292 thousand when compared to the first quarter of 2008.  A significant portion of the increase was due to increased FDIC insurance premium expense of $97 thousand when compared to the fourth quarter of 2008 and $230 thousand when compared to the first quarter of 2008.  The balance of the increase related to higher general operating costs.

Shore Bancshares Information

Shore Bancshares, Inc. is a financial holding company headquartered in Easton, Maryland and is the largest independent bank holding company located on Maryland’s Eastern Shore.  It is the parent company of three banks, The Talbot Bank of Easton, Maryland, The Centreville National Bank of Maryland, and The Felton Bank; three insurance producer firms, The Avon-Dixon Agency, LLC, Elliott Wilson Insurance, LLC and Jack Martin and Associates, Inc; a wholesale insurance company, TSGIA, Inc; two insurance premium finance companies, Mubell Finance, LLC and ESFS, Inc; a registered investment adviser firm, Wye Financial Services, LLC; and a mortgage broker subsidiary, Wye Mortgage Group, LLC.

Page 3 of 8

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.  Forward-looking statements do not represent historical facts, but statements about management’s beliefs, plans and objectives.  These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions.  Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true.  These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements.  For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Shore Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.

For further information contact: W. Moorhead Vermilye, President and CEO

Page 4 of 8

Shore Bancshares, Inc.

Financial Highlights

(Dollars in thousands, except per share data)

	For the Three Months Ended
	March 31,
	2009			2008			% Change
PROFITABILITY FOR THE PERIOD
Net interest income	$	10,058		$	10,030			0.3	%
Provision for credit losses		912			462			97.4
Noninterest income		5,350			5,502			(2.8	)
Noninterest expense		9,883			9,591			3.0
Income before income taxes		4,613			5,479			(15.8	)
Income tax expense		1,735			2,107			(17.7	)
Net income		2,878			3,372			(14.7	)
Preferred stock dividends and discount accretion		337			-			-
Net income available to common shareholders	$	2,541		$	3,372			(24.6	)
Return on average assets (1)		0.97	%		1.38	%		(29.7	) %
Return on average equity (1)		6.84			10.96			(37.6	)
Net interest margin		4.09			4.42			(7.5	)
Efficiency ratio - GAAP based		64.14			61.75			3.9
PER SHARE DATA
Basic net income per share	$	0.34		$	0.40			(15.0	) %
Basic net income per common share		0.30			0.40			(25.0	)
Diluted net income per share		0.34			0.40			(15.0	)
Diluted net income per common share		0.30			0.40			(25.0	)
Dividends paid per common share		0.16			0.16			-
Book value per common share at period end		15.46			14.62			5.7
Tangible book value per common share at period end		12.87			11.96			7.6
Market value at period end		16.75			21.45			(21.9	)
Market range:
High		24.43			23.40			4.4
Low		11.00			20.00			(45.0	)
AT PERIOD END
Loans	$	908,118		$	808,583			12.3	%
Securities		78,953			99,062			(20.3	)
Assets		1,076,599			1,003,836			7.2
Deposits		873,089			808,917			7.9
Stockholders' equity		153,446			122,699			25.1
CAPITAL AND CREDIT QUALITY RATIOS
Average equity to average assets		14.23	%		12.56	%
Annualized net charge-offs to average loans		0.25			0.04
Allowance for credit losses to period-end loans		1.07			0.98
Nonperforming assets to total assets		0.85			0.34

(1) Calculation uses net income available to common shareholders.

Page 5 of 8

Shore Bancshares, Inc.

Consolidated Balance Sheets

(In thousands, except share data)

										Mar. 31, 2009			Mar. 31, 2009
	Mar. 31,			Dec. 31,			Mar. 31,			compared to			compared to
	2009			2008			2008			Dec. 31, 2008			Mar. 31, 2008
ASSETS
Cash and due from banks	$	17,765		$	16,803		$	17,236			5.7	%		3.1	%
Interest-bearing deposits with other banks		6,838			481			6,928			1,321.6			(1.3	)
Federal funds sold		24,496			10,010			28,313			144.7			(13.5	)
Investments available-for-sale (at fair value)		70,137			79,204			86,056			(11.4	)		(18.5	)
Investments held-to-maturity		8,816			10,252			13,006			(14.0	)		(32.2	)
Loans		908,118			888,528			808,583			2.2			12.3
Less: allowance for credit losses		(9,686	)		(9,320	)		(7,926	)		3.9			22.2
Loans, net		898,432			879,208			800,657			2.2			12.2
Premises and equipment, net		13,941			13,855			15,408			0.6			(9.5	)
Accrued interest receivable		4,672			4,606			5,048			1.4			(7.4	)
Goodwill		15,954			15,954			15,954			-			-
Other intangible assets, net		5,792			5,921			6,307			(2.2	)		(8.2	)
Other real estate owned		1,463			148			-			888.5			-
Other assets		8,293			8,199			8,923			1.1			(7.1	)
Total assets	$	1,076,599		$	1,044,641		$	1,003,836			3.1			7.2
LIABILITIES
Noninterest-bearing deposits	$	108,017		$	102,584		$	103,328			5.3			4.5
Interest-bearing deposits		765,072			742,787			705,589			3.0			8.4
Total deposits		873,089			845,371			808,917			3.3			7.9
Short-term borrowings		31,057			52,969			42,712			(41.4	)		(27.3	)
Long-term debt		7,947			7,947			15,485			-			(48.7	)
Accrued interest payable and other liabilities		11,060			10,969			14,023			0.8			(21.1	)
Total liabilities		923,153			917,256			881,137			0.6			4.8
STOCKHOLDERS' EQUITY
Preferred stock, par value $0.01; authorized
25,000 shares		23,514			-			-			-			-
Common stock, par value $0.01; authorized
35,000,000 shares		84			84			84			-			-
Warrants		1,543			-			-			-			-
Additional paid in capital		29,790			29,768			29,578			0.1			0.7
Retained earnings		97,492			96,140			92,076			1.4			5.9
Accumulated other comprehensive income		1,023			1,393			961			(26.6	)		6.5
Total stockholders' equity		153,446			127,385			122,699			20.5			25.1
Total liabilities and stockholders' equity	$	1,076,599		$	1,044,641		$	1,003,836			3.1			7.2
Period-end preferred shares outstanding		25,000			-			-			-			-
Discount on preferred stock	$	1,486		$	-		$	-			-			-
Period-end common shares outstanding		8,404,709			8,404,684			8,395,450			-			0.1
Book value per common share	$	15.46		$	15.16		$	14.62			2.0			5.7

Page 6 of 8

Shore Bancshares, Inc.

Consolidated Statements of Income

(In thousands, except per share data)

	For the Three Months Ended
	March 31,
	2009		2008		% Change
INTEREST INCOME
Interest and fees on loans	$	13,617	$	14,560		(6.5	)  %
Interest and dividends on investment securities:
Taxable		756		1,080		(30.0	)
Tax-exempt		85		123		(30.9	)
Interest on federal funds sold		7		122		(94.3	)
Interest on deposits with other banks		1		38		(97.4	)
Total interest income		14,466		15,923		(9.2	)
INTEREST EXPENSE
Interest on deposits		4,285		5,343		(19.8	)
Interest on short-term borrowings		49		366		(86.6	)
Interest on long-term debt		74		184		(59.8	)
Total interest expense		4,408		5,893		(25.2	)
NET INTEREST INCOME		10,058		10,030		0.3
Provision for credit losses		912		462		97.4
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		9,146		9,568		(4.4	)
NONINTEREST INCOME
Service charges on deposit accounts		809		871		(7.1	)
Investment securities gains (losses)		49		-		-
Insurance agency commissions		3,335		3,531		(5.6	)
Other noninterest income		1,157		1,100		5.2
Total noninterest income		5,350		5,502		(2.8	)
NONINTEREST EXPENSE
Salaries and employee benefits		5,920		5,984		(1.1	)
Occupancy expense		549		499		10.0
Furniture and equipment expense		314		286		9.8
Data processing		438		470		(6.8	)
Directors' fees		168		165		1.8
Amortization of intangible assets		129		129		-
Other noninterest expenses		2,365		2,058		14.9
Total noninterest expense		9,883		9,591		3.0
Income before income taxes		4,613		5,479		(15.8	)
Income tax expense		1,735		2,107		(17.7	)
NET INCOME		2,878		3,372		(14.7	)
Preferred stock dividends and discount accretion		337		-		-
Net income available to common shareholders	$	2,541	$	3,372		(24.6	)
Weighted average shares outstanding - basic		8,405		8,391		0.2
Weighted average shares outstanding - diluted		8,408		8,400		0.1
Basic net income per share	$	0.34	$	0.40		(15.0	)
Basic net income per common share		0.30		0.40		(25.0	)
Diluted net income per share		0.34		0.40		(15.0	)
Diluted net income per common share		0.30		0.40		(25.0	)
Dividends paid per common share		0.16		0.16		-

Page 7 of 8

Shore Bancshares, Inc.

Financial Highlights By Quarter

(Dollars in thousands, except per share data)

	1st quarter			4th quarter			3rd quarter			2nd quarter			1st quarter			1Q 09			1Q 09
	2009			2008			2008			2008			2008			compared to			compared to
	(1Q 09)			(4Q 08)			(3Q 08)			(2Q 08)			(1Q 08)			4Q 08			1Q 08
PROFITABILITY FOR THE PERIOD
Net interest income	$	10,058		$	10,348		$	9,909		$	9,632		$	10,030			(2.8	) %		0.3	%
Provision for credit losses		912			1,385			875			615			462			(34.2	)		97.4
Noninterest income		5,350			4,408			5,246			5,194			5,502			21.4			(2.8	)
Noninterest expense		9,883			9,621			9,429			9,729			9,591			2.7			3.0
Income before income taxes		4,613			3,750			4,851			4,482			5,479			23.0			(15.8	)
Income tax expense		1,735			1,489			1,780			1,716			2,107			16.5			(17.7	)
Net income		2,878			2,261			3,071			2,766			3,372			27.3			(14.7	)
Preferred stock dividends and discount accretion		337			-			-			-			-			-			-
Net income available to common shareholders	$	2,541		$	2,261		$	3,071		$	2,766		$	3,372			12.4			(24.6	)
Return on average assets (1)		0.97	%		0.87	%		1.19	%		1.12	%		1.38	%		11.5	%		(29.7	) %
Return on average equity (1)		6.84			7.11			9.81			8.98			10.96			(3.8	)		(37.6	)
Net interest margin		4.09			4.24			4.10			4.17			4.42			(3.5	)		(7.5	)
Efficiency ratio - GAAP based		64.14			65.20			62.22			65.62			61.75			(1.6	)		3.9
PER SHARE DATA
Basic net income per share	$	0.34		$	0.27		$	0.37		$	0.33		$	0.40			25.9	%		(15.0	) %
Basic net income per common share		0.30			0.27			0.37			0.33			0.40			11.1			(25.0	)
Diluted net income per share		0.34			0.27			0.37			0.33			0.40			25.9			(15.0	)
Diluted net income per common share		0.30			0.27			0.37			0.33			0.40			11.1			(25.0	)
Dividends paid per common share		0.16			0.16			0.16			0.16			0.16			-			-
Book value per common share at period end		15.46			15.16			14.92			14.65			14.62			2.0			5.7
Tangible book value per common share at period end		12.87			12.55			12.30			12.01			11.96			2.5			7.6
Market value at period end		16.75			23.99			25.70			18.72			21.45			(30.2	)		(21.9	)
Market range:
High		24.43			25.97			27.25			26.47			23.40			(5.9	)		4.4
Low		11.00			17.50			18.00			18.52			20.00			(37.1	)		(45.0	)
AT PERIOD END
Loans	$	908,118		$	888,528		$	865,437		$	841,600		$	808,583			2.2	%		12.3	%
Securities		78,953			89,456			93,149			91,842			99,062			(11.7	)		(20.3	)
Assets		1,076,599			1,044,641			1,037,026			1,019,463			1,003,836			3.1			7.2
Deposits		873,089			845,371			839,217			818,656			808,917			3.3			7.9
Stockholders' equity		153,446			127,385			125,401			123,038			122,699			20.5			25.1
CAPITAL AND CREDIT QUALITY RATIOS
Average equity to average assets		14.23	%		12.22	%		12.12	%		12.41	%		12.56	%
Annualized net charge-offs to average loans		0.25			0.31			0.25			0.13			0.04
Allowance for credit losses to period-end loans		1.07			1.05			1.00			0.98			0.98
Nonperforming assets to total assets		0.85			0.79			0.72			0.47			0.34

(1) Calculation uses net income available to common shareholders.

Page 8 of 8

Shore Bancshares, Inc.

Consolidated Statements of Income By Quarter

(In thousands, except per share data)

													1Q 09			1Q 09
													compared to			compared to
	1Q 09		4Q 08			3Q 08			2Q 08		1Q 08		4Q 08			1Q 08
INTEREST INCOME
Interest and fees on loans	$	13,617	$	14,166		$	14,179		$	13,961	$	14,560		(3.9	) %		(6.5	) %
Interest and dividends on investment securities:
Taxable		756		839			924			945		1,080		(9.9	)		(30.0	)
Tax-exempt		85		93			95			109		123		(8.6	)		(30.9	)
Interest on federal funds sold		7		24			79			83		122		(70.8	)		(94.3	)
Interest on deposits with other banks		1		4			21			29		38		(75.0	)		(97.4	)
Total interest income		14,466		15,126			15,298			15,127		15,923		(4.4	)		(9.2	)
INTEREST EXPENSE
Interest on deposits		4,285		4,582			4,955			4,997		5,343		(6.5	)		(19.8	)
Interest on short-term borrowings		49		121			344			316		366		(59.5	)		(86.6	)
Interest on long-term debt		74		75			90			182		184		(1.3	)		(59.8	)
Total interest expense		4,408		4,778			5,389			5,495		5,893		(7.7	)		(25.2	)
NET INTEREST INCOME		10,058		10,348			9,909			9,632		10,030		(2.8	)		0.3
Provision for credit losses		912		1,385			875			615		462		(34.2	)		97.4
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		9,146		8,963			9,034			9,017		9,568		2.0			(4.4	)
NONINTEREST INCOME
Service charges on deposit accounts		809		889			923			917		871		(9.0	)		(7.1	)
Investment securities gains (losses)		49		(15	)		-			-		-		426.7			-
Other than temporary impairment of securities		-		-			(371	)		-		-		-			-
Insurance agency commissions		3,335		2,495			2,845			3,219		3,531		33.7			(5.6	)
Other noninterest income		1,157		1,039			1,849			1,058		1,100		11.4			5.2
Total noninterest income		5,350		4,408			5,246			5,194		5,502		21.4			(2.8	)
NONINTEREST EXPENSE
Salaries and employee benefits		5,920		5,776			5,802			5,759		5,984		2.5			(1.1	)
Occupancy expense		549		585			558			537		499		(6.2	)		10.0
Furniture and equipment expense		314		291			310			298		286		7.9			9.8
Data processing		438		476			486			440		470		(8.0	)		(6.8	)
Directors' fees		168		132			131			130		165		27.3			1.8
Amortization of intangible assets		129		129			128			129		129		-			-
Other noninterest expenses		2,365		2,232			2,014			2,436		2,058		6.0			14.9
Total noninterest expense		9,883		9,621			9,429			9,729		9,591		2.7			3.0
Income before income taxes		4,613		3,750			4,851			4,482		5,479		23.0			(15.8	)
Income tax expense		1,735		1,489			1,780			1,716		2,107		16.5			(17.7	)
NET INCOME		2,878		2,261			3,071			2,766		3,372		27.3			(14.7	)
Preferred stock dividends and discount accretion		337		-			-			-		-		-			-
Net income available to common shareholders	$	2,541	$	2,261		$	3,071		$	2,766	$	3,372		12.4			(24.6	)
Weighted average shares outstanding - basic		8,405		8,405			8,405			8,398		8,391		-			0.2
Weighted average shares outstanding - diluted		8,408		8,410			8,411			8,405		8,400		-			0.1
Basic net income per share	$	0.34	$	0.27		$	0.37		$	0.33	$	0.40		25.9			(15.0	)
Basic net income per common share		0.30		0.27			0.37			0.33		0.40		11.1			(25.0	)
Diluted net income per share		0.34		0.27			0.37			0.33		0.40		25.9			(15.0	)
Diluted net income per common share		0.30		0.27			0.37			0.33		0.40		11.1			(25.0	)
Dividends paid per share		0.16		0.16			0.16			0.16		0.16		-			-