NOTE 23 — EARNINGS PER SHARE (EPS)

In accordance with IAS 33, Earnings per Share, the following tables reconcile net income to the amounts used to calculate basic and diluted earnings per share.

Basic

	2017
	Common		Preferred		Total
	(in thousands, except share and per share data)
Basic numerator
Allocated net income (loss) available to common and preferred shareholders	(120,267	)	(239,093	)	(359,360	)


Basic denominator
Weighted-average outstanding shares, after deducting the average tresuary shares	571,929,945		1,137,012,265


Earnings per share (in R$) — Basic	(0.21	)	(0.21	)

	2016
	Common		Preferred		Total
	(in thousands, except share and per share data)
Basic numerator
Allocated net income (loss) available to common and preferred shareholders	(969,954	)	(1,920,857	)	(2,890,811	)


Basic denominator
Weighted-average outstanding shares, after deducting the average tresuary shares	571,929,945		1,132,626,373


Earnings per share (in R$) — Basic	(1.70	)	(1.70	)

	2015
	Common		Preferred		Total
	(in thousands, except share and per share data)
Basic numerator
Allocated net income (loss) available to common and preferred shareholders	(1,541,242	)	(3,010,196	)	(4,551,438	)


Basic denominator
Weighted-average outstanding shares, after deducting the average tresuary shares	571,929,945		1,117,034,926


Earnings per share (in R$) — Basic	(2.69	)	(2.69	)

Due to the net loss in the years of 2017, 2016 and 2015, the Company is considering for these years the same basic and diluted loss, without considering the effects on the diluted calculation of the potential increase in preferred shares as a result of the long-term incentive plans.