Earnings per share Other disclosure  requirements Key developments 2013 Basic earnings per share decreased slightly due to  changes in special items, net, partly offset by lower  financial items, net. The Supervisory Board proposes a dividend per share  of DKK 8.00, equalling a payout ratio of 22. Increase in dividend per share of 33%. 35.9 8.00 33% Carlsberg Group Annual Report 2013 The Supervisory Board proposes a dividend  per share of DKK 8.00, an increase of 33%  (2012: DKK 6.00). Diluted earnings per share exclude 152,200  share options (2012: 353,744) which do not  have a dilutive effect as the total of the ex- ercise price and the fair value of the options  at the grant date is higher than the average  market price of the Carlsberg B share in the  year. These share options could potentially  dilute earnings in the future. Consolidated financial statements SECTION 8: OTHER DISCLOSURE REQUIREMENTS 127 EARNINGS PER SHARE DKK 2013 2012 Basic earnings per share of DKK 20 (EPS)  35.9   36.8  Diluted earnings per share of DKK 20 (EPS-D)  35.7   36.7  1,000 shares Average number of shares 152,557 152,557 Average number of treasury shares -9 -14 Average number of shares outstanding 152,548 152,543 Average dilutive effect of outstanding share options 535 326 Diluted average number of shares outstanding 153,083 152,869