Caribbean Utilities Company, Ltd.  2011  Annual Report Notes to Financial Statements 47 (Expressed in thousands of United States dollars) The Company calculates earnings per share on the weighted average number of Class A Ordinary Shares outstanding. The weighted average Class A Ordinary Shares outstanding were 28,523,127 and 28,351,734 for the years ended December 31, 2011 and December 31, 2010, respectively. The weighted average of Class A Ordinary Shares used for determining diluted earnings were 28,531,471 and 28,351,734 for the years ended December 31, 2011 and December 31, 2010, respectively. Diluted earnings per Class A Ordinary Share was calculated using the treasury stock method. As at December 31, 2011 the outstanding options are not materially dilutive as the market price of common shares is below or marginally higher than the exercise price. 15. Earnings per Share Earnings per Share Earnings per  Weighted  common Earnings average shares  shares  Dec. 31, 2011  Dec. 31, 2011  Dec. 31, 2011 ($ thousands) ($ thousands) ($ thousands) Net earnings applicable to common shares  19,484  -  - Weighted average shares outstanding  -  28,523  Basic earnings per common share  -  0.68 Effect of potential dilutive securities: Stock options  -  9  - Diluted earnings per common share  19,484  28,532  0.68  Earnings per  Weighted  common Earnings average shares  shares  Dec. 31, 2010  Dec. 31, 2010  Dec. 31, 2010 ($ thousands) ($ thousands) ($ thousands) Net earnings applicable to common shares  18,926  -  - Weighted average shares outstanding  -  28,352  Basic earnings per common share  -  0.67 Effect of potential dilutive securities: Stock options  -  -  - Diluted earnings per common share  18,926  28,352  0.67 