(6) Earnings per Share

The following table shows the calculation of the result after tax with minority shares per ordinary share:

    2008   2007
Earnings after taxes (in th. euros)   45,428   40,959
of which: shares held by minorities (in th. euros)   56   62
of which: shares held by Bechtle AG shareholders (in th. euros)   45,372   40,897
Average number of shares (number)   21,164,950   21,200,000
Earnings per share (euros)   2.1438   1.9291

The earnings per share was calculated in accordance with IAS 33 on the basis of the earnings after taxes without minority shares and the average number of shares in circulation in the reporting period. Treasury shares correspondingly reduce the number of shares in circulation. The undiluted earnings per share are identical with the diluted earnings per share.