Note 20 - Common stock
2011 2010
    DKK million DKK million  
Common stock
Nominal value
A common stock 107  107 
B common stock   543  543   
Common stock at December 31 650  650 
2011 2010
    No. No.  
Shares of common stock
A shares of DKK 2* 53,743,600  53,743,600 
B shares of DKK 2*   271,256,400  271,256,400   
Shares of common stock at December 31 325,000,000  325,000,000 
* Restated in 2011 to reflect 1-to-5 stock split of the company’s A and B shares. The nominal value was changed from DKK 10 to DKK 2.
Each A share gives an entitlement to 20 votes, while each B share gives an entitlement to 2 votes.
2011 2010
    No. No.  
Shares of common stock in circulation
Shares of stock at January 1 314,707,510  310,876,225 
Purchase of treasury stock (2,455,000)   -
Sale of treasury stock   2,832,060  3,831,285   
Shares of common stock in circulation at December 31 315,084,570  314,707,510 
2011 2010
    DKK million DKK million  
Treasury stock - B stock
Carrying amount
Carrying amount at January 1 1,479  1,624 
Additions during the year 400    -
Disposals during the year   (165) (145)  
Carrying amount at December 31 1,714  1,479 
Nominal value
Nominal value at January 1 21  28 
Additions during the year   -
Disposals during the year   (6) (7)  
Nominal value at December 31 20  21 
2011 2010
    No. No.  
Shares of treasury stock
Shares of stock at January 1 10,292,490  14,123,775 
Additions during the year 2,455,000    -
Disposals during the year   (2,832,060) (3,831,285)  
Shares of stock at December 31 9,915,430  10,292,490 

2011 2010
    % %  
Percentage of common stock
Percentage of common stock at January 1 3.2% 4.3%
Additions during the year 0.8% 0.0%
Disposals during the year   (0.9%) (1.1)%  
Percentage of common stock at December 31 3.1% 3.2%
2011 2010
    DKK million DKK million  
Profit basis for earnings per share 1,828  1,614 
2011 2010
     No.  No.  
Average number of shares:
Average shares of stock 315,156,775  313,177,970 
Adjustment for stock options   4,799,444  6,200,540   
Average number of diluted shares 319,956,219  319,378,510