13. Earnings per share

The basic earnings per common share for 2014 and 2013 is determined by dividing the Profi t/(loss) attributable to the owners of the parent by the weighted average number of common shares outstanding during the year.

For 2013, newly issued CNH Industrial N.V. common shares were counted for three months only, consistently with the accounting treatment of the mergers of Fiat Industrial S.p.A. and CNH Global N.V. with and into CNH Industrial N.V. (completed on September 29, 2013).

The special voting shares have minimal economic entitlements as the purpose of the special voting shares is to grant long-term shareholders with an extra voting right by means of granting an additional special voting share, without granting such shareholders with any additional economic rights. However, as a matter of Dutch law, such special voting shares cannot be fully excluded from economic entitlements. Therefore, the Articles of Association provide that only a minimal dividend accrues to the special voting shares, which is not distributed, but allocated to a separate special dividend reserve. The impact of this special voting dividend reserve on the earnings per share of the common shares is not material. For more detailed information on the composition of share capital, refer to Note 24 “Equity”.

The following table sets out the Profi t/(loss) attributable to the owners of the parent and the weighted average number of common shares outstanding used to calculate basic earnings per share for 2014 and 2013:

 20142013
Profit/(loss) attributable to the owners of the parent $ million 917 1,048
Weighted average number of common shares outstanding during the year – basic thousand 1,354,008 1,255,082
Basic earnings per common share $ 0.68 0.83

The diluted earnings per common share for 2014 and 2013 has been determined by increasing the weighted average number of common shares outstanding to take into consideration the dilutive share equivalents outstanding during each period, deriving from the CNH Industrial share-based payments awards.

In connection with the Merger, CNH Industrial N.V. assumed the sponsorship of the share-based payment awards issued on Fiat Industrial S.p.A. shares and on CNH Global N.V. shares. The diluted earnings per share for 2013 has been determined by increasing the weighted average number of common shares outstanding to take into consideration the theoretical effect, counted for three months only for the reasons above specifi ed, that would arise if the share-based payments awards on CNH Industrial N.V. shares have been exercised.

The following table sets out for 2014 and 2013 the Profi t/(loss) attributable to the owners of the parent and the weighted average number of common shares outstanding during the period used in the calculation of diluted earnings per share:

 20142013
Profit/(loss) attributable to the owners of the parent $ million 917 1,048
Weighted average number of common shares outstanding during the year – diluted (a) thousand 1,359,501 1,256,546
Diluted earnings per common share $ 0.68 0.83

(a) At December 31, 2014, approximately 2.9 million shares of Restricted Shares and 1.5 million of shares of Stock option plans were outstanding but not included in the calculation of diluted earnings per share as the impact of these shares would have been anti-dilutive.