5 . € millions 31.12.2021 31.12.2020 31.12.2019 Other comprehensive income Gross reserve 5,757.4 4,183.2 5,548.8 Associated tax effect -18.8 121.4 46.9 RESERVE NET OF TAX 5,738.6 4,304.5 5,595.8 11.4. Net profit excluding non-recurring items – Earnings per share Accounting principles Earnings per share are calculated in accordance with the rules set out in IAS  33. Basic earnings per share are obtained on the basis of the weighted average number of shares outstanding during the year, less the average number of treasury shares held deducted from equity. Where applicable, diluted earnings per share take into account dilutive stock options and free shares in accordance with the “treasury share method”, under which sums collected on exercise or purchase are assumed to be allocated firstly to share buybacks at market price. 11.4.1. Reconciliation with net profit Net profit excluding non-recurring items reconciles as follows with net profit attributable to owners of the company: € millions 2021 2020 2019 Net profit from attributable to owners of the company 4,597.1 3,563.4 3,750.0 Capital gains and losses on tangible and intangible assets 0.4 3.5 -14.0 Impairment of tangible and intangible assets 337.5 89.8 142.8 Restructuring costs 149.6 382.1 120.2 Other -55.5 233.5 187.5 Tax effect on non-recurring items -104.4 -161.5 165.0 Non-controlling interests on non-recurring items -0.4 - -0.1 Tax effect on acquisitions and internal restructuring 14.2 -11.8 5.5 NET PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY EXCLUDING NON-RECURRING ITEMS 4,938.5 4,099.0 4,356.9 11.4.2. Earnings per share attributable to owners of the company The tables below set out earnings per share attributable to owners of the company: 2021 Net profit – attributable to owners of the company (€ millions) Number of shares Earnings per share attributable to owners of the company (€) Earnings per share 4,597.1 557,600,698 8.24 Stock options - 55,463 - Free shares - 2,135,384 - DILUTED EARNINGS PER SHARE 4,597.1 559,791,545 8.21 2020 Net profit – attributable to owners of the company (€ millions) Number of shares Earnings per share attributable to owners of the company ( €) Earnings per share 3,563.4 559,101,322 6.37 Stock options - 274,942 - Free shares - 2,259,699 - DILUTED EARNINGS PER SHARE 3,563.4 561,635,963 6.34 2019 Net profit – attributable to owners of the company (€ millions) Number of shares Earnings per share attributable to owners of the company (€) Earnings per share 3,750.0 559,739,718 6.70 Stock options - 666,108 - Free shares - 2,407,303 - DILUTED EARNINGS PER SHARE 3,750.0 562,813,129 6.66 332 L ’ ORÉAL I UNIVERSAL REGISTRATION DOCUMENT 2021 2021 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements