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58GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 20152. Signifcant accounting policies (continued)xvi) Finance leases (continued)Group as lessee (continued)A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Group will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term.An operating lease is a lease other than a fnance lease. Operating lease payments are recognised as an operating expense in the statement of proft or loss on a straight-line basis over the lease term.xvii) Trade and other payablesLiabilities for trade and other amounts payable, which are normally settled on 30-90 day terms, are carried at cost, which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the Group.xviii) Earnings per shareThe computation of earnings per share is calculated as the net income attributable to ordinary shareholders, divided by the weighted average number of ordinary shares outstanding during the period, net of treasury shares.xix) ProvisionsProvisions are required when the Group has a present obligation as a result of a past event, where it is probable that an outfow of resources embodying economic benefts will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)