11 Earnings per share

The earnings per share are based on the consolidated profit for the period and the average number of shares outstanding.

	2020		2021
Average number of shares outstanding		11,934,355		12,225,180

Basic earnings per share (CHF/share)		8.69		9.95

Employee share option plans
Average number of shares under option total	75,662		59,498
Average number of shares under option dilutive	73,397		57,735
Average adjusted exercise price	218.67		257.43

Number of shares that would have been issued at market price	(36,998)		(26,756)

Adjustment for dilutive share options		36,399		30,979

Employee share plans
Adjustment for not vested shares (other share plans)		1,423		977
Adjustment for contingently issuable shares (PSMP/matching shares)		58,610		61,685

Average number of shares outstanding after dilution		12,030,787		12,318,821

Diluted earnings per share (CHF/share)		8.62		9.88