9 Earnings per share

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

	2014	2015
Number of shares issued	11,444,576	11,467,577

Number of treasury shares	(286,020)	–

Average number of shares outstanding	11,093,767	11,324,970

Basic earnings per share (CHF/share)	3.63	5.05

Employee share option plans
Average number of shares under option total	125,122	112,917
Average number of shares under option dilutive	125,122	108,989
Average exercise price	72.92	83.13

Number of shares that would have been issued at average market price for the year of CHF 126.13 (2014: CHF 104.93).	86,948	71,829

Adjustment for dilutive share options	38,174	37,160

Employee share plans
Adjustment for not vested shares (PSMP/initial grant and other share plans)	31,337	29,108
Adjustment for contingently issuable shares (PSMP/matching shares)	95,801	140,904

Average number of shares outstanding after dilution	11,259,079	11,532,142

Diluted earnings per share (CHF/share)	3.57	4.96