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.

	2015		2016
Average number of shares outstanding		11,324,970		11,502,948

Basic earnings per share (CHF/share)		5.05		4.74

Employee share option plans
Average number of shares under option total	112,917		106,745
Average number of shares under option dilutive	108,989		100,768
Average adjusted exercise price	83.13		99.93

Number of shares that would have been issued at average market price	(71,829)		(63,373)

Adjustment for dilutive share options		37,160		37,395

Employee share plans
Adjustment for not vested shares (PSMP/initial grant and other share plans)		29,108		16,397
Adjustment for contingently issuable shares (PSMP/matching shares)		140,904		144,909

Average number of shares outstanding after dilution		11,532,142		11,701,649

Diluted earnings per share (CHF/share)		4.96		4.66