11 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.

	2019		2020
Average number of shares outstanding		11,836,588		11,934,355

Basic earnings per share (CHF/share)		6.18		8.69

Employee share option plans
Average number of shares under option total	91,524		75,662
Average number of shares under option dilutive	89,034		73,397
Average adjusted exercise price	198.86		218.67

Number of shares that would have been issued at market price	(65,094)		(36,998)

Adjustment for dilutive share options		23,939		36,399

Employee share plans
Adjustment for not vested shares (other share plans)		1,630		1,423
Adjustment for contingently issuable shares (PSMP/matching shares)		73,813		58,610

Average number of shares outstanding after dilution		11,935,970		12,030,787

Diluted earnings per share (CHF/share)		6.13		8.62