8 Shareholders’ equity and employee participation plans

	Shares issued	Treasury shares	Shares outstanding
Shares (each share has a nominal value of CHF 0.10)
Balance at January 1, 2018	11,664,872	–	11,664,872
New shares issued based on employee participation plans	94,387	–	94,387

Balance at June 30, 2018	11,759,259	–	11,759,259

Balance at January 1, 2019	11,766,372	–	11,766,372
New shares issued based on employee participation plans	82,109	–	82,109

Balance at June 30, 2019	11,848,481	–	11,848,481

	2018	2019
Number of shares eligible for dividend	11'731'033	11'826'232
Dividends paid (CHF/share)	2.00	2.10

	2018	2019
Shares (each share has a nominal value of CHF 0.10)
Balance at January 1	638,340	536,840
New shares issued based on employee participation plans	(94,387)	(82,109)

Balance at June 30	543'953	454'731

Employee share options and employee shares, not yet delivered	224,690	228,080

(See note 11.4.1 of the consolidated financial statements 2018 for the terms and principal conditions)

Movements in employee share options:

	2018	2019
Employee share options
Balance at January 1	94,984	90,040
Granted	–	12,900
Exercised	(17,374)	(9,834)
Forfeited or expired	(2,850)	(1,364)

Balance at June 30	74,760	91,742

Thereof exercisable at period-end	27,910	31,276

(See note 11.4.2 of the consolidated financial statements 2018 for the terms and principal conditions)

Movements in employee shares:

	2018	2019
Employee shares
Balance at January 1	213,735	192,314
PSMP 2015 and 2016 – matching shares vested and transferred	(57,917)	(52,382)
PSMP 2015 and 2016 – matching shares forfeited and rounding	(133)	6
PSMP – initial shares transferred (blocked)	17,089	18,176
PSMP – maximum of matching shares granted	42,724	40,095
Share plan 2017 and 2018 – Board of Directors – shares vested and transferred	(2,064)	(1,717)
Share plan 2018 and 2019 – Board of Directors – shares granted	1,619	1,684

Balance at June 30	215,053	198,176

Thereof vested, but blocked until the end of the performance period	65,123	61,838