16. Share and participation capital
| Number of registered shares (RS) 1) | Number of participation certificates (PC) 2) | Registered shares (CHF million) | Participation certificates (CHF million) | Total (CHF million) | |
|---|---|---|---|---|---|
| At January 1, 2013 | 136,700 | 894,488 | 13.7 | 8.9 | 22.6 |
| Capital increase | – | 53,076 | – | 0.5 | 0.5 |
| Cancellation of shares | – 589 | – 22,253 | – 0.1 | – 0.2 | – 0.3 |
| At December 31, 2013 | 136,111 | 925,311 | 13.6 | 9.3 | 22.9 |
| Capital increase | – | 30,755 | – | 0.3 | 0.3 |
| At December 31, 2014 | 136,111 | 956,066 | 13.6 | 9.6 | 23.2 |
1) At par value of CHF 100.–
2)At par value of CHF 10.–
The conditional capital has a total of 528,906 participation certificates (PC) (559,661 in 2013) with a par value of CHF 10.–. Of this total, 174,456 (205,211 in 2013) are reserved for employee stock option programs; the remaining 354,450 participation certificates (354,450 in 2013) are reserved for capital market transactions. There is no other authorized capital. In 2014, a total of 30,755 (53,076 in 2013) of the employee options were exercised at an average price of CHF 2,409.56 (CHF 2,454.23 in 2013). The participation certificate has no voting right, but otherwise has the same ownership rights as the registered share.