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, 2014 | 136,111 | 925,311 | 13.6 | 9.3 | 22.9 |
| Capital increase | – | 30,755 | – | 0.308 | 0.3 |
| At December 31, 2014 | 136,111 | 956,066 | 13.6 | 9.6 | 23.2 |
| Capital increase | – | 45,139 | – | 0.451 | 0.5 |
| Cancellation of shares | – 23 | – 12,730 | – 0.002 | – 0.127 | – 0.1 |
| At December 31, 2015 | 136,088 | 988,475 | 13.6 | 9.9 | 23.5 |
1) At par value of CHF 100.–
2) At par value of CHF 10.–
The conditional capital has a total of 483,767 participation certificates (PC) (528,906 in 2014) with a par value of CHF 10.–. Of this total, 229,317 (174,456 in 2014) are reserved for employee stock option programs; the remaining 254,450 participation certificates (354,450 in 2014) are reserved for capital market transactions. There is no other authorized capital. In 2015, a total of 45,139 (30,755 in 2014) of the employee options were exercised at an average price of CHF 2,297 (CHF 2,410 in 2014). The participation certificate has no voting right, but otherwise has the same ownership rights as the registered share.
The own registered shares and parcipation capital of the Group are as follows:
| 2015 | 2014 | |||
| Inventory of treasury stock | Registered shares | Participation certificates | Registered shares | Participation certificates |
| Inventory as at January 1 | 2,558 | 12,730 | 1,853 | 1,682 |
| Additions | 139 | – | 750 | – |
| Retirements | – 90 | – | – 68 | – |
| Share buy-back program | – | – | 23 | 11,048 |
| Cancellation of shares | – 23 | – 12,730 | – | – |
| Inventory as at December 31 | 2,584 | – | 2,558 | 12,730 |
| Average cost of additions (in CHF) | 72,316 | – | 56,034 | – |
| Average sales price of retirements (in CHF) | 58,171 | – | 50,538 | – |
| Average cost of share buy-back program (in CHF) | – | – | 50,076 | 4,254 |
| Average cost of cancellation of shares (in CHF) | 50,076 | 4,200 | – | – |