Table:
|  | 2018 | 2019 |
| --- | --- | --- |
| As per January 1: |  |  |
| Issued shares | 62,297,394 | 56,297,394 |
| Treasury shares | 6,157,241 | 6,978,496 |
| Outstanding shares | 56,140,153 | 49,318,898 |
| Changes during the year: |  |  |
| Cancellation of treasury shares | 6,000,000 | 5,000,000 |
| Share buybacks | 7,242,734 | 950,902 |
| Treasury shares used for share based performance programs | 421,479 | 498,224 |
| As per December 31: |  |  |
| Issued shares | 56,297,394 | 51,297,394 |
| Treasury shares | 6,978,496 | 2,431,174 |
| Outstanding shares | 49,318,898 | 48,866,220 |
Paragraphs:
SHARE INFORMATION
On December 31, 2019, the total number of issued common shares of ASMI amounted to 51,297,394 compared to 56,297,394 at year-end 2018. The decrease was the result of the cancellation of 5 million treasury shares that was approved by the Annual General Meeting of Shareholders (AGM) on May 20, 2019, and became effective on July 23, 2019.
On December 31, 2019, we had 48,866,220 outstanding common shares excluding 2,431,174 treasury shares. This compared to 49,318,898 outstanding common shares and 6,978,496 treasury shares at year-end 2018. Besides the cancellation of 5 million treasury shares in July 2019, the change in the number of treasury shares in 2019 was the result of approximately 951,000 repurchased shares and approximately 498,000 treasury shares that were used as part of share based payments.
On December 31, 2019, 48,583,340 of the outstanding common shares were registered with our transfer agent in the Netherlands, ABN AMRO Bank NV; and 282,880 were registered with our transfer agent in the United States, Citibank, NA, New York.
On February 25, 2020, ASMI announced that it will propose to the AGM 2020 the cancellation of 1.5 million treasury shares, as the number of 2.4 million treasury shares held at that date was more than sufficient to cover our outstanding options and restricted/performance shares.
Question:
At which point of time was the Outstanding shares the greatest?
Answer: Because For COL 3 and 4 rows 5 and 13 find the largest number and the corresponding time period, the answers are: January 1, 2018.