In the context of these volatile markets, the performance of Amadeus shares during 2011 was weaker than in 2010. Our share price was negatively affected by news flow in the market during the first three months of the year, having dropped 15.8% from €15.70 to €13.20 by April 5, 2011. During the next four months, on the other hand, our stock generally outperformed the market, driven by our positive results: strong quarterly results, significant new contract wins, Opodo sale with attractive terms and a very successful refinancing of our debt (plus receiving and investment grade rating). By the end of July, the Amadeus share price had gained 6.4% to reach €14.10 whilst all of the main indices had fallen during that period. For the rest of the year, our share price was subject to maximum levels of volatility, and dropped by 10.8% until year end, in line with the Ibex-35, but still over performing some of the main indices such as the Eurostoxx-50, DAX or CAC-40.
Our market capitalisation as of December 31, 2011 was €5,610 million. Amadeus shares hit their maximum daily closing price on February 3, 2011 (€15.70) and their intraday high on February 4, 2011 (€15.92). Average daily trading volume was over 3.5 million shares or €48.4 million, for a total traded volume of €12.4 billion for the year. The proportion of our stock in free float increased during the year to 69.0%, as our private equity shareholders placed 26.0% of total shares outstanding with institutional investors.
Liquidity also benefited from our entry into the Ibex-35. On December 8, 2010 Amadeus was selected by the CAT (Comité de Asesores Técnico) to form part of the Ibex-35, which was effective on January 3, 2011. At year end, Amadeus was the 14th largest company by market capitalisation in the index, with a weight of 1.40%.
For 2011, adjusted earnings per share stood at €1.09, and at December 31, 2011 the price-to-earnings-ratio was 11.5x.
As of December 31, 2011 the share capital of our company was represented by 447,581,950 shares with a nominal value of €0.01 per share. This share capital was increased in June 2011 in an amount of €4,028,237.55 (against the Company's additional paid-in capital account), by increasing the nominal value of the shares of €0.001 per share to €0.01 per share.
The shareholding structure as of December 31, 2011 was: