pre_text: TREASURY SHARES 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 950,000 repurchased shares and approximately 498,000 treasury shares that were used as part of share based payments.
table: 2018 2019
table: As per January 1:
table: Issued shares 62,297,394 56,297,394
table: Treasury shares 6,157,241 6,978,496
table: Outstanding shares 56,140,153 49,318,898
table: Changes during the year:
table: Cancellation of treasury shares 6,000,000 5,000,000
table: Share buybacks 7,242,734 950,902
table: Treasury shares used for share based performance programs 421,479 498,224
table: As per December 31:
table: Issued shares 56,297,394 51,297,394
table: Treasury shares 6,978,496 2,431,174
table: Outstanding shares 49,318,898 48,866,220
question: Analyse this data from a financial earnings document. What is the  Outstanding shares expressed as a ratio of  Issued shares for december 2019?