Management’s Discussion and Analysis Liquidity Risk Management Liquidity is of critical importance to financial institutions.
Most of the recent failures of financial institutions have occurred in large part due to insufficient liquidity.
Accordingly, the firm has in place a comprehensive and conservative set of liquidity and funding policies to address both firm-specific and broader industry or market liquidity events.
Our principal objective is to be able to fund the firm and to enable our core businesses to continue to serve clients and generate revenues, even under adverse circumstances.
We manage liquidity risk according to the following principles: Excess Liquidity.
We maintain substantial excess liquidity to meet a broad range of potential cash outflows and collateral needs in a stressed environment.
Asset-Liability Management.
We assess anticipated holding periods for our assets and their expected liquidity in a stressed environment.
We manage the maturities and diversity of our funding across markets, products and counterparties, and seek to maintain liabilities of appropriate tenor relative to our asset base.
Contingency Funding Plan.
We maintain a contingency funding plan to provide a framework for analyzing and responding to a liquidity crisis situation or periods of market stress.
This framework sets forth the plan of action to fund normal business activity in emergency and stress situations.
These principles are discussed in more detail below.
Excess Liquidity Our most important liquidity policy is to pre-fund our estimated potential cash and collateral needs during a liquidity crisis and hold this excess liquidity in the form of unencumbered, highly liquid securities and cash.
We believe that the securities held in our global core excess would be readily convertible to cash in a matter of days, through liquidation, by entering into repurchase agreements or from maturities of reverse repurchase agreements, and that this cash would allow us to meet immediate obligations without needing to sell other assets or depend on additional funding from credit-sensitive markets.
As of December 2012 and December 2011, the fair value of the securities and certain overnight cash deposits included in our GCE totaled $174.62 billion and $171.58 billion, respectively.
Based on the results of our internal liquidity risk model, discussed below, as well as our consideration of other factors including, but not limited to, a qualitative assessment of the condition of the financial markets and the firm, we believe our liquidity position as of December 2012 was appropriate.
The table below presents the fair value of the securities and certain overnight cash deposits that are included in our GCE.
## Table 0 ##
The U. S.  dollar-denominated excess is composed of (i) unencumbered U. S.  government and federal agency obligations (including highly liquid U. S.  federal agency mortgage-backed obligations), all of which are eligible as collateral in Federal Reserve open market operations and (ii) certain overnight U. S.  dollar cash deposits.
The non-U.
S.  dollar-denominated excess is composed of only unencumbered German, French, Japanese and United Kingdom government obligations and certain overnight cash deposits in highly liquid currencies.
We strictly limit our excess liquidity to this narrowly defined list of securities and cash because they are highly liquid, even in a difficult funding environment.
We do not include other potential sources of excess liquidity, such as less liquid unencumbered securities or committed credit facilities, in our GCE.
Notes to Consolidated Financial Statements continued Participating Preferred Stock and reserved such shares for issuance upon exercise of the preferred share purchase rights.
At September 30, 2004 and 2003, no shares of preferred stock were outstanding.
Preferred Share Purchase Rights Plan The Company has a Preferred Share Purchase Rights Plan (Rights Plan) to protect stockholders’ rights in the event of a proposed takeover of the Company.
Under the Rights Plan, the Company declared a dividend of one preferred share purchase right (a Right) for each share of the Company’s common stock outstanding.
Pursuant to the Rights Plan, each Right entitles the registered holder to purchase from the Company a one one-hundredth share of Series A Junior Participating Preferred Stock, $0.0001 par value per share, subject to adjustment for subsequent stock splits, at a purchase price of $250.
In November 1999, the Rights Plan was amended to provide that the purchase price be set at $400.
The Rights are exercisable only if a person or group (an Acquiring Person) acquires beneficial ownership of 15% or more of the Company’s outstanding shares of common stock.
Upon exercise, holders, other than an Acquiring Person, will have the right, subject to termination, to receive the Company’s common stock or other securities, cash or other assets having a market value, as defined, equal to twice such purchase price.
The Rights, which expire on September 25, 2005, are redeemable in whole, but not in part, at the Company’s option at any time for a price of $0.005 per Right.
Stock Repurchase Program On February 10, 2003, the Company authorized the expenditure of up to $1 billion to repurchase shares of the Company’s common stock over a two-year period.
During fiscal 2003, the Company bought 9,830,000 shares at a net aggregate cost of $158 million.
While the Company did not repurchase any of the Company’s common stock under this program during fiscal 2004, the Company continues to evaluate repurchases under this program.
At September 30, 2004, $834 million remains authorized for repurchases under the program.
Repurchased shares are retired upon repurchase.
In connection with the Company’s stock repurchase program, the Company sold put options under three separate contracts with independent third parties during fiscal 2004 that may have required the Company to purchase 3,000,000 shares of its common stock upon exercise.
The Company accounted for the written put options in accordance with Statement of Financial Standards No.150 (FAS 150), “Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity.
” In the event the put options were exercised, the contracts required that the options be physically settled in cash.
The Company determined that the put options should be classified as liabilities in accordance with FAS 150.
As such, the Company recorded the $5 million in premiums received as additions to other current liabilities, and changes in the fair values of the put options were recognized in the Company’s statement of operations.
The Company repurchased all of the put options during fiscal 2004.
The net gain recorded in investment income related to the put options, including premiums received, during fiscal 2004 was $5 million.
During fiscal 2003, the Company sold put options under three separate contracts with independent third parties that required the Company to purchase 3,000,000 shares of its common stock upon exercise.
All of these put options expired unexercised.
The Company classified the put options as permanent equity in accordance with Emerging Issues Task Force Issue No.00-19, “Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock,” which was subsequently amended by FAS 150.
As such, the Company recorded the $7 million in premiums received as paid-in capital.
Dividends On February 11, 2003, the Company announced its first common stock dividend of $0.025 per share.
On July 16, 2003, the Company announced an increase in its quarterly dividend from $0.025 to $0.035 per share on common stock.
On March 2, 2004, the Company announced an increase in its quarterly dividend from $0.035 to $0.050 per share on common stock.
On July 13, 2004, the Company announced an increase in its quarterly dividend from $0.050 to $0.070 per share on common stock.
Cash dividends announced in fiscal 2004 and 2003 were as follows (in millions, except per share data):
## Table 1 ##
NOTE 8.
EMPLOYEE BENEFIT PLANS Employee Savings and Retirement Plan The Company has a 401(k) plan that allows eligible employees to contribute up to 50% of their eligible compensation, subject to annual limits.
The Company matches a portion of the employee contributions and may, at its discretion, make additional contributions based upon earnings.
The Company’s contribution expense for fiscal 2004, 2003 and 2002 was $21 million, $20 million and $20 million, respectively.
Stock Option Plans The Company may grant options to selected employees, directors and consultants to the Company to purchase shares of the Company’s common stock at a price not less than the fair market value of the stock at the date of grant.
The 2001 Stock Option Plan (the 2001 Plan) was adopted and
replaced the 1991 Stock Option Plan (the 1991 Plan), which expired in August 2001.
Options granted under the 1991 Plan remain outstanding until exercised or cancelled.
The shares reserved under the 2001 Plan were equal to the number of shares available for future grant under the 1991 Plan on the date the 2001 Plan was approved by the Company’s stockholders.
At that date, approximately 101,083,000 shares were available for future grants under the 2001 Plan.
In fiscal 2004, the Company reserved another 64,000,000 shares for future grants under the 2001 Plan.
The Company may terminate the 2001 Plan at any time.
The 2001 Plan provides for the grant of both incentive stock options and non-qualified stock options.
Generally, options outstanding vest over periods not exceeding six years and are exercisable for up to 10 years from the grant date.
At September 30, 2004, options for approximately 120,860,000 shares under both plans were exercisable at prices ranging from $1.40 to $86.19 per share for an aggregate exercise price of $2.1 billion.
The Company has adopted the 2001 Non-Employee Directors’ Stock Option Plan (the 2001 Directors’ Plan), which replaced the 1998 NonEmployee Directors’ Stock Option Plan (the 1998 Directors’ Plan).
Options granted under the 1998 Directors’ Plan remain outstanding until exercised or cancelled.
The shares reserved under the 2001 Directors’ Plan are equal to the number of shares available for future grant under the 1998 Directors’ Plan on the date the 2001 Directors’ Plan was approved by the Company’s stockholders.
At that date, 4,100,000 shares were available for future grants under the 2001 Directors’ Plan.
The Company may terminate the 2001 Directors’ Plan at any time.
This plan provides for non-qualified stock options to be granted to non-employee directors at fair market value, vesting over periods not exceeding five years and are exercisable for up to 10 years from the grant date.
At September 30, 2004, options for approximately 3,232,000 shares under both plans were exercisable at prices ranging from $2.91 to $66.50 per share for an aggregate exercise price of $30 million.
A summary of stock option transactions for the plans follows (number of shares in thousands):
## Table 2 ##
Information about fixed stock options outstanding at September 30, 2004 follows (number of shares in thousands):

<table><tr><td></td><td>Average for theYear Ended December</td></tr><tr><td><i>in millions</i></td><td>2012</td><td>2011</td></tr><tr><td>U.S. dollar-denominated</td><td>$125,111</td><td>$125,668</td></tr><tr><td>Non-U.S. dollar-denominated</td><td>46,984</td><td>40,291</td></tr><tr><td>Total</td><td>$172,095</td><td>$165,959</td></tr></table>
<table><tr><td></td><td colspan="2"> 2004</td><td colspan="2"> 2003</td></tr><tr><td></td><td> Per Share</td><td> Total</td><td> Per Share</td><td> Total</td></tr><tr><td>First quarter</td><td>$0.070</td><td>$112</td><td>$—</td><td>$—</td></tr><tr><td>Second quarter</td><td>0.050</td><td>81</td><td>0.025</td><td>39</td></tr><tr><td>Third quarter</td><td>—</td><td>—</td><td>0.025</td><td>40</td></tr><tr><td>Fourth quarter</td><td>0.070</td><td>114</td><td>0.035</td><td>56</td></tr><tr><td>Total</td><td>$0.190</td><td>$307</td><td>$0.085</td><td>$135</td></tr></table>
<table><tr><td></td><td> </td><td colspan="3"> Options Outstanding</td></tr><tr><td></td><td> Options Shares</td><td></td><td colspan="2"> Exercise Price Per Share</td></tr><tr><td></td><td> Available</td><td> Number</td><td></td><td> Weighted</td></tr><tr><td></td><td> for Grant</td><td> of Shares</td><td> Range</td><td> Average</td></tr><tr><td> Balance at September 30, 2001</td><td>95,778</td><td>216,350</td><td>$0.01 to $86.19</td><td>$11.10</td></tr><tr><td>Plan shares expired</td><td>-62</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Options granted</td><td>-53,050</td><td>53,050</td><td>12.81 to 30.02</td><td>24.35</td></tr><tr><td>Options cancelled</td><td>6,202</td><td>-6,202</td><td>0.51 to 70.81</td><td>25.40</td></tr><tr><td>Options exercised</td><td>—</td><td>-28,650</td><td>0.01 to 25.91</td><td>2.84</td></tr><tr><td> Balance at September 30, 2002</td><td>48,868</td><td>234,548</td><td>$0.07 to $86.19</td><td>$14.73</td></tr><tr><td>Plan shares expired</td><td>-4</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Options granted</td><td>-33,664</td><td>33,664</td><td>14.55 to 22.87</td><td>17.42</td></tr><tr><td>Options cancelled</td><td>8,546</td><td>-8,546</td><td>0.79 to 73.94</td><td>24.15</td></tr><tr><td>Options exercised</td><td>—</td><td>-46,694</td><td>0.15 to 19.57</td><td>3.28</td></tr><tr><td> Balance at September 30, 2003</td><td>23,746</td><td>212,972</td><td>$0.07 to $86.19</td><td>$17.28</td></tr><tr><td>Additional shares reserved</td><td>64,000</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Options granted</td><td>-31,252</td><td>31,252</td><td>21.50 to 40.40</td><td>27.19</td></tr><tr><td>Options cancelled</td><td>4,420</td><td>-4,420</td><td>2.30 to 70.00</td><td>28.15</td></tr><tr><td>Options exercised</td><td>—</td><td>-36,220</td><td>0.14 to 37.34</td><td>7.85</td></tr><tr><td> Balance at September 30, 2004</td><td>60,914</td><td>203,584</td><td>$0.07 to $86.19</td><td>$20.25</td></tr></table>

Question: How many Options Shares Available for Grant exceed the average of Options Shares Available for Grant in 2001?