Expenses Our expenses for the years ended December 31, 2014 and 2013, and the resulting dollar and percentage changes, were as follows:
## Table 0 ##
Employee Compensation and Benefits .
Employee compensation and benefits increased by $10.6 million or 16.4% to $75.0 million for the year ended December 31, 2014 from $64.4 million for the year ended December 31, 2013.
The increase was primarily due to higher wages and benefits of $6.0 million, employee incentive compensation of $1.0 million and the out-of period adjustment for software development costs of $2.9 million in the year ended December 31, 2013.
The total number of employees increased to 303 as of December 31, 2014 from 293 as of December 31, 2013.
Employee compensation and benefits for the year ended December 31, 2014 include two additional months of compensation and benefit expenses from Xtrakter.
Depreciation and Amortization.
Depreciation and amortization increased by $3.3 million or 23.1% to $17.4 million for the year ended December 31, 2014, from $14.1 million for the year ended December 31, 2013.
The increase was due to higher depreciation of production hardware of $2.0 million and amortization of software development costs of $2.2 million, partially offset by the out-of-period adjustment for software development costs of $1.3 million in the year ended December 31, 2013.
For the year ended December 31, 2014 and 2013, $4.6 million and $15.3 million, respectively, of equipment purchases and leasehold improvements and $10.2 million and $7.9 million, respectively, of software development costs were capitalized.
The lower equipment purchases and leasehold improvements in 2014 were primarily due to the build-out of a replacement primary production data center in 2013 and the build-out costs for new office space in London in 2013.
The higher software development costs were primarily due to continued investment in new product initiatives and Xtrakter technology architecture changes.
Technology and Communications.
Technology and communications expenses increased by $1.6 million or 10.3% to $17.7 million for the year ended December 31, 2014 from $16.0 million for the year ended December 31, 2013.
The increase was due to higher office telecommunication costs of $1.0 million and software maintenance and support of $0.7 million.
Professional and Consulting Fees.
Professional and consulting fees decreased by $3.8 million or 21.1% to $14.4 million for the year ended December 31, 2014, from $18.2 million for the year ended December 31, 2013.
The decrease was due to lower technology consulting costs of $1.7 million, legal fees of $1.3 million and recruiting fees of $0.4 million.
In 2013, we incurred approximately $1.2 million in investment banking, legal and other professional fees related to the Xtrakter acquisition.
Occupancy.
Occupancy costs decreased by $0.8 million or 15.3% to $4.4 million for the year ended December 31, 2014, from $5.2 million for the year ended December 31, 2013.
The decreased occupancy costs principally related to a loss on a sub-lease and duplicate rent aggregating $0.6 million related to our move to a new U. K.  office in 2013.
Marketing and Advertising.
Marketing and advertising expenses increased by $1.1 million or 24.5% to $5.8 million for the year ended December 31, 2014, from $4.6 million for the year ended December 31, 2013.
The increase was due to higher sales related travel and entertainment costs of $0.6 million and promotion and trade show costs of $0.4 million.
General and Administrative.
General and administrative expenses increased by $0.8 million or 8.9% to $9.7 million for the year ended December 31, 2014, from $8.9 million for the year ended December 31, 2013.
The increase was primarily due to higher clearing costs from matched principal trading, VAT expense and board of director fees.
SHIPPING AND HANDLING COSTS The Company generally does not bill customers for freight.
Shipping and handling costs associated with inbound freight are reported in cost of sales.
Shipping costs associated with outbound freight are reported as a reduction of net sales and amounted to $99.9 million, $102.3 million and $92.3 million in 2005, 2004 and 2003, respectively.
Distribution costs are classified in SG&A expenses and amounted to $77.0 million, $75.8 million and $74.5 million in 2005, 2004 and 2003, respectively.
STOCK-BASED COMPENSATION The Company accounts for its stockbased compensation plans using the intrinsic value method under Accounting Principles Board Opinion No.25, “Accounting for Stock Issued to Employees.
” as amended by related interpretations of the FASB.
Accordingly, no compensation cost is recognized for stock options unless the quoted market price of the stock at the grant date is in excess of the amount the employee must pay to acquire the stock.
Stock-based employee compensation is discussed further in Note K Capital Stock.
If compensation cost for the Company’s stock option plans had been determined based on the fair value at the grant dates consistent with the method prescribed by SFAS No.123, “Accounting for Stock-Based Compensation,” net earnings and earnings per share would have been adjusted to the pro forma amounts indicated below:
## Table 1 ##
Pro forma compensation cost relating to the stock options is recognized ratably over the vesting period using the accelerated method.
The expense for retiree eligible employees (those aged 55 and over and with 10 or more years of service) is recognized by the date they became retirement eligible, as such employees may retain their options for the 10 year contractual term in the event they retire prior to the end of the vesting period stipulated in the grant.
The weighted average vesting periods used for 2005, 2004 and 2003 stock option grants are 2.5 years, 2.5 years and 2.9 years, respectively.
The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in 2005, 2004 and 2003, respectively: dividend yield of 2.4%, 2.6%, and 3.6%; expected volatility of 27%, 20% and 25%; risk-free interest rates of 4.4% in 2005, 3.3% in 2004 and 2003; and expected lives of 5 years in 2005, 2004 and 2003.
In 2004 and earlier years, the volatility used in computing fair value was equal to market implied volatility, whereas in 2005 volatility is based on an average of the market implied volatility and historical volatility for the 5 year expected life.
This change in the method of determining the volatility assumption was made in light of recent authoritative guidance associated with SFAS 123R “ShareBased Payment.
” The weighted average fair value of stock options granted in 2005, 2004 and 2003 was $11.44, $6.76 and $5.17, respectively.
Employee Stock Purchase Plan (“ESPP”) compensation cost is recognized ratably over the one year term based on actual employee stock purchases under the plan.
The fair value of the employees’ purchase rights under the ESPP was estimated using the following assumptions for 2005, 2004 and 2003, respectively: dividend yield of 2.4%, 3.1% and 3.9%; expected volatility of 27%, 20% and 25%; risk-free interest rates of 2.4%, 2.2% and 1.2%; and expected lives of one year.
The weighted average fair value of those purchase rights granted in 2005, 2004 and 2003 was $11.15, $7.03 and $6.35, respectively.
NEW ACCOUNTING STANDARDS In December 2004, the FASB issued Statement No.123 (revised 2004), “Share-Based Payment” (“SFAS 123R”), a revision of FASB Statement No.123, “Accounting for Stock-Based Compensation” (“SFAS 123”).
SFAS 123R supersedes Accounting Principles Board Opinion No.25, “Accounting for Stock Issued to Employees” (“APB 25”), and amends FASB Statement No.95, “Statement of Cash Flows.
” The approach to quantifying stock-based compensation expense in SFAS 123R is similar to SFAS 123.
However, the revised statement requires all share-based payments to employees, including grants of employee stock options, to be recognized as an expense in the Consolidated Statements of Operations based on their fair values as they are earned by the employees under the vesting terms.
Pro forma disclosure of stock option expense, as is the Company’s practice under SFAS 123, will not be permitted after 2005.
The Company plans to follow the “modified prospective” method of adoption of SFAS 123R whereby earnings for prior periods will not be restated as though stock based compensation had been expensed, rather than the “modified retrospective” method which would entail restatement of previously published earnings.
The Company will adopt SFAS 123R as required on January 1, 2006.
Cash Flow from Financing Activities Net cash used in financing activities from continuing operations was $287.7 million during 2014, which included repayments of $480.1 million of indebtedness principally under our revolving credit facility, partially offset by proceeds from additional borrowings of $250.0 million from the sale of our 2024 Notes.
Net cash used in financing activities also included dividend payments of $56.3 million and underwriters' discount and commission fees of $4.5 million, which were paid in connection with the sale of the 2024 Notes.
Net cash used in financing activities were reduced by cash inflows of $7.1 million associated with proceeds from the exercise of share-based awards issued under our stock compensation plans and $5.8 million of excess tax benefits related to the exercise or vesting of those awards, which were partially offset by tax withholdings of $8.7 million remitted by the Company on behalf of employees who elect to have shares withheld by the Company to satisfy their minimum tax withholding obligations arising from the exercise and vesting of their share-based awards.
Financing Arrangements The following table provides our net debt to total capital ratio:
## Table 2 ##
xed rate borrowings comprised 59.7% and 81.5% of total borrowings at December 31, 2015 and 2014, respectively.
The reduction in fixed rate borrowings as of December 31, 2015 compared to the prior year is primarily due to our redemption of the 2019 Notes and the increase in variable rate borrowings under our senior credit facility.
Our senior credit agreement, which relates to our $850 million revolving credit facility, contains covenants that, among other things, limit or restrict our ability, and the ability of our subsidiaries, to incur debt, create liens, consolidate, merge or dispose of certain assets, make certain investments, engage in acquisitions, pay dividends on, repurchase or make distributions in respect of capital stock and enter into swap agreements.
Our senior credit agreement also requires us to maintain a consolidated leverage ratio (generally, the ratio of Consolidated Total Indebtedness to Consolidated EBITDA, each as defined in the senior credit agreement) of not more than 4.0:1 and a consolidated interest coverage ratio (generally, Consolidated EBITDA to Consolidated Interest Expense, each as defined in the senior credit agreement) of not less than 3.50:1 as of the last day of any period of four consecutive fiscal quarters calculated in accordance with the definitions and methodology set forth in the senior credit agreement and, during the six month period prior to the maturity of our Convertible Notes, a minimum liquidity of $400.0 million.
At December 31, 2015, our consolidated leverage ratio was 2.43:1 and our interest coverage ratio was 9.77:1, both of which are in compliance with the limits described in the preceding sentence.
The obligations under the senior credit agreement are guaranteed (subject to certain exceptions) by substantially all of the material domestic subsidiaries of the Company and (subject to certain exceptions and limitations) secured by a pledge on substantially all of the equity interests owned by the Company and each guarantor.
At December 31, 2015, we had $396.0 million in borrowings outstanding and approximately $3.8 million in outstanding standby letters of credit under our $850 million revolving credit facility.
This facility is used principally for working capital needs and, at certain times, to help fund acquisitions.
The availability of loans under our revolving credit facility is dependent upon our ability to maintain our financial condition and our continued compliance with the

<table><tr><td></td><td colspan="6">Year Ended December 31,</td></tr><tr><td></td><td colspan="2">2014</td><td>2013</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>% of</td><td></td><td>% of</td><td>$</td><td>%</td></tr><tr><td></td><td></td><td>$Revenues</td><td></td><td>$Revenues</td><td>Change</td><td>Change</td></tr><tr><td></td><td colspan="6">($ in thousands)</td></tr><tr><td>Expenses</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Employee compensation and benefits</td><td>$74,995</td><td>28.5</td><td>%$64,406</td><td>27.0</td><td>%$10,589</td><td>16.4%</td></tr><tr><td>Depreciation and amortization</td><td>17,379</td><td>6.6</td><td>14,123</td><td>5.9</td><td>3,256</td><td>23.1</td></tr><tr><td>Technology and communications</td><td>17,685</td><td>6.7</td><td>16,037</td><td>6.7</td><td>1,648</td><td>10.3</td></tr><tr><td>Professional and consulting fees</td><td>14,375</td><td>5.5</td><td>18,220</td><td>7.6</td><td>-3,845</td><td>-21.1</td></tr><tr><td>Occupancy</td><td>4,381</td><td>1.7</td><td>5,173</td><td>2.2</td><td>-792</td><td>-15.3</td></tr><tr><td>Marketing and advertising</td><td>5,769</td><td>2.2</td><td>4,632</td><td>1.9</td><td>1,137</td><td>24.5</td></tr><tr><td>General and administrative</td><td>9,654</td><td>3.7</td><td>8,862</td><td>3.7</td><td>792</td><td>8.9</td></tr><tr><td>Total expenses</td><td>$144,238</td><td>54.9</td><td>%$131,453</td><td>55.0</td><td>%$12,785</td><td>9.7%</td></tr></table>
<table><tr><td> (Millionsof Dollars, except for per sharedata)</td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td>Netearnings, asreported</td><td>$269.6</td><td>$366.9</td><td>$107.9</td></tr><tr><td>Add:Stock-based compensation expense included in reportedincome</td><td>8.3</td><td>4.1</td><td>1.7</td></tr><tr><td>Less:Stock-based employee compensation expense determined under fair valuemethod, net of related taxeffects</td><td>13.9</td><td>10.8</td><td>3.6</td></tr><tr><td>Proforma netearnings</td><td>$264.0</td><td>$360.2</td><td>$106.0</td></tr><tr><td>Earningsper share:</td><td></td><td></td><td></td></tr><tr><td>Basic, asreported</td><td>$3.23</td><td>$4.47</td><td>$1.28</td></tr><tr><td>Basic,pro forma</td><td>$3.17</td><td>$4.39</td><td>$1.26</td></tr><tr><td>Diluted,asreported</td><td>$3.16</td><td>$4.36</td><td>$1.27</td></tr><tr><td>Diluted,proforma</td><td>$3.09</td><td>$4.28</td><td>$1.25</td></tr></table>
<table><tr><td></td><td>2015</td><td>2014</td></tr><tr><td></td><td colspan="2">(Dollars in millions)</td></tr><tr><td>Net debt includes:</td><td></td><td></td></tr><tr><td>Current borrowings</td><td>$419.9</td><td>$368.4</td></tr><tr><td>Long-term borrowings</td><td>646.0</td><td>700.0</td></tr><tr><td>Unamortized debt discount</td><td>23.0</td><td>36.2</td></tr><tr><td>Total debt</td><td>1,088.9</td><td>1,104.6</td></tr><tr><td>Less: Cash and cash equivalents</td><td>338.4</td><td>303.2</td></tr><tr><td>Net debt</td><td>$750.5</td><td>$801.4</td></tr><tr><td>Total capital includes:</td><td></td><td></td></tr><tr><td>Net debt</td><td>$750.5</td><td>$801.4</td></tr><tr><td>Common shareholders’ equity</td><td>2,009.3</td><td>1,911.3</td></tr><tr><td>Total capital</td><td>$2,759.8</td><td>$2,712.7</td></tr><tr><td>Percent of net debt to total capital</td><td>27.2%</td><td>29.5%</td></tr></table>

Question: In the year with the most Long-term borrowings in Table 2, what is the growth rate of Occupancy in Table 0?