AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 19.
COMMITMENTS AND CONTINGENCIES Litigation—The Company periodically becomes involved in various claims, lawsuits and proceedings that are incidental to its business.
In the opinion of management, after consultation with counsel, there are no matters currently pending that would, in the event of an adverse outcome, materially impact the Company’s consolidated financial position, results of operations or liquidity.
TriStar Litigation—The Company was involved in several lawsuits against TriStar Investors LLP and its affiliates (“TriStar”) in various states regarding single tower sites where TriStar had taken land interests under the Company’s owned or managed sites and the Company believes TriStar induced the landowner to breach obligations to the Company.
In addition, on February 16, 2012, TriStar brought a federal action against the Company in the United States District Court for the Northern District of Texas (the “District Court”), in which TriStar principally alleged that the Company made misrepresentations to landowners when competing with TriStar for land under the Company’s owned or managed sites.
On January 22, 2013, the Company filed an amended answer and counterclaim against TriStar and certain of its employees, denying Tristar’s claims and asserting that TriStar engaged in a pattern of unlawful activity, including: (i) entering into agreements not to compete for land under certain towers; and (ii) making widespread misrepresentations to landowners regarding both TriStar and the Company.
Pursuant to a Settlement Agreement dated July 9, 2014, all pending state and federal actions between the Company and TriStar were dismissed with prejudice and without payment of damages.
Lease Obligations—The Company leases certain land, office and tower space under operating leases that expire over various terms.
Many of the leases contain renewal options with specified increases in lease payments upon exercise of the renewal option.
Escalation clauses present in operating leases, excluding those tied to CPI or other inflation-based indices, are recognized on a straight-line basis over the non-cancellable term of the leases.
Future minimum rental payments under non-cancellable operating leases include payments for certain renewal periods at the Company’s option because failure to renew could result in a loss of the applicable communications sites and related revenues from tenant leases, thereby making it reasonably assured that the Company will renew the leases.
Such payments at December 31, 2014 are as follows (in thousands):
## Table 0 ##
Aggregate rent expense (including the effect of straight-line rent expense) under operating leases for the years ended December 31, 2014, 2013 and 2012 approximated $655.0 million, $495.2 million and $419.0 million, respectively
ITEM 6.
SELECTED FINANCIAL DATA The selected financial data should be read in conjunction with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our audited consolidated financial statements and the related notes to those consolidated financial statements included in this Annual Report.
Year-over-year comparisons are significantly affected by our acquisitions, dispositions and construction of towers.
Our acquisition of MIPT, which closed in October 2013, significantly impacts the comparability of reported results between periods.
Our principal acquisitions are described in note 6 to our consolidated financial statements included in this Annual Report.
## Table 1 ##
## Table 2 ##
(1) For the years ended December 31, 2014, 2013, 2012 and 2011, amount includes approximately $1.4 million, $1.0 million, $0.8 million and $1.1 million, respectively, of stock-based compensation expense.
For the year ended December 31, 2010, there was no stock-based compensation expense included.
(2) For the years ended December 31, 2014, 2013, 2012 and 2011, amount includes approximately $0.4 million, $0.6 million, $1.0 million and $1.2 million, respectively, of stock-based compensation expense.
For the year ended December 31, 2010, there was no stock-based compensation expense included.
(3) For the years ended December 31, 2014, 2013, 2012, 2011 and 2010, amount includes approximately $78.3 million, $66.6 million, $50.2 million, $45.1 million and $52.6 million, respectively, of stock-based compensation expense.
(4) For the years ended December 31, 2014, 2013, 2012, 2011 and 2010, amount includes unrealized foreign currency (losses) gains of approximately $(49.3) million, $(211.7) million, $(34.3) million, $(131.1) million and $4.8 million, respectively.
(5) Basic net income per common share represents net income attributable to American Tower Corporation common stockholders divided by the weighted average number of common shares outstanding during the period.
Diluted net income per common share represents net income attributable to American Tower Corporation common stockholders divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents, including shares issuable (i) upon the vesting of restricted stock awards, (ii) upon exercise of stock options and (iii) upon conversion of the Mandatory Convertible Preferred Stock.
Dilutive common share equivalents also include the dilutive impact of the ALLTEL transaction (see notes 16 and 19 to our consolidated financial statements included in this Annual Report).
We use the treasury stock method to calculate the effect of the outstanding restricted stock awards and stock options and use the if-converted method to calculate the effect of the outstanding Mandatory Convertible Preferred Stock.
(6) For the purpose of this calculation, “earnings” consists of income from continuing operations before income taxes and income on equity method investments, as well as fixed charges (excluding interest capitalized and amortization of interest capitalized).
“Fixed charges” consists of interest expensed and capitalized, amortization of debt discounts, premiums and related issuance costs and the component of rental expense associated with operating leases believed by management to be representative of the interest factor thereon.
(7) Balances have been revised to reflect purchase accounting measurement period adjustments.
(8) As of December 31, 2014, 2013, 2012, 2011 and 2010, amount includes approximately $160.2 million, $152.9 million, $69.3 million, $42.2 million and $76.0 million, respectively, of restricted funds pledged as collateral to secure obligations and cash, the use of which is otherwise limited by contractual provisions.

<table><tr><td>2015</td><td>$574,438</td></tr><tr><td>2016</td><td>553,864</td></tr><tr><td>2017</td><td>538,405</td></tr><tr><td>2018</td><td>519,034</td></tr><tr><td>2019</td><td>502,847</td></tr><tr><td>Thereafter</td><td>4,214,600</td></tr><tr><td>Total</td><td>$6,903,188</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended December 31,</td></tr><tr><td></td><td>2014</td><td>2013</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td></td><td colspan="5">(In thousands, except per share data)</td></tr><tr><td> Statements of Operations Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Rental and management</td><td>$4,006,854</td><td>$3,287,090</td><td>$2,803,490</td><td>$2,386,185</td><td>$1,936,373</td></tr><tr><td>Network development services</td><td>93,194</td><td>74,317</td><td>72,470</td><td>57,347</td><td>48,962</td></tr><tr><td>Total operating revenues</td><td>4,100,048</td><td>3,361,407</td><td>2,875,960</td><td>2,443,532</td><td>1,985,335</td></tr><tr><td>Operating expenses:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost of operations (exclusive of items shown separately below)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Rental and management-1</td><td>1,056,177</td><td>828,742</td><td>686,681</td><td>590,272</td><td>447,629</td></tr><tr><td>Network development services-2</td><td>38,088</td><td>31,131</td><td>35,798</td><td>30,684</td><td>26,957</td></tr><tr><td>Depreciation, amortization and accretion</td><td>1,003,802</td><td>800,145</td><td>644,276</td><td>555,517</td><td>460,726</td></tr><tr><td>Selling, general, administrative and development expense-3</td><td>446,542</td><td>415,545</td><td>327,301</td><td>288,824</td><td>229,769</td></tr><tr><td>Other operating expenses</td><td>68,517</td><td>71,539</td><td>62,185</td><td>58,103</td><td>35,876</td></tr><tr><td>Total operating expenses</td><td>2,613,126</td><td>2,147,102</td><td>1,756,241</td><td>1,523,400</td><td>1,200,957</td></tr><tr><td>Operating income</td><td>1,486,922</td><td>1,214,305</td><td>1,119,719</td><td>920,132</td><td>784,378</td></tr><tr><td>Interest income, TV Azteca, net</td><td>10,547</td><td>22,235</td><td>14,258</td><td>14,214</td><td>14,212</td></tr><tr><td>Interest income</td><td>14,002</td><td>9,706</td><td>7,680</td><td>7,378</td><td>5,024</td></tr><tr><td>Interest expense</td><td>-580,234</td><td>-458,296</td><td>-401,665</td><td>-311,854</td><td>-246,018</td></tr><tr><td>Loss on retirement of long-term obligations</td><td>-3,473</td><td>-38,701</td><td>-398</td><td>—</td><td>-1,886</td></tr><tr><td>Other (expense) income(4)</td><td>-62,060</td><td>-207,500</td><td>-38,300</td><td>-122,975</td><td>315</td></tr><tr><td>Income from continuing operations before income taxes and income on equity method investments</td><td>865,704</td><td>541,749</td><td>701,294</td><td>506,895</td><td>556,025</td></tr><tr><td>Income tax provision</td><td>-62,505</td><td>-59,541</td><td>-107,304</td><td>-125,080</td><td>-182,489</td></tr><tr><td>Income on equity method investments</td><td>—</td><td>—</td><td>35</td><td>25</td><td>40</td></tr><tr><td>Income from continuing operations</td><td>803,199</td><td>482,208</td><td>594,025</td><td>381,840</td><td>373,576</td></tr><tr><td>Income from discontinued operations, net</td><td>—</td><td>—</td><td>—</td><td>—</td><td>30</td></tr><tr><td>Net income</td><td>803,199</td><td>482,208</td><td>594,025</td><td>381,840</td><td>373,606</td></tr><tr><td>Net loss (income) attributable to noncontrolling interest</td><td>21,711</td><td>69,125</td><td>43,258</td><td>14,622</td><td>-670</td></tr><tr><td>Net income attributable to American Tower Corporation stockholders</td><td>824,910</td><td>551,333</td><td>637,283</td><td>396,462</td><td>372,936</td></tr><tr><td>Dividends declared on preferred stock</td><td>-23,888</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Net income attributable to American Tower Corporation common stockholders</td><td>$801,022</td><td>$551,333</td><td>$637,283</td><td>$396,462</td><td>$372,936</td></tr><tr><td>Net income per common share amounts:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic net income attributable to American Tower Corporation common stockholders-5</td><td>$2.02</td><td>$1.40</td><td>$1.61</td><td>$1.00</td><td>$0.93</td></tr><tr><td>Diluted net income attributable to American Tower Corporation common stockholders-5</td><td>$2.00</td><td>$1.38</td><td>$1.60</td><td>$0.99</td><td>$0.92</td></tr><tr><td>Weighted average common shares outstanding:-5</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>395,958</td><td>395,040</td><td>394,772</td><td>395,711</td><td>401,152</td></tr><tr><td>Diluted</td><td>400,086</td><td>399,146</td><td>399,287</td><td>400,195</td><td>404,072</td></tr><tr><td>Distribution declared per common share</td><td>$1.40</td><td>$1.10</td><td>$0.90</td><td>$0.35</td><td>$—</td></tr><tr><td>Distribution declared per preferred share</td><td>$3.98</td><td>$—</td><td>$—</td><td>$—</td><td>$—</td></tr><tr><td> Other Operating Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ratio of earnings to fixed charges-6</td><td>2.11x</td><td>1.89x</td><td>2.32x</td><td>2.19x</td><td>2.65x</td></tr><tr><td>Ratio of earnings to combined fixed charges and preferred stock dividends-6</td><td>2.05x</td><td>1.89x</td><td>2.32x</td><td>2.19x</td><td>2.65x</td></tr></table>
<table><tr><td></td><td colspan="5"> As of December 31,</td></tr><tr><td></td><td> 2014</td><td> 2013</td><td> 2012</td><td> 2011</td><td> 2010</td></tr><tr><td></td><td colspan="5"> (In thousands)</td></tr><tr><td> Balance Sheet Data:-7</td><td></td><td colspan="4"></td></tr><tr><td>Cash and cash equivalents (including restricted cash)(8)</td><td>$473,698</td><td>$446,492</td><td>$437,934</td><td>$372,406</td><td>$959,935</td></tr><tr><td>Property and equipment, net</td><td>7,626,817</td><td>7,177,728</td><td>5,765,856</td><td>4,981,722</td><td>3,683,474</td></tr><tr><td>Total assets</td><td>21,331,545</td><td>20,283,665</td><td>14,089,429</td><td>12,242,395</td><td>10,370,084</td></tr><tr><td>Long-term obligations, including current portion</td><td>14,608,708</td><td>14,478,278</td><td>8,753,376</td><td>7,236,308</td><td>5,587,388</td></tr><tr><td>Total American Tower Corporation equity</td><td>3,953,560</td><td>3,534,165</td><td>3,573,101</td><td>3,287,220</td><td>3,501,444</td></tr></table>

Question: Which year the Rental and management of Revenues is the most?