CBOE HOLDINGS, INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the years ended December 31, 2016, 2015 and 2014 15.
COMMITMENTS AND CONTINGENCIES (Continued) The Company reviews its legal proceedings and claims, regulatory reviews and inspections and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions.
The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and we disclose the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for our financial statements to not be misleading.
The Company does not record liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote.
The Company’s assessment of whether a loss is reasonably possible or probable is based on its assessment of the ultimate outcome of the matter following all appeals.
As of December 31, 2016, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for these reviews, inspections or other legal proceedings, if any, has been incurred.
While the consequences of certain unresolved proceedings are not presently determinable, the outcome of any litigation is inherently uncertain and an adverse outcome from certain matters could have a material effect on our earnings in any given reporting period.
However, in the opinion of management, the ultimate liability is not expected to have a material effect on our financial position, liquidity or capital resources.
Lanier Litigation On May 23, 2014, Harold R.  Lanier sued 14 securities exchanges, including CBOE, in the United States District Court for the Southern District of New York (the ‘‘Court’’) on behalf of himself and a putative class consisting of all persons in the United States who entered into contracts to receive market data through certain data plans at any time since May 19, 2008 to the present.
The complaint alleged that the market data provided under the CQ Plan and CTA Plans was inferior to the data that the exchanges provided to those that directly receive other data from the exchanges, which the plaintiffs alleged is a breach of their ‘‘subscriber contracts’’ and a violation of the exchanges’ obligations under the CQ and CTA Plans.
The plaintiffs sought monetary and injunctive relief.
On May 30, 2014, Mr.  Lanier filed two additional suits in the same Court, alleging substantially the same claims and requesting the same types of relief against the exchanges who participate in the UTP and the OPRA data plans.
CBOE was a defendant in each of these suits, while C2 was only a defendant in the suit regarding the OPRA Plan.
On April 28, 2015, the Court dismissed Lanier’s complaint with prejudice because it was preempted by the federal regulatory scheme and because the claims were precluded by the terms of the applicable subscriber agreements.
Mr.  Lanier appealed the orders dismissing each of his three cases and, on September 2, 2015, he filed his opening appellate briefs in those cases.
The defendants’ response briefs were filed November 24, 2015 and briefing on the appeals has concluded.
The oral arguments on the appeals were heard on March 3, 2016.
On September 23, 2016, the Court of Appeals ruled in favor of the defendants and affirmed the Court’s dismissal of Lanier’s complaints with prejudice.
On October 7, 2016, Lanier filed a petition for rehearing only in the action related to the OPRA Plan and the Court of Appeals ruling with respect to the other two complaints is now final.
On November 4, 2016, the Court of Appeals denied the petition for rehearing in the case related to the OPRA Plan.
CBOE HOLDINGS, INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the years ended December 31, 2016, 2015 and 2014 15.
COMMITMENTS AND CONTINGENCIES (Continued) Other As a self-regulatory organization under the jurisdiction of the SEC, with respect to CBOE and C2, and as a designated contract market under the jurisdiction of the CFTC, with respect to CFE, we are subject to routine reviews and inspections by the SEC and the CFTC.
We are also currently a party to various other legal proceedings in addition to those already mentioned.
Management does not believe that the outcome of any of these other reviews, inspections or other legal proceedings will have a material impact on our consolidated financial position, results of operations or cash flows.
Leases and Other Obligations The Company currently leases additional office space, a data center and remote network operations center, with lease terms remaining from 3 months to 103 months as of December 31, 2016.
Total rent expense related to these lease obligations, reflected in technology support services and facilities costs line items on the Consolidated Statements of Income, for the years ended December 31, 2016, 2015 and 2014 were $4.4 million, $4.1 million and $3.8 million, respectively.
Future minimum payments for our operating leases, contractual obligations and other liabilities are as follows at December 31, 2016 (in thousands):
## Table 0 ##
16.
NET INCOME PER COMMON SHARE The computation of basic net income allocated to common stockholders is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period that are allocated to participating securities to arrive at net income allocated to common stockholders.
Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders.
The computation of diluted earnings per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued.
The dilutive effect is calculated using the more dilutive of the two-class or treasury stock method.
basis with each other.
The Global FX segment also includes non-deliverable forward FX transactions executed on Cboe SEF.
See ‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’’ and Note 17—Segment Reporting to the notes to our Consolidated Financial Statements for discussion of total revenues, revenues before reimbursements, segment operating profit and total assets by business segment.
Certain areas within our segments operate globally.
For information regarding risks related to our international operations see ‘‘Risk Factors.
’’ The following chart illustrates volume for options (Cboe Options, C2 Options, BZX Options and EDGX Options); Futures (CFE); U. S.  Equities (BZX Equities, BYX Equities, EDGA Equities, EDGX Equities); European Equities; and Global FX (Cboe FX) for the periods indicated (which includes information prior to the acquisition of Bats):
## Table 1 ##
Competitive Strengths We have established ourselves as a global leader and innovator in our industry.
We believe we are well positioned to further enhance our leadership position through several key competitive strengths: ?
Innovative Products and Services.
We are structured and committed to deliver a differentiated experience to our customers, through our offering of innovative proprietary products, order types, risk management tools and other products and services.
We have also worked closely and collaboratively with market participants to introduce new products and services to meet the evolving needs of the industry, and we plan to continue these efforts.
Products we have developed include index options, equity options, options and futures on the VIX Index and other volatility indexes, short duration options, including Weeklys, FLexible EXchange Options (‘‘FLEX options’’) and options strategy benchmark indexes.
We have also developed products that enable our customers to monitor their order handling on our markets in real-time, such as our user dashboard and latency reports.
We were the first U. S.  options exchange to trade options during non-U.
S.  trading hours, offering extended trading hours in our exclusive proprietary products.
We also connect with a growing customer base through trading and educational resources, including resources available through our website, the world-renowned Cboe Options Institute, participating at industry trade shows and industry forums.  ?
Leading Proprietary Technology.
Bats’ leading proprietary technology was designed in-house to optimize reliability, speed, scalability and versatility.
The trading technology platforms have experienced very low operational downtime and have low latency.
We believe that this reliability, capacity and speed gives our customers an additional incentive to use our platforms to mitigate trade execution risk, especially in times of extreme market volatility.
We plan to utilize Bats’ leading proprietary trading technology by migrating trading on Cboe Options, C2 and CFE onto a single platform, which is expected to enhance reliability, speed, efficiency, versatility, resiliency and scalability and result in uniformity of customer experience across all of our markets.
Item 6.
Selected Financial Data The following selected financial and operating data should be read in conjunction with ‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’’ and our consolidated financial statements and the accompanying notes included in Items 7 and 8, respectively of this Form 10-K.
The information set forth below is not necessarily indicative of our future results for any period.
We completed the acquisition of Bats during 2017 and included the financial results of Bats in our consolidated financial results from March 1, 2017.
## Table 2 ##
(1) As national securities exchanges, Cboe Options, C2, BZX, BYX, EDGX, and EDGA are assessed fees pursuant to Section 31 of the Exchange Act.
Section 31 fees are assessed on the notional value traded and are designed to recover the costs to the government of supervision and regulation of securities markets and securities professionals.
Section 31 fees are
"Distribution Date").
Until the Distribution Date (or earlier redemption or expiration of the Rights), the Rights will be traded with, and only with, the common stock.
Until a Right is exercised, the Right will not entitle the holder thereof to any rights as a stockholder.
If any person or group becomes an Acquiring Person, each holder of a Right, other than Rights beneficially owned by the Acquiring Person, will thereafter have the right to receive upon exercise and payment of the Purchase Price that number of shares of common stock having a market value of two times the Purchase Price and, if the Company is acquired in a business combination transaction or 50% or more of its assets are sold, each holder of a Right will thereafter have the right to receive upon exercise and payment of the Purchase Price that number of shares of common stock of the acquiring company which at the time of the transaction will have a market value of two times the Purchase Price.
At any time after any person becomes an acquiring person and prior to the acquisition by such person or group of 50% or more of the outstanding common stock, the Board of Directors of the Company may cause the Rights (other than Rights owned by such person or group) to be exchanged, in whole or in part, for common stock or Junior Preferred Shares, at an exchange rate of one share of common stock per Right or one half of one-hundredth of a Junior Preferred Share per Right.
At any time prior to the acquisition by a person or group of beneficial ownership of 15% or more of the outstanding common stock, the Board of Directors of the Company may redeem the Rights at a price of $0.01 per Right.
The Rights have certain anti-takeover effects, in that they will cause substantial dilution to a person or group that attempts to acquire a significant interest in Vertex on terms not approved by the Board of Directors.
Common Stock Reserved for Future Issuance At December 31, 2005, the Company has reserved shares of common stock for future issuance under all equity compensation plans as follows (shares in thousands):

<table><tr><td>Year</td><td>OperatingLeases</td><td>Contractual Obligations</td><td>Total</td></tr><tr><td>2017</td><td>$1,182</td><td>$34,306</td><td>$35,488</td></tr><tr><td>2018</td><td>541</td><td>31,158</td><td>31,699</td></tr><tr><td>2019</td><td>208</td><td>31,171</td><td>31,379</td></tr><tr><td>2020</td><td>200</td><td>22,935</td><td>23,135</td></tr><tr><td>2021</td><td>206</td><td>20,200</td><td>20,406</td></tr><tr><td>Total</td><td>$2,337</td><td>$139,770</td><td>$142,107</td></tr></table>
<table><tr><td></td><td colspan="3">Annual Volumes</td></tr><tr><td></td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Options ADV (in millions)</td><td>6.9</td><td>4.5</td><td>4.5</td></tr><tr><td>U.S. Equities ADV (in billions)</td><td>1.3</td><td>1.6</td><td>1.6</td></tr><tr><td>Futures ADV (in millions)</td><td>0.3</td><td>0.2</td><td>0.2</td></tr><tr><td>European Equities touched ADNV (in billions)</td><td>9.4</td><td>10.6</td><td>12.4</td></tr><tr><td>Global FX ADNV (in millions)</td><td>29.5</td><td>26.9</td><td>26.8</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended December 31,</td></tr><tr><td></td><td>2017</td><td>2016</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td></td><td colspan="5">(in millions, except per share data)</td></tr><tr><td>Consolidated 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>Transaction fees</td><td>$1,564.9</td><td>$509.3</td><td>$485.3</td><td>$466.9</td><td>$426.3</td></tr><tr><td>Access fees</td><td>106.8</td><td>52.4</td><td>53.3</td><td>59.3</td><td>61.0</td></tr><tr><td>Exchange services and other fees</td><td>74.8</td><td>46.3</td><td>42.2</td><td>38.0</td><td>37.3</td></tr><tr><td>Market data fees</td><td>164.5</td><td>33.2</td><td>30.0</td><td>30.5</td><td>24.9</td></tr><tr><td>Regulatory fees</td><td>291.5</td><td>48.3</td><td>33.5</td><td>37.1</td><td>36.6</td></tr><tr><td>Other revenue</td><td>26.6</td><td>13.6</td><td>19.5</td><td>14.6</td><td>15.0</td></tr><tr><td>Total revenues</td><td>2,229.1</td><td>703.1</td><td>663.8</td><td>646.4</td><td>601.1</td></tr><tr><td>Cost of revenues:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Liquidity payments</td><td>849.7</td><td>35.8</td><td>29.2</td><td>29.1</td><td>29.2</td></tr><tr><td>Routing and clearing</td><td>37.6</td><td>11.1</td><td>2.3</td><td>4.1</td><td>4.3</td></tr><tr><td>Section 31 fees -1</td><td>260.0</td><td>11.8</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Royalty fees</td><td>86.2</td><td>78.0</td><td>70.6</td><td>66.1</td><td>56.6</td></tr><tr><td>Total cost of revenues</td><td>1,233.5</td><td>136.7</td><td>102.1</td><td>99.3</td><td>90.1</td></tr><tr><td>Revenues less cost of revenues</td><td>995.6</td><td>566.4</td><td>561.7</td><td>547.1</td><td>511.0</td></tr><tr><td>Operating expenses:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Compensation and benefits</td><td>201.4</td><td>113.2</td><td>105.9</td><td>121.7</td><td>118.1</td></tr><tr><td>Depreciation and amortization</td><td>192.2</td><td>44.4</td><td>46.3</td><td>40.0</td><td>34.5</td></tr><tr><td>Technology support services</td><td>42.1</td><td>22.5</td><td>20.7</td><td>19.2</td><td>17.9</td></tr><tr><td>Professional fees and outside services</td><td>66.0</td><td>53.1</td><td>50.1</td><td>32.0</td><td>34.4</td></tr><tr><td>Travel and promotional expenses</td><td>17.2</td><td>11.0</td><td>9.0</td><td>9.0</td><td>9.8</td></tr><tr><td>Facilities costs</td><td>10.3</td><td>5.7</td><td>5.0</td><td>5.7</td><td>5.0</td></tr><tr><td>Acquisition-related costs</td><td>84.4</td><td>13.6</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other expenses</td><td>10.1</td><td>4.7</td><td>4.8</td><td>5.7</td><td>5.5</td></tr><tr><td>Total operating expenses</td><td>623.7</td><td>268.2</td><td>241.8</td><td>233.3</td><td>225.2</td></tr><tr><td>Operating income</td><td>371.9</td><td>298.2</td><td>319.9</td><td>313.8</td><td>285.8</td></tr><tr><td>Interest (expense) income, net</td><td>-41.3</td><td>-5.7</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other income (expense)</td><td>3.8</td><td>14.1</td><td>4.1</td><td>-4.1</td><td>-2.1</td></tr><tr><td>Income before income tax provision</td><td>334.4</td><td>306.6</td><td>324.0</td><td>309.7</td><td>283.7</td></tr><tr><td>Income tax provision</td><td>-66.2</td><td>120.9</td><td>119.0</td><td>120.0</td><td>107.7</td></tr><tr><td>Net income</td><td>$400.6</td><td>$185.7</td><td>$205.0</td><td>$189.7</td><td>$176.0</td></tr><tr><td>Net loss attributable to noncontrolling interests</td><td>1.1</td><td>1.1</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Net income excluding noncontrolling interests</td><td>401.7</td><td>186.8</td><td>205.0</td><td>189.7</td><td>176.0</td></tr><tr><td>Change in redemption value of noncontrolling interests</td><td>-1.1</td><td>-1.1</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Net income allocated to participating securities</td><td>-3.9</td><td>-0.8</td><td>-0.9</td><td>-1.3</td><td>-2.1</td></tr><tr><td>Net income allocated to common stockholders</td><td>$396.7</td><td>$184.9</td><td>$204.1</td><td>$188.4</td><td>$173.9</td></tr><tr><td>Basic earnings per share</td><td>$3.70</td><td>$2.27</td><td>$2.46</td><td>$2.21</td><td>$1.99</td></tr><tr><td>Diluted earnings per share</td><td>$3.69</td><td>$2.27</td><td>$2.46</td><td>$2.21</td><td>$1.99</td></tr><tr><td>Basic weighted average shares outstanding</td><td>107.2</td><td>81.4</td><td>83.1</td><td>85.4</td><td>87.3</td></tr><tr><td>Diluted weighted average shares outstanding</td><td>107.5</td><td>81.4</td><td>83.1</td><td>85.4</td><td>87.3</td></tr><tr><td>Distributions per share</td><td>$1.04</td><td>$0.96</td><td>$0.88</td><td>$0.78</td><td>$1.16</td></tr></table>

Question: In which year is Total revenues greater than 2000 million?