Certain union-represented American mainline employees are covered by agreements that are not currently amendable.
Until those agreements become amendable, negotiations for JCBAs will be conducted outside the traditional RLA bargaining process described above, and, in the meantime, no self-help will be permissible.
The Piedmont mechanics and stock clerks and the PSA dispatchers have agreements that are now amendable and are engaged in traditional RLA negotiations.
None of the unions representing our employees presently may lawfully engage in concerted refusals to work, such as strikes, slow-downs, sick-outs or other similar activity, against us.
Nonetheless, there is a risk that disgruntled employees, either with or without union involvement, could engage in one or more concerted refusals to work that could individually or collectively harm the operation of our airline and impair our financial performance.
For more discussion, see Part I, Item 1A.
Risk Factors – “Union disputes, employee strikes and other labor-related disruptions may adversely affect our operations.
” Aircraft Fuel Our operations and financial results are significantly affected by the availability and price of jet fuel.
Based on our 2016 forecasted mainline and regional fuel consumption, we estimate that, as of December 31, 2015, a one cent per gallon increase in aviation fuel price would increase our 2016 annual fuel expense by $44 million.
The following table shows annual aircraft fuel consumption and costs, including taxes, for our mainline operations for 2015 and 2014 (gallons and aircraft fuel expense in millions).
## Table 0 ##
Total fuel expenses for our wholly-owned and third-party regional carriers operating under capacity purchase agreements of American were $1.2 billion and $2.0 billion for the years ended December 31, 2015 and 2014, respectively.
As of December 31, 2015, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption.
As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices.
Our current policy is not to enter into transactions to hedge our fuel consumption, although we review that policy from time to time based on market conditions and other factors.
Fuel prices have fluctuated substantially over the past several years.
We cannot predict the future availability, price volatility or cost of aircraft fuel.
Natural disasters, political disruptions or wars involving oil-producing countries, changes in fuel-related governmental policy, the strength of the U. S.  dollar against foreign currencies, changes in access to petroleum product pipelines and terminals, speculation in the energy futures markets, changes in aircraft fuel production capacity, environmental concerns and other unpredictable events may result in fuel supply shortages, additional fuel price volatility and cost increases in the future.
See Part I, Item 1A.
Risk Factors – “Our business is dependent on the price and availability of aircraft fuel.
Continued periods of high volatility in fuel costs, increased fuel prices and significant disruptions in the supply of aircraft fuel could have a significant negative impact on our operating results and liquidity.
” Insurance We maintain insurance of the types that we believe are customary in the airline industry, including insurance for public liability, passenger liability, property damage, and all-risk coverage for damage to our aircraft.
Principal coverage includes liability for injury to members of the public, including passengers, damage to
ITEM 6.
SELECTED FINANCIAL DATA The following selected consolidated financial data are derived from our Consolidated Financial Statements.
The data should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” Item 1A, “Risk Factors,” Item 8, “Financial Statements and Supplementary Data,” and all other financial data contained in this annual report on Form 10-K.
These historical results are not necessarily indicative of the results to be expected in the future.
## Table 1 ##
September 30,
## Table 2 ##
(1) Homebuilding gross profit in fiscal 2009 was adversely affected by inventory and land option charges of $407.7 million recorded during the year.
(2) The income tax benefit in fiscal 2012 reflects a $753.2 million reduction of our deferred tax asset valuation allowance during the year.
The income tax benefit in fiscal 2011 was due to receiving a favorable result from the Internal Revenue Service on a ruling request concerning capitalization of inventory costs, and the income tax benefit in fiscal 2010 resulted from a tax law change regarding net operating loss carrybacks.
(3) At September 30, 2013 we recorded an out-of-period adjustment which increased both our deferred income taxes and the valuation allowance on our deferred income taxes by $23.9 million.
The out-of-period adjustment had no impact on our statement of operations during fiscal 2013.
Had deferred income taxes related to the state NOL carryforwards of each of our legal entities been reflected at state specific tax rates as of September 30, 2012, our deferred income taxes would have increased by $31.6 million and the corresponding valuation allowance on our deferred income taxes would have increased by $37.6 million.
This would have resulted in a decrease in our income tax benefit of $6.0 million in fiscal 2012, which would have reversed and decreased our income tax expense by $6.0 million in fiscal 2013.
The unadjusted amounts from fiscal 2012 are not material to our financial statements for fiscal 2012, and the out-of-period adjustment recorded in fiscal 2013 is not material to the current fiscal year’s financial statements.
(4) Notes payable includes both homebuilding notes payable and the amount outstanding on our mortgage repurchase facility.
D. R.  HORTON, INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) The Company measures and recognizes compensation expense at an amount equal to the fair value of share-based payments granted under compensation arrangements.
The weighted average fair value of options granted in fiscal 2013 and 2011 was $10.92 per share and $3.98 per share, respectively.
The fair values of the options granted were estimated on the date of their grant using the Black-Scholes option pricing model based on the following weighted average assumptions:

<table><tr><td>Year</td><td>Gallons</td><td>Average Price  perGallon</td><td>Aircraft Fuel  Expense</td><td>Percent of Total Mainline Operating  Expenses</td></tr><tr><td>2015</td><td>3,611</td><td>$1.72</td><td>$6,226</td><td>21.6%</td></tr><tr><td>2014</td><td>3,644</td><td>2.91</td><td>10,592</td><td>33.2%</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended September 30,</td></tr><tr><td></td><td>2013</td><td>2012</td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td></td><td></td><td colspan="3">(In millions, except per share data)</td><td></td></tr><tr><td>Operating 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>Homebuilding</td><td>$6,085.9</td><td>$4,236.2</td><td>$3,549.6</td><td>$4,309.7</td><td>$3,603.9</td></tr><tr><td>Financial Services</td><td>173.4</td><td>117.8</td><td>87.2</td><td>90.5</td><td>53.7</td></tr><tr><td>Gross profit — Homebuilding -1</td><td>1,232.4</td><td>743.8</td><td>526.3</td><td>682.1</td><td>65.2</td></tr><tr><td>Income (loss) before income taxes:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Homebuilding</td><td>592.3</td><td>203.7</td><td>-7.0</td><td>78.1</td><td>-541.3</td></tr><tr><td>Financial Services</td><td>65.5</td><td>39.2</td><td>19.1</td><td>21.4</td><td>-15.5</td></tr><tr><td>Income tax expense (benefit) (2) (3)</td><td>195.1</td><td>-713.4</td><td>-59.7</td><td>-145.6</td><td>-7.0</td></tr><tr><td>Net income (loss)</td><td>462.7</td><td>956.3</td><td>71.8</td><td>245.1</td><td>-549.8</td></tr><tr><td>Net income (loss) per share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>1.44</td><td>3.01</td><td>0.23</td><td>0.77</td><td>-1.73</td></tr><tr><td>Diluted</td><td>1.33</td><td>2.77</td><td>0.23</td><td>0.77</td><td>-1.73</td></tr><tr><td>Cash dividends declared per common share</td><td>0.1875</td><td>0.15</td><td>0.15</td><td>0.15</td><td>0.15</td></tr></table>
<table><tr><td></td><td colspan="5">September 30,</td></tr><tr><td></td><td>2013</td><td>2012</td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td></td><td colspan="5">(In millions)</td></tr><tr><td>Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents and marketable securities</td><td>$936.5</td><td>$1,345.7</td><td>$1,030.2</td><td>$1,607.0</td><td>$1,957.3</td></tr><tr><td>Inventories</td><td>6,197.4</td><td>4,165.2</td><td>3,449.7</td><td>3,449.0</td><td>3,666.7</td></tr><tr><td>Total assets</td><td>8,856.4</td><td>7,248.2</td><td>5,358.4</td><td>5,938.6</td><td>6,756.8</td></tr><tr><td>Notes payable -4</td><td>3,509.0</td><td>2,493.1</td><td>1,704.6</td><td>2,171.8</td><td>3,145.3</td></tr><tr><td>Total equity</td><td>4,061.4</td><td>3,594.7</td><td>2,623.5</td><td>2,622.9</td><td>2,400.6</td></tr></table>

Question: What is the ratio of all Basic that are smaller than 0 to the sum of Basic in 2009?