Table of Contents SVB FINANCIAL GROUP AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Valuation Assumptions The fair values of share-based awards for employee stock options and employee stock purchases made under our ESPP were estimated using the Black-Scholes option pricing model.
The fair values of restricted stock awards and restricted stock units were based on our closing stock price on the date of grant.
The following weighted average assumptions and fair values were used:
## Table 0 ##
The expected term is based on the implied term of the stock options using factors based on historical exercise behavior.
The expected volatilities are based on a blended rate consisting of our historic volatility and our expected volatility over a five-year term which is an indicator of expected volatility and future stock price trends.
For 2010, 2009 and 2008, expected volatilities for the ESPP were equal to the historical volatility for the previous six-month periods.
The expected risk-free interest rates were based on the yields of Treasury Securities, as reported by the Federal Reserve Bank of New York, with maturities equal to the expected terms of the employee stock options.
Share-Based Payment Award Activity The table below provides stock option information related to the 1997 Equity Incentive Plan and the 2006 Incentive Plan for the year ended December 31, 2010:
## Table 1 ##
We regularly assess the amount and likelihood of projected funding requirements through a review of factors such as historical deposit volatility and funding patterns, present and forecasted market and economic conditions, individual client funding needs, and existing and planned business activities.
Our Asset/Liability Committee (“ALCO”), which is a management committee, provides oversight to the liquidity management process and recommends policy guidelines, subject to the approval of the Finance Committee of our Board of Directors, and courses of action to address our actual and projected liquidity needs.
Our deposit base is, and historically has been, our primary source of liquidity.
Our deposit levels and cost of deposits may fluctuate from time to time due to a variety of factors, including market conditions, prevailing interest rates, changes in client deposit behaviors, availability of insurance protection, and our offering of deposit products.
At December 31, 2010, our period-end total deposit balances increased by $4.0 billion to $14.3 billion, compared to $10.3 billion at December 31, 2009.
The overall increase in deposit balances was primarily due to the lack of attractive market investment opportunities for our clients given the low interest rate environment.
This growth in 2010 has been a continuing trend since 2009.
In 2009, noninterest-bearing demand deposits increased in part due to clients’ preference for the security provided by unlimited FDIC insurance for noninterest-bearing transaction accounts.
Under the Dodd-Frank Act, such unlimited FDIC insurance is currently available for noninterest-bearing accounts until January 1, 2013.
Our liquidity requirements can also be met through the use of our portfolio of liquid assets.
Our definition of liquid assets includes cash and cash equivalents in excess of the minimum levels necessary to carry out normal business operations, investment securities maturing within one year, investment securities eligible and available for financing or pledging purposes with a maturity in excess of one year and anticipated near-term cash flows from investments.
On a stand-alone basis, SVB Financial’s primary liquidity channels include dividends from the Bank, its portfolio of liquid assets, and its ability to raise debt and capital.
The ability of the Bank to pay dividends is subject to certain regulations described in “Business—Supervision and Regulation—Restriction on Dividends” under Part I, Item 1 in this report.
Consolidated Summary of Cash Flows Below is a summary of our average cash position and statement of cash flows for 2010, 2009 and 2008, respectively:
## Table 2 ##
In analyzing our liquidity for 2010, 2009 and 2008, reference is made to our consolidated statements of cash flows for the years ended December 31, 2010, 2009 and 2008; see “Consolidated Financial Statements and Supplemental Data” under Part II, Item 8 in this report.
Regulatory capital ratios for SVB Financial and the Bank were in excess of federal regulatory guidelines for a well-capitalized depository institution as of December 31, 2010, 2009 and 2008.
See Note 20—“Regulatory Matters” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 in this report for further information.
Capital ratios for SVB Financial and the Bank are set forth below:
## Table 3 ##
(1) See below for a reconciliation of non-GAAP tangible common equity to tangible assets and tangible common equity to risk-weighted assets.2010 compared to 2009 Annual growth in core earnings was the primary driver for increases in nominal total Tier 1 capital for SVB Financial and the Bank for 2010.
Realized gains from the sale of certain available-for-sale securities in 2010 were also positive contributors to regulatory total and Tier 1 capital.
Despite growth in regulatory capital, increases in loans and available-for-sale securities relative to cash balances resulted in a general decline in risk-based capital ratios.
The change is due to the impact of changes in the overall mix of risk-weighted assets as higher riskweighted loans and available-for-sale securities increased.
Increases in off-balance sheet unfunded loan commitments with expirations greater than 1 year also contributed to higher risk-weighted assets.
The Tier 1 risk-based capital ratio at SVB Financial also declined due to growth in noncontrolling interest, which is excluded from regulatory Tier 1 capital.
The same ratio at the Bank is not impacted by noncontrolling interest.
For both SVB Financial and the Bank, decreases in the Tier 1 leverage ratio reflect continued growth in average assets, which is due primarily to an increase in client deposits.2009 compared to 2008 The increase in the total risk-based and Tier 1 risk-based capital ratios for SVB Financial at December 31, 2009, compared to December 31, 2008, was primarily due to a shift in the mix of assets to a lower overall risk-weighting driven by an increase in funds held at the Federal Reserve, increases in investment securities balances and a decrease in loan balances.
Larger increases in the total risk-based and Tier 1 capital ratios for the Bank were affected by the same change in the mix of risk-weighted assets, in addition to an increase in earnings from operations and a capital contribution from SVB Financial.
For both SVB Financial and the Bank, decreases in the Tier 1 leverage ratio were reflective of our decision to utilize our own on-balance sheet deposit sweep product, and discontinue offering a third-party, off-balance sheet deposit product in late 2008.
This decision resulted in substantial increases in cash balances and deposit liabilities, and thereby, significant growth in the balance sheet.
The tangible common equity to tangible assets ratio and the tangible common equity to risk-weighted assets ratios are not required by GAAP or applicable bank regulatory requirements.
However, we believe these ratios provide meaningful supplemental information regarding our capital levels.
Our management uses, and believes
Five-Year Performance Comparison – The following graph provides an indicator of cumulative total shareholder returns for the Corporation as compared to the peer group index (described above), the DJ Trans, and the S&P 500.
The graph assumes that $100 was invested in the common stock of Union Pacific Corporation and each index on December 31, 2009 and that all dividends were reinvested.
The information below is historical in nature and is not necessarily indicative of future performance.
## Table 4 ##
Purchases of Equity Securities – During 2014, we repurchased 33,035,204 shares of our common stock at an average price of $100.24.
The following table presents common stock repurchases during each month for the fourth quarter of 2014:
[a] Total number of shares purchased during the quarter includes approximately 15,587 shares delivered or attested to UPC by employees to pay stock option exercise prices, satisfy excess tax withholding obligations for stock option exercises or vesting of retention units, and pay withholding obligations for vesting of retention shares.
[b] Effective January 1, 2014, our Board of Directors authorized the repurchase of up to 120 million shares of our common stock by December 31, 2017.
These repurchases may be made on the open market or through other transactions.
Our management has sole discretion with respect to determining the timing and amount of these transactions.

<table><tr><td></td><td>2010</td><td>2009</td><td> 2008</td></tr><tr><td> Equity incentive plan awards</td><td></td><td></td><td></td></tr><tr><td>Weighted average expected term of options in years</td><td>4.5</td><td>4.5</td><td>4.3</td></tr><tr><td>Weighted average expected volatility of the Company’s underlying common stock</td><td>45.1%</td><td>58.8%</td><td>25.7%</td></tr><tr><td>Risk-free interest rate</td><td>2.23</td><td>2.00</td><td>3.07</td></tr><tr><td>Expected dividend yield</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Weighted average grant date fair value-stock options</td><td>$19.15</td><td>$10.83</td><td>$12.85</td></tr><tr><td>Weighted average grant date fair value-restricted stock awards and restricted stock units</td><td>46.96</td><td>24.61</td><td>48.57</td></tr><tr><td> ESPP</td><td></td><td></td><td></td></tr><tr><td>Expected term in years</td><td>0.5</td><td>0.5</td><td>0.5</td></tr><tr><td>Weighted average expected volatility of the Company’s underlying common stock</td><td>36.7%</td><td>90.0%</td><td>27.5%</td></tr><tr><td>Risk-free interest rate</td><td>0.22</td><td>0.30</td><td>2.96</td></tr><tr><td>Expected dividend yield</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Weighted average fair value</td><td>$10.22</td><td>$10.53</td><td>$11.45</td></tr></table>
<table><tr><td></td><td>Shares</td><td> Weighted Average Exercise Price</td><td> Weighted Average Remaining Contractual Life in Years</td><td> Aggregate Intrinsic Value of In- The-Money Options</td></tr><tr><td>Outstanding at December 31, 2009</td><td>3,500,723</td><td>$35.31</td><td></td><td></td></tr><tr><td>Granted</td><td>473,870</td><td>47.77</td><td></td><td></td></tr><tr><td>Exercised</td><td>-691,439</td><td>30.08</td><td></td><td></td></tr><tr><td>Forfeited</td><td>-108,476</td><td>41.15</td><td></td><td></td></tr><tr><td>Expired</td><td>-62,425</td><td>48.83</td><td></td><td></td></tr><tr><td>Outstanding at December 31, 2010</td><td>3,112,253</td><td>37.88</td><td>3.20</td><td>$47,316,390</td></tr><tr><td>Vested and expected to vest at December 31, 2010</td><td>2,974,181</td><td>37.77</td><td>3.08</td><td>45,523,506</td></tr><tr><td>Exercisable at December 31, 2010</td><td>2,022,867</td><td>37.16</td><td>1.95</td><td>32,199,224</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td> (Dollars in thousands)</td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>Average cash and due from banks</td><td>$232,058</td><td>$238,911</td><td>$279,520</td></tr><tr><td>Average federal funds sold, securities purchased under agreements to resell and other short-term investmentsecurities</td><td>3,869,781</td><td>3,333,182</td><td>507,365</td></tr><tr><td>Average cash and cash equivalents</td><td>$4,101,839</td><td>$3,572,093</td><td>$786,885</td></tr><tr><td>Percentage of total average assets</td><td>27.6%</td><td>31.5%</td><td>10.6%</td></tr><tr><td>Net cash provided by operating activities</td><td>$163,228</td><td>$86,963</td><td>$127,045</td></tr><tr><td>Net cash used for investing activities</td><td>-5,052,707</td><td>-1,857,466</td><td>-1,557,513</td></tr><tr><td>Net cash provided by financing activities</td><td>4,453,058</td><td>2,846,631</td><td>3,184,019</td></tr><tr><td>Net (decrease) increase in cash and cash equivalents</td><td>$-436,421</td><td>$1,076,128</td><td>$1,753,551</td></tr></table>
<table><tr><td></td><td colspan="3"> December 31,</td></tr><tr><td></td><td>2010</td><td>2009</td><td> 2008</td></tr><tr><td> SVB Financial:</td><td></td><td></td><td></td></tr><tr><td>Total risk-based capital ratio</td><td>17.35%</td><td>19.94%</td><td>17.58%</td></tr><tr><td>Tier 1 risk-based capital ratio</td><td>13.63</td><td>15.45</td><td>12.51</td></tr><tr><td>Tier 1 leverage ratio</td><td>7.96</td><td>9.53</td><td>13.00</td></tr><tr><td>Tangible common equity to tangible assets ratio -1</td><td>7.27</td><td>8.78</td><td>7.64</td></tr><tr><td>Tangible common equity to risk-weighted assets ratio -1</td><td>13.54</td><td>15.05</td><td>9.31</td></tr><tr><td> Bank:</td><td></td><td></td><td></td></tr><tr><td>Total risk-based capital ratio</td><td>15.48%</td><td>17.05%</td><td>13.79%</td></tr><tr><td>Tier 1 risk-based capital ratio</td><td>11.61</td><td>12.45</td><td>8.66</td></tr><tr><td>Tier 1 leverage ratio</td><td>6.82</td><td>7.67</td><td>9.20</td></tr><tr><td>Tangible common equity to tangible assets ratio -1</td><td>6.61</td><td>7.50</td><td>7.38</td></tr><tr><td>Tangible common equity to risk-weighted assets ratio -1</td><td>11.88</td><td>12.53</td><td>8.58</td></tr></table>
<table><tr><td><i>Period</i></td><td><i>Total Number of</i><i>Shares</i><i>Purchased[a]</i></td><td><i>Average</i><i>Price Paid</i><i>PerShare</i></td><td><i>Total Number of Shares</i><i>Purchased as Part of a</i><i>Publicly Announced</i><i>Plan or Program [b]</i></td><td><i>Maximum Number of</i><i>Shares That May Yet</i><i>Be Purchased Under the Plan</i><i>or Program [b]</i></td></tr><tr><td>Oct. 1 through Oct. 31</td><td>3,087,549</td><td>$107.59</td><td>3,075,000</td><td>92,618,000</td></tr><tr><td>Nov. 1 through Nov. 30</td><td>1,877,330</td><td>119.84</td><td>1,875,000</td><td>90,743,000</td></tr><tr><td>Dec. 1 through Dec. 31</td><td>2,787,108</td><td>116.54</td><td>2,786,400</td><td>87,956,600</td></tr><tr><td>Total</td><td>7,751,987</td><td>$113.77</td><td>7,736,400</td><td>N/A</td></tr></table>

Question: what percent of the share repurchases were in the fourth quarter?
Answer: 0.23466