Notes to the Financial Statements – Continued among other things, to void the sale of the generating assets and recover the amounts paid by the Mirant Affiliates in connection with the sale (which the Claimants allege exceeded the fair value of the assets), together with interest on such amounts.
In addition, the Claimants seek damages and a declaration that the Utilities defend and indemnify the Mirant Affiliates in connection with certain environmental, operational and other matters relating to some of the assets, the costs of which could be substantial.
The Claimants also object to the allowance of claims totaling approximately $1 million filed by the Utilities in the bankruptcy proceeding.
In October 2006, the Mirant Affiliate that owns the Lovett generating units notified the PSC and O&R of its intention to retire the units in 2007 and 2008.
O&R is in the process of constructing upgrades to its transmission and distribution system to meet anticipated demand growth, and believes that these upgrades will allow the system to meet existing and future demand requirements in the event that the Lovett units are shut down.
The Companies are unable to predict whether or not any Mirant related lawsuits or other actions will have a material adverse effect on their financial position, results of operations or liquidity.
Other Contingencies See “Power Outage Proceedings” in Note B and “Lease In/Lease Out Transactions in Note J.
Guarantees Con Edison and its subsidiaries enter into various agreements providing financial or performance assurance primarily to third parties on behalf of their subsidiaries.
In addition, a Con Edison Development subsidiary has issued a guarantee on behalf of an entity in which it has an equity interest.
Maximum amounts guaranteed by Con Edison totaled $1.2 billion and $1.1 billion at December 31, 2006 and 2005, respectively.
A summary, by type and term, of Con Edison’s total guarantees at December 31, 2006 is as follows:
## Table 0 ##
Commodity Transactions – Con Edison guarantees payments on behalf of its competitive energy businesses in order to facilitate physical and financial transactions in gas, pipeline capacity, transportation, oil, electricity and related commodity services.
In addition, a Con Edison Development subsidiary has guaranteed payment for fuel oil purchases by a 42 MW foreign generating project in which it has an equity interest.
To the extent that liabilities exist under the contracts subject to these guarantees, such liabilities are included in Con Edison’s consolidated balance sheet.
Affordable Housing Program – Con Edison Development guarantees the repurchase and remarketing obligations of one of its subsidiaries for debt relating to moderate-income rental apartment properties eligible for tax credits under Section 42 of the Internal Revenue Code.
In accordance with Emerging Issues Task Force (EITF) No.94-01, “Accounting for Tax Benefits Resulting from Investments in Affordable Housing Projects,” neither the rental apartment properties nor the related indebtedness is included on Con Edison’s consolidated balance sheet.
Intra-company Guarantees – Con Edison guarantees electricity sales made by Con Edison Energy and Con Edison Solutions to O&R and Con Edison of New York.
Other Guarantees – Con Edison, Con Edison Development and its subsidiaries also guarantee the following: – $47 million relates to a guarantee issued by Con Edison covering RCN Corporation’s lease payment to use Con Edison of New York’s conduit system in accordance with a tariff approved by the PSC and rent payment obligations under various lease agreements for office buildings (see Note T); – $25 million for a parental guarantee provided by Con Edison on Con Edison Solutions’ indemnity agreement for surety bonds; and – $14 million for guarantees and standby financial letters of credit in connection with investments in energy infrastructure, power and cogeneration projects.
PART IV ITEM 15.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a) Documents filed as part of this report: 1.
List of Financial Statements – See financial statements listed in Item 8.2.
List of Financial Statement Schedules – See schedules listed in Item 8.3.
List of Exhibits Exhibits listed below which have been filed previously with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934, and which were designated as noted below, are hereby incorporated by reference and made a part of this report with the same effect as if filed with the report.
Exhibits listed below that were not previously filed are filed herewith.
Con Edison 2.1 Amended and Restated Agreement and Plan of Merger, dated as of October 13, 1999, as amended and restated as of January 11, 2000, among Con Edison, Northeast Utilities, Consolidated Edison, Inc.  (a Delaware corporation, originally incorporated as CWB Holdings, Inc. ) and N Acquisition LLC.
(Designated in Con Edison’s Current Report on Form 8-K, dated January 11, 2000 (File No.1-14514) as Exhibit 2. )3.1.1 Restated Certificate of Incorporation of Consolidated Edison, Inc.  (Con Edison) (Designated in the Registration Statement on Form S-4 of Con Edison (No.333-39165) as Exhibit 3.1. )3.1.2 By-laws of Con Edison, effective as of May 16, 2005.
(Designated in Con Edison’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2005 (File No.1-14514) as Exhibit 3.1) 4.1.1 Indenture, dated as of April 1, 2002, between Con Edison and JP Morgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee.
(Designated in the Registration Statement on Form S-3 of Con Edison (No.333-102005) as Exhibit 4.1. )4.1.2 The form of Con Edison’s 7.25% Debentures, Series 2002 A.
(Designated in Con Edison’s Current Report on Form 8-K, dated April 3, 2002.
(File No.1-14514) as Exhibit 4. )4.1.3 The form of Con Edison’s 3.625% Debentures, Series 2003 A.
(Designated in Con Edison’s Current Report on Form 8-K, dated July 22, 2003.
(File No.1-14514) as Exhibit 4. )4.1.4 Amended and Restated Credit Agreement, dated as of June 22,2006 among Con Edison of New York, Con Edison, O&R, the banks party thereto and JPMorgan Chase Bank, N. A. , as Administrative Agent.
(Designated in Con Edison’s Current Report on Form 8-K, dated June 22, 2006, (File No.1-14514) as Exhibit 4) 10.1.1 Con Edison 1996 Stock Option Plan, as amended and restated effective February 24, 1998.
(Designated in Con Edison of New York’s Annual Report on Form 10-K for the year ended December 31, 1997 (File No.1-1217) as Exhibit 10.20. )10.1.2 The following employment agreements, and amendments thereto, between Con Edison and the executive officer listed below, dated as of the effective dates listed below, which are designated as follows:
## Table 1 ##
ITEM 6.
SELECTED FINANCIAL DATA Con Edison
## Table 2 ##
* Reflects a $124 million pre-tax charge in 2004, in accordance with Con Edison of New York’s electric, gas and steam rate plans.
Con Edison of New York
## Table 3 ##
* Reflects $124 million pre-tax charge in 2004, in accordance with Con Edison of New York’s electric, gas and steam rate plans.
of annual compensation was made.
For the years ended December 31, 2009, 2008 and, 2007, we made matching contributions of approximately $450,000, $503,000 and $457,000, respectively.
NOTE 17 / COMMITMENTS AND CONTINGENCIES We and our operating partnership are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our properties, other than routine litigation arising in the ordinary course of business.
Management believes the costs, if any, incurred by us and our operating partnership related to this litigation will not materially affect our financial position, operating results or liquidity.
We have entered into employment agreements with certain executives, which expire between June 2010 and January 2013.
The minimum cash-based compensation, including base salary and guaranteed bonus payments, associated with these employment agreements totals approximately $7.8 million for 2010.
In March 1998, we acquired an operating sub-leasehold position at 420 Lexington Avenue.
The operating sub-leasehold position required annual ground lease payments totaling $6.0 million and subleasehold position payments totaling $1.1 million (excluding an operating sub-lease position purchased January 1999).
In June 2007, we renewed and extended the maturity date of the ground lease at 420 Lexington Avenue through December 31, 2029, with an option for further extension through 2080.
Ground lease rent payments through 2029 will total approximately $10.9 million per year.
Thereafter, the ground lease will be subject to a revaluation by the parties thereto.
In June 2009, we acquired an operating sub-leasehold position at 420 Lexington Avenue for approximately $7.7 million.
These sub-leasehold positions were scheduled to mature in December 2029.
In October 2009, we acquired the remaining sub-leasehold position for $7.6 million.
The property located at 711 Third Avenue operates under an operating sub-lease, which expires in 2083.
Under the sub-lease, we are responsible for ground rent payments of $1.55 million annually through July 2011 on the 50% portion of the fee we do not own.
The ground rent is reset after July 2011 based on the estimated fair market value of the property.
We have an option to buy out the sub-lease at a fixed future date.
The property located at 461 Fifth Avenue operates under a ground lease (approximately $2.1 million annually) with a term expiration date of 2027 and with two options to renew for an additional 21 years each, followed by a third option for 15 years.
We also have an option to purchase the ground lease for a fixed price on a specific date.
The property located at 625 Madison Avenue operates under a ground lease (approximately $4.6 million annually) with a term expiration date of 2022 and with two options to renew for an additional 23 years.
The property located at 1185 Avenue of the Americas operates under a ground lease (approximately $8.5 million in 2010 and $6.9 million annually thereafter) with a term expiration of 2020 and with an option to renew for an additional 23 years.
In April 1988, the SL Green predecessor entered into a lease agreement for the property at 673 First Avenue, which has been capitalized for financial statement purposes.
Land was estimated to be approximately 70% of the fair market value of the property.
The portion of the lease attributed to land is classified as an operating lease and the remainder as a capital lease.
The initial lease term is 49 years with an option for an additional 26 years.
Beginning in lease years 11 and 25, the lessor is entitled to additional rent as defined by the lease agreement.
We continue to lease the 673 First Avenue property, which has been classified as a capital lease with a cost basis of $12.2 million and cumulative amortization of $5.5 million and $5.2 million at December 31, 2009 and 2008, respectively.
The following is a schedule of future minimum lease payments under capital leases and noncancellable operating leases with initial terms in excess of one year as of December 31, 2009 (in thousands):

<table><tr><td> Guarantee Type (Millions of Dollars)</td><td> 0 – 3 years</td><td> 4 – 10 years</td><td> > 10 years</td><td> Total</td></tr><tr><td>Commodity transactions</td><td>$833</td><td>$23</td><td>$224</td><td>$1,080</td></tr><tr><td>Affordable housing program</td><td>-</td><td>26</td><td>-</td><td>26</td></tr><tr><td>Intra-company guarantees</td><td>17</td><td>-</td><td>1</td><td>18</td></tr><tr><td>Other guarantees</td><td>38</td><td>48</td><td>-</td><td>86</td></tr><tr><td> Total</td><td>$888</td><td>$97</td><td>$225</td><td>$1,210</td></tr></table>
<table><tr><td></td><td></td><td colspan="3"> Securities Exchange Act File No. 1-14514</td></tr><tr><td> Executive Officer</td><td> Effective Date</td><td> Form</td><td> Date</td><td> Exhibit</td></tr><tr><td>Eugene R. McGrath</td><td>Agreement: 9/1/00</td><td>10-Q</td><td>9/30/00</td><td>10.1.1</td></tr><tr><td></td><td>Amendment: 5/31/02</td><td>10-Q</td><td>6/30/02</td><td>10.1.1</td></tr><tr><td></td><td>Amendment: 7/22/05</td><td>8-K</td><td>7/21/05</td><td>10.1.2</td></tr><tr><td>Kevin Burke</td><td>Agreement: 9/1/00</td><td>10-K</td><td>12/31/00</td><td>10.1.6</td></tr><tr><td></td><td>Amendment: 5/31/02</td><td>10-Q</td><td>6/30/02</td><td>10.1.3</td></tr><tr><td></td><td>Agreement: 7/22/05</td><td>8-K</td><td>7/21/05</td><td>10.1.1</td></tr><tr><td>John D. McMahon</td><td>Agreement: 9/1/00</td><td>10-K</td><td>12/31/00</td><td>10.1.5</td></tr><tr><td></td><td>Amendment: 5/31/02</td><td>10-Q</td><td>6/30/02</td><td>10.1.4</td></tr><tr><td></td><td>Agreement: 12/23/05</td><td>8-K</td><td>12/23/05</td><td>10.1</td></tr></table>
<table><tr><td></td><td colspan="5">For the Year Ended December 31,</td></tr><tr><td> (Millions of Dollars, except per share amounts )</td><td>2006</td><td>2005</td><td>2004</td><td>2003</td><td>2002</td></tr><tr><td>Operating revenues</td><td>$12,137</td><td>$11,641</td><td>$9,730*</td><td>$9,808</td><td>$8,498</td></tr><tr><td>Purchased power</td><td>4,879</td><td>4,698</td><td>3,925</td><td>3,884</td><td>3,201</td></tr><tr><td>Fuel</td><td>734</td><td>816</td><td>597</td><td>504</td><td>289</td></tr><tr><td>Gas purchased for resale</td><td>1,082</td><td>1,155</td><td>852</td><td>889</td><td>596</td></tr><tr><td>Operating income</td><td>1,260</td><td>1,157</td><td>934</td><td>1,044</td><td>1,078</td></tr><tr><td>Income from continuing operations</td><td>738</td><td>732</td><td>549</td><td>634</td><td>689</td></tr><tr><td>Loss from discontinued operations</td><td>-1</td><td>-13</td><td>-12</td><td>-109</td><td>-21</td></tr><tr><td>Income before cumulative effect of changes in accounting principles</td><td>737</td><td>719</td><td>537</td><td>525</td><td>668</td></tr><tr><td>Cumulative effect of changes in accounting principles</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-22</td></tr><tr><td>Net income</td><td>737</td><td>719</td><td>537</td><td>528</td><td>646</td></tr><tr><td>Total assets</td><td>26,699</td><td>24,848</td><td>22,560</td><td>20,966</td><td>19,667</td></tr><tr><td>Long-term debt</td><td>8,298</td><td>7,398</td><td>6,561</td><td>6,733</td><td>6,166</td></tr><tr><td>Common shareholders’ equity</td><td>8,004</td><td>7,310</td><td>7,054</td><td>6,423</td><td>5,921</td></tr><tr><td> Basic earnings per share</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Continuing operations</td><td>$2.96</td><td>$3.00</td><td>$2.33</td><td>$2.87</td><td>$3.24</td></tr><tr><td>Discontinued operations</td><td>-</td><td>$-0.05</td><td>$-0.05</td><td>$-0.50</td><td>$-0.10</td></tr><tr><td>Before cumulative effect of changes in accounting principles</td><td>$2.96</td><td>$2.95</td><td>$2.28</td><td>$2.37</td><td>$3.14</td></tr><tr><td>Cumulative effect of changes in accounting principles</td><td>-</td><td>-</td><td>-</td><td>$0.02</td><td>$-0.11</td></tr><tr><td>Net Income</td><td>$2.96</td><td>$2.95</td><td>$2.28</td><td>$2.39</td><td>$3.03</td></tr><tr><td> Diluted earnings per share</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Continuing operations</td><td>$2.95</td><td>$2.99</td><td>$2.32</td><td>$2.86</td><td>$3.23</td></tr><tr><td>Discontinued operations</td><td>-</td><td>$-0.05</td><td>$-0.05</td><td>$-0.50</td><td>$-0.10</td></tr><tr><td>Before cumulative effect of changes in accounting principles</td><td>$2.95</td><td>$2.94</td><td>$2.27</td><td>$2.36</td><td>$3.13</td></tr><tr><td>Cumulative effect of changes in accounting principles</td><td>-</td><td>-</td><td>-</td><td>$0.02</td><td>$-0.11</td></tr><tr><td>Net income</td><td>$2.95</td><td>$2.94</td><td>$2.27</td><td>$2.38</td><td>$3.02</td></tr><tr><td>Cash dividends per common share</td><td>$2.30</td><td>$2.28</td><td>$2.26</td><td>$2.24</td><td>$2.22</td></tr><tr><td>Average common shares outstanding (millions)</td><td>249</td><td>244</td><td>236</td><td>221</td><td>213</td></tr></table>
<table><tr><td></td><td colspan="6"> For the Year Ended December 31</td></tr><tr><td> (Millions of Dollars)</td><td> 2006</td><td> 2005</td><td> 2004</td><td></td><td> 2003</td><td> 2002</td></tr><tr><td>Operating revenues</td><td>$9,288</td><td>$9,227</td><td>$7,971</td><td>*</td><td>$8,166</td><td>$7,224</td></tr><tr><td>Purchased power</td><td>3,052</td><td>3,322</td><td>3,029</td><td></td><td>3,124</td><td>2,622</td></tr><tr><td>Fuel</td><td>525</td><td>526</td><td>404</td><td></td><td>358</td><td>232</td></tr><tr><td>Gas purchased for resale</td><td>902</td><td>965</td><td>709</td><td></td><td>715</td><td>472</td></tr><tr><td>Operating income</td><td>1,110</td><td>1,041</td><td>825</td><td></td><td>942</td><td>954</td></tr><tr><td>Net income for common stock</td><td>686</td><td>694</td><td>518</td><td></td><td>591</td><td>605</td></tr><tr><td>Total assets</td><td>22,816</td><td>21,144</td><td>19,244</td><td></td><td>17,764</td><td>16,837</td></tr><tr><td>Long-term debt</td><td>6,925</td><td>6,055</td><td>5,235</td><td></td><td>5,435</td><td>5,392</td></tr><tr><td>Common shareholder’s equity</td><td>7,132</td><td>6,437</td><td>6,116</td><td></td><td>5,482</td><td>4,890</td></tr></table>

Question: What is the average value of Net income in 2004,2005 and 2006? (in million)
Answer: 664.33333