value of $173.9 million for which our 80% share of net proceeds totaled $138.3 million.
We expect, and are under contract, to sell additional buildings to Duke/ Princeton, LLC by the end of the second quarter 2011, subject to financing and other customary closing conditions.
The total 2011 sale is expected to consist of 13 office buildings, totaling over 2.0 million square feet, with an agreed upon value of $342.8 million, and is expected to generate proceeds of $274.2 million for the 80% portion that we sell.
Uses of Liquidity Our principal uses of liquidity include the following: ?
accretive property investment; ?
leasing/capital costs; ?
dividends and distributions to shareholders and unitholders; ?
long-term debt maturities; ?
repurchases of outstanding debt and preferred stock; and ?
other contractual obligations.
Property Investment We evaluate development and acquisition opportunities based upon market outlook, supply and long-term growth potential.
Our ability to make future property investments is dependent upon our continued access to our longer-term sources of liquidity including the issuances of debt or equity securities as well as generating cash flow by disposing of selected properties.
In light of current economic conditions, management continues to evaluate our investment priorities and is focused on accretive growth.
We have continued to operate at a substantially reduced level of new development activity, as compared to recent years, and are focused on the core operations of our existing base of properties.
Leasing/Capital Costs Tenant improvements and leasing costs to re-let rental space that had been previously under lease to tenants are referred to as second generation expenditures.
Building improvements that are not specific to any tenant but serve to improve integral components of our real estate properties are also second generation expenditures.
One of our principal uses of our liquidity is to fund the second generation leasing/capital expenditures of our real estate investments.
The following is a summary of our second generation capital expenditures for the years ended December 31, 2010, 2009 and 2008, respectively (in thousands):
## Table 0 ##
Quicken businesses.
We accounted for all of these businesses as discontinued operations and have therefore reclassified our statements of operations for all periods presented below to reflect them as such.
We have also reclassified our balance sheets for all periods presented below to reflect Intuit Financial Services, Demandforce, QuickBase, and Quicken as discontinued operations.
The net assets of Intuit Websites and Intuit Health were not significant, so we have not reclassified our balance sheets for any period presented below to reflect them as discontinued operations.
To better understand the information in these tables, investors should read “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of this Annual Report, and the financial statements and related notes in Item 8 of this Annual Report, especially Note 6, “Discontinued Operations.
”
## Table 1 ##
(1) In the first quarter of fiscal 2017, we elected to early adopt ASU 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.
” As required by ASU 2016-09, excess tax benefits recognized on stockbased compensation expense are reflected in our condensed consolidated statements of operations as a component of the provision for income taxes on a prospective basis.
See Note 1 to the financial statements in Item 8 of this Annual Report for more information.
## Table 2 ##
Tables of Contents RESULTS OF OPERATIONS Financial Overview
## Table 3 ##
Fiscal 2017 Compared with Fiscal 2016 Total net revenue increased $483 million or 10% in fiscal 2017 compared with fiscal 2016.
Revenue in our Small Business segment increased 13% due to 30% growth in Small Business Online Ecosystem revenue and the impact of the changes to our QuickBooks Desktop software products.
Starting with the release of QuickBooks 2015 in the first quarter of fiscal 2015, and for all subsequent versions, we began delivering ongoing enhancements and certain connected services for our QuickBooks Desktop software products.
We plan to continue to provide ongoing enhancements and certain connected services for all future versions of these offerings.
As a result of these changes, we recognize revenue for these QuickBooks Desktop software products as services are provided over approximately three years.
Revenue in our Consumer Tax segment increased 9% due to 2% growth in TurboTax federal units and a shift in mix to the higher end of our product lineup.
Revenue in our ProConnect segment increased 2% to $437 million in fiscal 2017.
See “Segment Results” later in this Item 7 for more information.
Operating income from continuing operations increased 12% in fiscal 2017 compared with fiscal 2016 due to the increase in revenue described above.
Higher revenue was partially offset by higher costs and expenses.
Total operating expenses increased about $152 million for staffing, about $85 million for advertising and other marketing programs, and about $48 million for share-based compensation.
See “Operating Expenses” later in this Item 7 for more information.
Net income from continuing operations increased 20% in fiscal 2017 compared with fiscal 2016 due to the increase in operating income and a lower effective tax rate in the fiscal 2017 period.
See “Non-Operating Income and Expenses – Income Taxes” later in this Item 7 for more information.
Diluted net income per share from continuing operations for fiscal 2017 increased 22% to $3.72 as a result of the increase in net income and the decline in weighted average diluted common shares compared with fiscal 2016.
Fiscal 2016 Compared with Fiscal 2015 Total net revenue increased $502 million or 12% in fiscal 2016 compared with fiscal 2015.
Total net revenue results were affected by the fiscal 2015 changes we made to our desktop software offerings described in “Executive Overview – Overview of Financial Results” earlier in this Item 7.
Revenue in our Small Business segment increased 9% due to 25% growth in Small Business Online Ecosystem revenue and the impact of the changes to our QuickBooks Desktop software products.
The fiscal 2015 changes to our desktop software offerings also affected our ProConnect segment, whose revenue increased 51% to $428 million in fiscal 2016.
Revenue in our Consumer Tax segment increased 10% due to 12% growth in U. S.  federal TurboTax units.
See “Segment Results” later in this Item 7 for more information.
Operating income from continuing operations increased 68% in fiscal 2016 compared with fiscal 2015 due in part to the increase in revenue described above.
Higher revenue was partially offset by higher costs and operating expenses.
Total operating expenses increased about $28 million for staffing, about $26 million for depreciation, about $10 million for advertising and other marketing programs, and about $34 million for share-based compensation.
In fiscal 2015, we recorded goodwill and intangible asset impairment charges of $148 million for our Consumer Ecosystem reporting unit in operating expense.
See “Operating Expenses” later in this Item 7 for more information.
Net income from continuing operations increased 95% in fiscal 2016 compared with fiscal 2015 due to the increase in operating income and a lower effective tax rate in the fiscal 2016 period.
See “Non-Operating Income and Expenses – Income Taxes” later in this Item 7 for more information.
Diluted net income per share from continuing operations for fiscal 2016 increased 110% to $3.04 as a result of the increase in net income and the decline in weighted average diluted common shares compared with fiscal 2015.
Tables of Contents Non-Operating Income and Expenses Interest Expense Interest expense of $31 million in fiscal 2017 consisted primarily of interest on our senior notes, unsecured term loan, and unsecured revolving credit facility.
Interest expense of $35 million in fiscal 2016 consisted primarily of interest on our senior notes, unsecured term loan, and unsecured revolving credit facilities.
Interest expense of $27 million in fiscal 2015 consisted primarily of interest on our senior notes.
See Note 7 and Note 8 to the financial statements in Item 8 of this Annual Report for more information.
Interest and Other Income (Expense), Net
## Table 4 ##
(1) Interest income in fiscal 2017 was higher compared with fiscal 2016 due to higher average interest rates and higher average invested balances.
Interest income in fiscal 2016 was lower compared with fiscal 2015 due to lower average interest rates and lower average invested balances.
(2) In accordance with authoritative guidance, we record gains and losses associated with executive deferred compensation plan assets in interest and other income and gains and losses associated with the related liabilities in operating expenses.
The total amounts recorded in operating expenses for each period are approximately equal to the total amounts recorded in interest and other income in those periods.
Income Taxes Effective Tax Rate Our effective tax rates for fiscal 2017, fiscal 2016, and fiscal 2015 were approximately 29%, 33%, and 42%.
Excluding the tax effect related to share-based compensation tax benefits resulting from the adoption of ASU 2016-09, our effective tax rate for fiscal 2017 was approximately 34%.
Excluding the tax effect related to the goodwill impairment charge, our effective tax rate for fiscal 2015 was approximately 36%.
The differences between these effective tax rates and the federal statutory rate of 35% were not significant.
See Note 9 to the financial statements in Item 8 of this Annual Report for more information about our effective tax rates.
Net Deferred Tax Assets At July 31, 2017, we had net deferred tax assets of $125 million which included a valuation allowance of $64 million for loss and tax credit carryforwards related to state tax credits, foreign losses, and state operating and capital losses.
We recorded the valuation allowance to reflect uncertainties about whether we will be able to utilize some of our deferred tax assets before they expire.
While we believe our current valuation allowance is sufficient, we could in the future be required to increase the valuation allowance to take into account additional deferred tax assets that we may be unable to realize.
We assess the need for an adjustment to the valuation allowance on a quarterly basis.
The assessment is based on our estimates of future sources of taxable income for the jurisdictions in which we operate and the periods over which our deferred tax assets will be realizable.
See “Critical Accounting Policies and Estimates” earlier in this Item 7 and Note 9 to the financial statements in Item 8 of this Annual Report for more information.
Discontinued Operations In the third quarter of fiscal 2016 we sold our Demandforce, QuickBase, and Quicken businesses for $463 million in cash.
We recorded a pre-tax gain of $354 million and a net gain of $173 million on the disposal of these three businesses in fiscal 2016.
We have reclassified our statements of operations for all periods presented to reflect these businesses as discontinued operations.
See Note 6 to the financial statements in Item 8 of this Annual Report for a more complete description of these discontinued operations and the impact that they have had on our statements of operations for the fiscal periods presented.
Tables of Contents market goals.
We estimate the fair value of performance-based RSUs at the date of grant using the intrinsic value method and the probability that the specified performance criteria will be met.
Each quarter we update our assessment of the probability that the specified performance criteria will be achieved and adjust our estimate of the fair value of the performance-based RSUs if necessary.
We amortize the fair values of performance-based RSUs over the requisite service period for each separately vesting tranche of the award.
We estimate the fair value of market-based RSUs at the date of grant using a Monte Carlo valuation methodology and amortize those fair values over the requisite service period for each separately vesting tranche of the award.
The Monte Carlo methodology that we use to estimate the fair value of market-based RSUs at the date of grant incorporates into the valuation the possibility that the market condition may not be satisfied.
Provided that the requisite service is rendered, the total fair value of the market-based RSUs at the date of grant must be recognized as compensation expense even if the market condition is not achieved.
However, the number of shares that ultimately vest can vary significantly with the performance of the specified market criteria.
All of the RSUs we grant have dividend rights that are subject to the same vesting requirements as the underlying equity awards, so we do not adjust the market price of our stock on the date of grant for dividends.
Expected Term.
The expected term of options granted represents the period of time that they are expected to be outstanding and is a derived output of the lattice binomial model.
The expected term of stock options is impacted by all of the underlying assumptions and calibration of our model.
The lattice binomial model assumes that option exercise behavior is a function of the option’s remaining vested life and the extent to which the market price of our common stock exceeds the option exercise price.
The lattice binomial model estimates the probability of exercise as a function of these two variables based on the history of exercises and cancellations on all past option grants made by us.
Expected Volatility.
We estimate the volatility of our common stock at the date of grant based on the implied volatility of one-year and two-year publicly traded options on our common stock.
Our decision to use implied volatility was based upon the availability of actively traded options on our common stock and our assessment that implied volatility is more representative of future stock price trends than historical volatility.
Risk-Free Interest Rate.
We base the risk-free interest rate that we use in our option valuation model on the implied yield in effect at the time of option grant on constant maturity U. S.  Treasury issues with equivalent remaining terms.
Dividends.
We use an annualized expected dividend yield in our option valuation model.
We paid quarterly cash dividends during fiscal 2017, fiscal 2016, and fiscal 2015 and currently expect to continue to pay cash dividends in the future.
Forfeitures.
We adjust share-based compensation expense for actual forfeitures as they occur.
Prior to our adoption of ASU 2016-09 in the first quarter of fiscal 2017, we estimated forfeitures at the time of grant and revised those estimates in subsequent periods if actual forfeitures differed from those estimates.
We used historical data to estimate pre-vesting option forfeitures and recorded share-based compensation expense only for those awards that were expected to vest.
We used the following assumptions to estimate the fair value of stock options granted and shares purchased under our Employee Stock Purchase Plan for the periods indicated:

<table><tr><td></td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>Second generation tenant improvements</td><td>$36,676</td><td>$29,321</td><td>$36,885</td></tr><tr><td>Second generation leasing costs</td><td>39,090</td><td>40,412</td><td>28,205</td></tr><tr><td>Building improvements</td><td>12,957</td><td>9,321</td><td>9,724</td></tr><tr><td>Totals</td><td>$88,723</td><td>$79,054</td><td>$74,814</td></tr></table>
<table><tr><td>Consolidated Statement of Operations Data</td><td colspan="5">Fiscal</td></tr><tr><td>(In millions, except per share amounts)</td><td>2017<sup>-1</sup></td><td>2016</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Total net revenue</td><td>$5,177</td><td>$4,694</td><td>$4,192</td><td>$4,243</td><td>$3,946</td></tr><tr><td>Total costs and expenses</td><td>3,782</td><td>3,452</td><td>3,454</td><td>2,943</td><td>2,738</td></tr><tr><td>Operating income from continuing operations</td><td>1,395</td><td>1,242</td><td>738</td><td>1,300</td><td>1,208</td></tr><tr><td>Total share-based compensation expense included in total costs and expenses</td><td>326</td><td>278</td><td>242</td><td>186</td><td>166</td></tr><tr><td>Net income from continuing operations</td><td>971</td><td>806</td><td>413</td><td>853</td><td>807</td></tr><tr><td>Net income (loss) from discontinued operations</td><td>—</td><td>173</td><td>-48</td><td>54</td><td>51</td></tr><tr><td>Net income</td><td>971</td><td>979</td><td>365</td><td>907</td><td>858</td></tr><tr><td>Net income per common share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic net income per share from continuing operations</td><td>$3.78</td><td>$3.08</td><td>$1.47</td><td>$2.99</td><td>$2.72</td></tr><tr><td>Basic net income (loss) per share from discontinued operations</td><td>—</td><td>0.65</td><td>-0.17</td><td>0.19</td><td>0.17</td></tr><tr><td>Basic net income per share</td><td>$3.78</td><td>$3.73</td><td>$1.30</td><td>$3.18</td><td>$2.89</td></tr><tr><td>Diluted net income per share from continuing operations</td><td>$3.72</td><td>$3.04</td><td>$1.45</td><td>$2.94</td><td>$2.66</td></tr><tr><td>Diluted net income (loss) per share from discontinued operations</td><td>—</td><td>0.65</td><td>-0.17</td><td>0.18</td><td>0.17</td></tr><tr><td>Diluted net income per share</td><td>$3.72</td><td>$3.69</td><td>$1.28</td><td>$3.12</td><td>$2.83</td></tr><tr><td>Dividends declared per common share</td><td>$1.36</td><td>$1.20</td><td>$1.00</td><td>$0.76</td><td>$0.68</td></tr></table>
<table><tr><td>Consolidated Balance Sheet Data</td><td colspan="5">At July 31,</td></tr><tr><td>(In millions)</td><td>2017</td><td>2016</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Cash, cash equivalents and investments</td><td>$777</td><td>$1,080</td><td>$1,697</td><td>$1,914</td><td>$1,661</td></tr><tr><td>Long-term investments</td><td>31</td><td>28</td><td>27</td><td>31</td><td>83</td></tr><tr><td>Working capital (deficit)</td><td>-529</td><td>-637</td><td>816</td><td>1,200</td><td>1,116</td></tr><tr><td>Total assets</td><td>4,068</td><td>4,250</td><td>4,968</td><td>5,201</td><td>5,486</td></tr><tr><td>Short-term debt</td><td>50</td><td>512</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Long-term debt</td><td>438</td><td>488</td><td>500</td><td>499</td><td>499</td></tr><tr><td>Other long-term obligations</td><td>130</td><td>146</td><td>172</td><td>166</td><td>135</td></tr><tr><td>Total stockholders’ equity</td><td>1,354</td><td>1,161</td><td>2,332</td><td>3,078</td><td>3,531</td></tr></table>
<table><tr><td>(Dollars in millions, except per share amounts)</td><td>Fiscal2017</td><td>Fiscal2016</td><td>Fiscal2015</td><td>2017-2016% Change</td><td>2016-2015% Change</td></tr><tr><td>Total net revenue</td><td>$5,177</td><td>$4,694</td><td>$4,192</td><td>10%</td><td>12%</td></tr><tr><td>Operating income from continuing operations</td><td>1,395</td><td>1,242</td><td>738</td><td>12%</td><td>68%</td></tr><tr><td>Net income from continuing operations</td><td>971</td><td>806</td><td>413</td><td>20%</td><td>95%</td></tr><tr><td>Diluted net income per share from continuing operations</td><td>$3.72</td><td>$3.04</td><td>$1.45</td><td>22%</td><td>110%</td></tr></table>
<table><tr><td>(In millions)</td><td>Fiscal 2017</td><td>Fiscal 2016</td><td>Fiscal 2015</td></tr><tr><td>Interest income-1</td><td>$8</td><td>$3</td><td>$8</td></tr><tr><td>Net gain (loss) on executive deferred compensation plan assets(2)</td><td>7</td><td>—</td><td>3</td></tr><tr><td>Other</td><td>-12</td><td>-7</td><td>-10</td></tr><tr><td>Total interest and other income (expense), net</td><td>$3</td><td>$-4</td><td>$1</td></tr></table>

Question: Which year is Net income from continuing operations the most?
Answer: 2017