PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements 15.
SHARE-BASED PAYMENTS (continued) A summary of the Company’s non-employee restricted stock shares and restricted stock units is as follows:
## Table 0 ##
The fair value of non-employee share awards released for the years ended December 31, 2006 was $1 million.
There were no non-employee awards released during the years ended December 31, 2005 and 2004.
Unrecognized Compensation Cost Unrecognized compensation cost for employee stock options as of December 31, 2006 was $40 million with a weighted average recognition period of 1.61 years.
Unrecognized compensation cost for employee restricted stock awards, restricted stock units, and performance share awards as of December 31, 2006 was $107 million with a weighted average recognition period of 1.79 years.
Unrecognized compensation cost for non-employee stock options as of December 31, 2006 was $1 million with a weighted average recognition period of 1.16 years.
Unrecognized compensation cost for non-employee restricted stock awards and restricted stock units as of December 31, 2006 was $5 million with a weighted average recognition period of 2.09 years.
Tax Benefits Realized The tax benefit realized for exercises of employee and non-employee stock options during the years ended December 31, 2006, 2005 and 2004 was $69 million, $58 million and $20 million, respectively.
The tax benefit realized upon vesting of restricted stock shares, restricted stock units, and performance shares for the years ended December 31, 2006, 2005 and 2004 was $52 million, $4 million and $2 million, respectively.
Settlement of Awards The Company’s policy is to issue shares from Common Stock held in treasury upon exercise of employee and non-employee stock options as well as for the release of restricted stock shares, restricted stock units, and performance shares.
As of December 31, 2006, the company has not settled any equity instruments granted under share-based payment arrangements in cash.
2016 to 2015 Annual Comparison.
The increase in account values during 2016 was largely driven by favorable changes in the market value of contractholder funds, partially offset by contract charges on contractholder accounts and benefit payments.
Net sales for 2016 decreased compared to 2015 reflecting lower gross sales partially offset by lower surrenders and withdrawals.
The decline in gross sales for 2016 compared to 2015 was largely driven by decreased sales of our Prudential Premier?
Retirement Variable Annuity with “highest daily” benefit riders and Prudential Premier?
Investment Variable Annuity (“PPI”).
The declines in gross sales were partially offset by increases in sales of our Prudential Defined Income Variable Annuity (“PDI”) product.2015 to 2014 Annual Comparison.
The decrease in account values during 2015 was largely driven by contract charges on contractholder accounts, benefit payments and unfavorable changes in the market value of contractholder funds.
The decline in net sales for 2015 compared to 2014 was largely driven by a decrease in sales of our products with the highest daily benefit, partially offset by an increase in sales of our PPI and PDI products.
Operating Results The following table sets forth the Individual Annuities segment’s operating results for the periods indicated.
## Table 1 ##
Adjusted Operating Income 2016 to 2015 Annual Comparison.
Adjusted operating income decreased $32 million.
Excluding the impacts of changes in the estimated profitability of the business, discussed below, adjusted operating income decreased $8 million.
The decrease was primarily driven by lower asset-based fee income, net of associated costs, as well as higher general and administrative expenses including business growth initiatives.
The decrease in asset-based fee income, net of a related decrease in asset-based commissions, was driven by a decline in average variable annuity account values and the decrease in the average effective fee rate as fee rates on recent sales are generally lower than fee rates on the inforce block.
This decrease was partially offset by an increase due to greater efficiency in managing product risks associated with a recently implemented asset-liability management strategy discussed below.
Partially offsetting this net decline were increases in net investment income driven by higher income on non-coupon investments and higher invested assets, as well as lower amortization costs and lower interest expense.
This net decline was also partially offset by the absence of certain costs for contract cancellations incurred in 2015.
Adjustments to the amortization of DAC and other costs and to the reserves for certain living and/or death benefit features of our variable annuity products resulted in a net benefit of $138 million and $162 million in 2016 and 2015, respectively.
The net benefits primarily reflected the net impact of equity market performance on contractholder accounts and hedge effectiveness (beginning in the third quarter of 2016 as a result of our new ALM strategy) relative to our assumptions, as well as a net benefit resulting from our annual reviews and update of assumptions and other refinements.2015 to 2014 Annual Comparison.
Adjusted operating income increased $330 million.
Excluding the impacts of changes in the estimated profitability of the business, discussed below, adjusted operating income increased $39 million.
The increase was driven by higher asset-based fee income due to growth in average variable annuity account values, net of a related increase in asset-based commissions, a decline in interest expense driven by lower debt, and a decline in amortization costs.
Partially offsetting this net increase were costs for contract cancellations in connection with remediation of an error in an illustration contained in certain product marketing materials, higher operating expenses and a decline in net investment income driven by lower income on non-coupon investments.
Adjustments to the amortization of DAC and other costs and to the reserves for the GMDB and GMIB features of our variable annuity products resulted in a net benefit of $162 million and a net charge of $129 million in 2015 and 2014, respectively.
The $162 million net benefit in 2015 primarily reflected the net impact of equity market performance on contractholder accounts relative to our assumptions, as well as a net benefit resulting from our annual review and update of assumptions.
The $129 million net charge in 2014 primarily reflected the impact of lower expected rates of return on fixed income investments within contractholder accounts and on future expected claims relative to our assumptions, which more than offset a net favorable impact from equity market performance.
Partially offsetting this net charge was a net benefit resulting from the annual review and update of assumptions performed in that year.
Revenues, Benefits and Expenses 2016 to 2015 Annual Comparison.
Revenues decreased $29 million.
Excluding the $5 million net decrease related to the impacts of certain changes in our estimated profitability of the business discussed above, revenues decreased $24 million, primarily driven by a decrease in policy charges and fee income, asset management and service fees and other income, primarily due to a decline in average variable annuity account values.
Partially offsetting this decrease was an increase in net investment income driven by higher income on non-coupon investments and higher invested assets, and an increase in premiums reflecting an increase in annuitizations of our variable annuity contracts, with offsets in policyholders’ benefits, as discussed below.
in 2016 remained relatively flat compared to 2015.
For information regarding the methodology used in determining the fair value of our fixed maturities, see Note 20 to the Consolidated Financial Statements.
As of December 31, 2016 and 2015, 42% and 41%, respectively, of our general account investments attributable to PFI excluding the Closed Block division related to our Japanese insurance operations.
The following table sets forth the composition related to the investments of our Japanese insurance operations’ general account as of the dates indicated:
## Table 2 ##
(1) Other long-term investments consist of real estate and non-real estate-related investments in joint ventures and limited partnerships, investment real estate held through direct ownership, derivatives and other miscellaneous investments.
The increase in general account investments related to our Japanese insurance operations in 2016 was primarily attributable to the reinvestment of net investment income and net business inflows, the translation impact of the yen strengthening against the U. S.  dollar and a decrease in interest rates in Japan.
As of December 31, 2016, our Japanese insurance operations had $55.7 billion, at carrying value, of investments denominated in U. S.  dollars, including $5.3 billion that were hedged to yen through third-party derivative contracts and $36.1 billion that support liabilities denominated in U. S.  dollars, with the remainder hedging our foreign currency exchange rate exposure on U. S.  dollar-equivalent equity.
As of December 31, 2015, our Japanese insurance operations had $50.2 billion, at carrying value, of investments denominated in U. S.  dollars, including $4.0 billion that were hedged to yen through third-party derivative contracts and $32.3 billion that support liabilities denominated in U. S.  dollars, with the remainder hedging our foreign currency exchange rate exposure on U. S.  dollar-equivalent equity.
The $5.5 billion increase in the carrying value of U. S.  dollar-denominated investments from December 31, 2015 is primarily attributable to portfolio growth as a result of net business inflows and the reinvestment of net investment income offset by a net increase in fair value driven by the decrease in interest rates.
Our Japanese insurance operations had $11.0 billion and $10.0 billion, at carrying value, of investments denominated in Australian dollars that support liabilities denominated in Australian dollars as of December 31, 2016 and 2015, respectively.
The $1.0 billion increase in the carrying value of Australian dollar-denominated investments from December 31, 2015 is primarily attributable to portfolio growth as a result of net business inflows and the reinvestment of net investment income.
For additional information regarding U. S.  and Australian dollar investments held in our Japanese insurance operations and a discussion of our yen hedging strategy, see “—Results of Operations by Segment—International Insurance Division,” above.
Investment Results The following tables set forth the income yield and investment income for each major investment category of our general account for the periods indicated.
The yields are based on net investment income as reported under U. S.  GAAP and as such do not include certain interest related items, such as settlements of duration management swaps which are included in realized gains (losses).
Effective
compared to 2007.
We reduced personal injury expense by $80 million in 2007 as a result of fewer than expected claims and lower than expected average settlement costs.
In 2008, we reduced personal injury expense and asbestos-related costs $82 million based on the results of updated personal injury actuarial studies and a reassessment of our potential liability for resolution of current and future asbestos claims.
In addition, environmental and toxic tort expenses were $7 million lower in 2008 compared to 2007.
Other costs were lower in 2007 compared to 2006 driven primarily by a reduction in personal injury expense.
Actuarial studies completed during 2007 resulted in a reduction in personal injury expense of $80 million, which was partially offset by an adverse development with respect to one claim.
Settlement of insurance claims in 2007 related to Hurricane Rita, and higher equity income also drove expenses lower in 2007 versus 2006.
Conversely, the year-over-year comparison was affected by the settlement of insurance claims totaling $23 million in 2006 related to the January 2005 West Coast storm and a $9 million gain in 2006 from the sale of two Company-owned airplanes.

<table><tr><td></td><td>Restricted Stock Shares</td><td> Weighted Average Balance Sheet Date Fair Value</td><td>Restricted Stock Units</td><td> Weighted Average Balance Sheet Date Fair Value</td></tr><tr><td>Restricted at December 31, 2003</td><td>13,946</td><td>$41.77</td><td>—</td><td>$—</td></tr><tr><td>Granted</td><td>10,629</td><td>—</td><td>844</td><td>—</td></tr><tr><td>Forfeited</td><td>-1,708</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Released</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Restricted at December 31, 2004</td><td>22,867</td><td>54.96</td><td>844</td><td>54.96</td></tr><tr><td>Granted</td><td>—</td><td>—</td><td>12,466</td><td>—</td></tr><tr><td>Forfeited</td><td>-1,848</td><td>—</td><td>-806</td><td>—</td></tr><tr><td>Released</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Restricted at December 31, 2005</td><td>21,019</td><td>73.19</td><td>12,504</td><td>73.19</td></tr><tr><td>Granted</td><td>—</td><td>—</td><td>128,208</td><td>—</td></tr><tr><td>Forfeited</td><td>-654</td><td>—</td><td>-20,318</td><td>—</td></tr><tr><td>Released</td><td>-11,668</td><td>—</td><td>-1,792</td><td>—</td></tr><tr><td>Restricted at December 31, 2006</td><td>8,697</td><td>$85.86</td><td>118,602</td><td>$85.86</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Operating results:</td><td></td><td></td><td></td></tr><tr><td>Revenues</td><td>$4,666</td><td>$4,695</td><td>$4,710</td></tr><tr><td>Benefits and expenses</td><td>2,901</td><td>2,898</td><td>3,243</td></tr><tr><td>Adjusted operating income</td><td>1,765</td><td>1,797</td><td>1,467</td></tr><tr><td>Realized investment gains (losses), net, and related adjustments</td><td>2,031</td><td>1,588</td><td>521</td></tr><tr><td>Related charges</td><td>68</td><td>-624</td><td>-137</td></tr><tr><td>Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures</td><td>$3,864</td><td>$2,761</td><td>$1,851</td></tr></table>
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td></td><td>2016</td><td>2015</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Fixed maturities:</td><td></td><td></td></tr><tr><td>Public, available-for-sale, at fair value</td><td>$123,285</td><td>$109,257</td></tr><tr><td>Public, held-to-maturity, at amortized cost</td><td>1,772</td><td>1,834</td></tr><tr><td>Private, available-for-sale, at fair value</td><td>11,646</td><td>9,747</td></tr><tr><td>Private, held-to-maturity, at amortized cost</td><td>372</td><td>474</td></tr><tr><td>Trading account assets supporting insurance liabilities, at fair value</td><td>2,166</td><td>2,020</td></tr><tr><td>Other trading account assets, at fair value</td><td>434</td><td>647</td></tr><tr><td>Equity securities, available-for-sale, at fair value</td><td>2,654</td><td>2,660</td></tr><tr><td>Commercial mortgage and other loans, at book value</td><td>11,700</td><td>9,756</td></tr><tr><td>Policy loans, at outstanding balance</td><td>2,369</td><td>2,208</td></tr><tr><td>Other long-term investments-1</td><td>1,186</td><td>1,742</td></tr><tr><td>Short-term investments</td><td>398</td><td>417</td></tr><tr><td>Total Japanese general account investments</td><td>$157,982</td><td>$140,762</td></tr></table>

Question: In the year with the most Granted for Restricted Stock Units, what is the growth rate of Restricted at December 31, 2005 for Restricted Stock Units?
Answer: 13.81517