agreements associated with the Agency securitizations, most sale agreements do not provide for penalties or other remedies if we do not respond timely to investor indemnification or repurchase requests.
Origination and sale of residential mortgages is an ongoing business activity and, accordingly, management continually assesses the need to recognize indemnification and repurchase liabilities pursuant to the associated investor sale agreements.
We establish indemnification and repurchase liabilities for estimated losses on sold first and second-lien mortgages and home equity loans/lines for which indemnification is expected to be provided or for loans that are expected to be repurchased.
For the first and second-lien mortgage sold portfolio, we have established an indemnification and repurchase liability pursuant to investor sale agreements based on claims made and our estimate of future claims on a loan by loan basis.
These relate primarily to loans originated during 2006-2008.
For the home equity loans/lines sold portfolio, we have established indemnification and repurchase liabilities based upon this same methodology for loans sold during 2005-2007.
Indemnification and repurchase liabilities are initially recognized when loans are sold to investors and are subsequently evaluated by management.
Initial recognition and subsequent adjustments to the indemnification and repurchase liability for the sold residential mortgage portfolio are recognized in Residential mortgage revenue on the Consolidated Income Statement.
Since PNC is no longer engaged in the brokered home equity lending business, only subsequent adjustments are recognized to the home equity loans/lines indemnification and repurchase liability.
These adjustments are recognized in Other noninterest income on the Consolidated Income Statement.
Management’s subsequent evaluation of these indemnification and repurchase liabilities is based upon trends in indemnification and repurchase requests, actual loss experience, risks in the underlying serviced loan portfolios, and current economic conditions.
As part of its evaluation, management considers estimated loss projections over the life of the subject loan portfolio.
At December 31, 2011 and December 31, 2010, the total indemnification and repurchase liability for estimated losses on indemnification and repurchase claims totaled $130 million and $294 million, respectively, and was included in Other liabilities on the Consolidated Balance Sheet.
An analysis of the changes in this liability during 2011 and 2010 follows: Analysis of Indemnification and Repurchase Liability for Asserted Claims and Unasserted Claims
## Table 0 ##
(a) Repurchase obligation associated with sold loan portfolios of $121.4 billion and $139.8 billion at December 31, 2011 and December 31, 2010, respectively.
(b) Repurchase obligation associated with sold loan portfolios of $4.5 billion and $6.5 billion at December 31, 2011 and December 31, 2010, respectively.
PNC is no longer engaged in the brokered home equity lending business, which was acquired with National City.
Management believes our indemnification and repurchase liabilities appropriately reflect the estimated probable losses on investor indemnification and repurchase claims at December 31, 2011 and 2010.
While management seeks to obtain all relevant information in estimating the indemnification and repurchase liability, the estimation process is inherently uncertain and imprecise and, accordingly, it is reasonably possible that future indemnification and repurchase losses could be more or less than our established liability.
Factors that could affect our estimate include the volume of valid claims driven by investor strategies and behavior, our ability to successfully negotiate claims with investors, housing prices, and other economic conditions.
At December 31, 2011, we estimate that it is reasonably possible that we could incur additional losses in excess of our indemnification and repurchase liability of up to $85 million.
This estimate of potential additional losses in excess of our liability is based on assumed higher investor demands, lower claim rescissions, and lower home prices than our current assumptions.
REINSURANCE AGREEMENTS We have two wholly-owned captive insurance subsidiaries which provide reinsurance to third-party insurers related to insurance sold to our customers.
These subsidiaries enter into various types of reinsurance agreements with third-party insurers where the subsidiary assumes the risk of loss through either an excess of loss or quota share agreement up to 100% reinsurance.
In excess of loss agreements, these subsidiaries assume the risk of loss for an excess layer of coverage up to specified limits, once a defined first loss percentage is met.
In quota share agreements, the subsidiaries and third-party insurers share the responsibility for payment of all claims.
These subsidiaries provide reinsurance for accidental death & dismemberment, credit life, accident & health, lender placed
ITEM 6 – SELECTED FINANCIAL DATA
## Table 1 ##
(a) Includes the impact of National City, which we acquired on December 31, 2008.
(b) Amount for 2009 includes recognition of a $1.1 billion pretax gain on our portion of the increase in BlackRock’s equity resulting from the value of BlackRock shares issued in connection with BlackRock’s acquisition of Barclays Global Investors (BGI) on December 1, 2009.
(c) Amount for 2008 includes the $504 million conforming provision for credit losses related to our National City acquisition.
(d) Includes results of operations for GIS through June 30, 2010 and the related after-tax gain on sale.
We sold GIS effective July 1, 2010, resulting in a gain of $639 million, or $328 million after taxes, recognized during the third quarter of 2010.
See Sale of PNC Global Investment Servicing in the Executive Summary section of Item 7 and Note 2 Acquisition and Divestiture Activity in the Notes To Consolidated Financial Statements included in Item 8 of this Report for additional information.
(e) We redeemed the Series N (TARP) Preferred Stock on February 10, 2010.
In connection with the redemption, we accelerated the accretion of the remaining issuance discount on the Series N Preferred Stock and recorded a corresponding reduction in retained earnings of $250 million in the first quarter of 2010.
This resulted in a noncash reduction in net income attributable to common shareholders and related basic and diluted earnings per share.
The Series N Preferred Stock was issued on December 31, 2008.
Certain prior period amounts have been reclassified to conform with the current period presentation, which we believe is more meaningful to readers of our consolidated financial statements.
For information regarding certain business, regulatory and legal risks, see Item 1A Risk Factors and the Risk Management section of Item 7 of this Report, and Note 22 Legal Proceedings and Note 23 Commitments and Guarantees in the Notes To Consolidated Financial Statements included in Item 8 of this Report for additional information.
Also, see the Cautionary Statement Regarding Forward-Looking Information and Critical Accounting Estimates And Judgments sections included in Item 7 of this Report for certain other factors that could cause actual results or future events to differ, perhaps materially, from historical performance and from those anticipated in the forward-looking statements included in this Report.
See also the Executive Summary section in Item 7 of this Report for additional information affecting financial performance.
6.625% to a variable-rate obligation at a weighted-average spread of 4.377% plus LIBOR.
The Company has determined the swaps to be Level 2 in the FASB fair value hierarchy.
To account for the fair value hedge, the swap is recorded at fair value in the balance sheet as an asset or liability, and the changes in fair values of both the interest rate swap and the hedged senior notes due 2013 are recorded as interest expense.
The fair value of the swap was an asset balance of $5.8 million and $11.6 million at December 31, 2012 and 2011, respectively.
The corresponding change in the fair value of the notes being hedged was an increase of $5.1 million and $11.7 million at December 31, 2012 and 2011, respectively.
The impact on earnings was immaterial in the years ended December 31, 2012, 2011 and 2010.
(11) Retirement and Other Benefit Plans Roper maintains eleven defined contribution retirement plans under the provisions of Section 401(k) of the IRC covering substantially all U. S.  employees not subject to collective bargaining agreements.
Roper partially matches employee contributions.
Costs related to these plans were $16.4 million, $15.2 million and $14.0 million for 2012, 2011 and 2010, respectively.
Roper also maintains various defined benefit retirement plans covering employees of non-U.
S.  and certain U. S.  subsidiaries and a plan that supplements certain employees for the contribution ceiling applicable to the Section 401(k) plans.
The costs and accumulated benefit obligations associated with each of these plans were not material.
(12) Stock-Based Compensation The Roper Industries, Inc.
Amended and Restated 2006 Incentive Plan (“2006 Plan”) is a stock-based compensation plan used to grant incentive stock options, nonqualified stock options, restricted stock, stock appreciation rights or equivalent instruments to the Company’s employees, officers, directors and consultants.
The 2006 Plan replaced the Amended and Restated 2000 Incentive Plan (“2000 Plan”), and no additional grants will be made from the 2000 Plan.
The number of shares reserved for issuance under the 2006 Plan is 14,000,000, plus the 17,000 remaining shares that were available to grant under the 2000 Plan at June 28, 2006, plus any shares underlying outstanding awards under the 2000 Plan that terminate or expire unexercised, or are cancelled, forfeited or lapse for any reason subsequent to June 28, 2006.
At December 31, 2012, 6,941,775 shares were available to grant.
Under the Roper Industries, Inc. , Employee Stock Purchase Plan (“ESPP”), all employees in the U. S.  and Canada are eligible to designate up to 10% of eligible earnings to purchase Roper’s common stock at a 5% discount to the average closing price of its common stock at the beginning and end of a quarterly offering period.
The common stock sold to the employees may be either treasury stock, stock purchased on the open market, or newly issued shares.
Stock based compensation expense for the years ended December 31, 2012, 2011 and 2010 was as follows (in millions):
## Table 2 ##
Stock Options—Stock options are typically granted at prices not less than 100% of market value of the underlying stock at the date of grant.
Stock options typically vest over a period of up to three to five years from the grant date and generally expire seven to ten years after the grant date.
The Company recorded $14.8 million, $12.2 million, and $9.0 million of compensation expense relating to outstanding options during 2012, 2011 and 2010, respectively, as a component of corporate and certain segment general and administrative expenses.
The Company estimates the fair value of its option awards using the Black-Scholes option valuation model that uses the assumptions noted in the following table.
The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company’s common stock over the most recent period equal to the expected life of the grant.
The expected term of options granted is derived from historical data to estimate option exercises and employee terminations, and represents the period of time that options granted are expected to be outstanding.
The risk-free rate for periods within the contractual life of the option is based on the U. S.  Treasury yield curve in effect at the time of grant.
The weighted-average fair value of options granted in 2012, 2011 and 2010 were calculated using the following weighted-average assumptions:

<table><tr><td></td><td>2011</td><td>2010</td></tr><tr><td>In millions</td><td>Residential Mortgages (a)</td><td>Home Equity Loans/Lines (b)</td><td>Total</td><td>Residential Mortgages (a)</td><td>Home Equity Loans/Lines (b)</td><td>Total</td></tr><tr><td>January 1</td><td>$144</td><td>$150</td><td>$294</td><td>$229</td><td>$41</td><td>$270</td></tr><tr><td>Reserve adjustments, net</td><td>102</td><td>4</td><td>106</td><td>120</td><td>144</td><td>264</td></tr><tr><td>Losses – loan repurchases and settlements</td><td>-163</td><td>-107</td><td>-270</td><td>-205</td><td>-35</td><td>-240</td></tr><tr><td>December 31</td><td>$83</td><td>$47</td><td>$130</td><td>$144</td><td>$150</td><td>$294</td></tr></table>
<table><tr><td></td><td colspan="5">Year ended December 31</td></tr><tr><td>Dollars in millions, except per share data</td><td> 2011 (a)</td><td>2010 (a)</td><td>2009 (a)</td><td>2008</td><td>2007</td></tr><tr><td> SUMMARYOFOPERATIONS</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest income</td><td>$10,194</td><td>$11,150</td><td>$12,086</td><td>$6,301</td><td>$6,144</td></tr><tr><td>Interest expense</td><td>1,494</td><td>1,920</td><td>3,003</td><td>2,447</td><td>3,197</td></tr><tr><td>Net interest income</td><td>8,700</td><td>9,230</td><td>9,083</td><td>3,854</td><td>2,947</td></tr><tr><td>Noninterest income (b)</td><td>5,626</td><td>5,946</td><td>7,145</td><td>2,442</td><td>2,944</td></tr><tr><td>Total revenue</td><td>14,326</td><td>15,176</td><td>16,228</td><td>6,296</td><td>5,891</td></tr><tr><td>Provision for credit losses (c)</td><td>1,152</td><td>2,502</td><td>3,930</td><td>1,517</td><td>315</td></tr><tr><td>Noninterest expense</td><td>9,105</td><td>8,613</td><td>9,073</td><td>3,685</td><td>3,652</td></tr><tr><td>Income from continuing operations before income taxes and noncontrolling interests</td><td>4,069</td><td>4,061</td><td>3,225</td><td>1,094</td><td>1,924</td></tr><tr><td>Income taxes</td><td>998</td><td>1,037</td><td>867</td><td>298</td><td>561</td></tr><tr><td>Income from continuing operations before noncontrolling interests</td><td>3,071</td><td>3,024</td><td>2,358</td><td>796</td><td>1,363</td></tr><tr><td>Income from discontinued operations (net of income taxes of zero, $338, $54, $63 and $66)(d)</td><td></td><td>373</td><td>45</td><td>118</td><td>128</td></tr><tr><td>Net income</td><td>3,071</td><td>3,397</td><td>2,403</td><td>914</td><td>1,491</td></tr><tr><td>Less: Net income (loss) attributable to noncontrolling interests</td><td>15</td><td>-15</td><td>-44</td><td>32</td><td>24</td></tr><tr><td>Preferred stock dividends (e)</td><td>56</td><td>146</td><td>388</td><td>21</td><td></td></tr><tr><td>Preferred stock discount accretion and redemptions (e)</td><td>2</td><td>255</td><td>56</td><td></td><td></td></tr><tr><td>Net income attributable to common shareholders (e)</td><td>$2,998</td><td>$3,011</td><td>$2,003</td><td>$861</td><td>$1,467</td></tr><tr><td> PERCOMMONSHARE</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic earnings</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Continuing operations</td><td>$5.70</td><td>$5.08</td><td>$4.30</td><td>$2.15</td><td>$4.02</td></tr><tr><td>Discontinued operations (d)</td><td></td><td>.72</td><td>.10</td><td>.34</td><td>.38</td></tr><tr><td>Net income</td><td>$5.70</td><td>$5.80</td><td>$4.40</td><td>$2.49</td><td>$4.40</td></tr><tr><td>Diluted earnings</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Continuing operations</td><td>$5.64</td><td>$5.02</td><td>$4.26</td><td>$2.10</td><td>$3.94</td></tr><tr><td>Discontinued operations (d)</td><td></td><td>.72</td><td>.10</td><td>.34</td><td>.38</td></tr><tr><td>Net income</td><td>$5.64</td><td>$5.74</td><td>$4.36</td><td>$2.44</td><td>$4.32</td></tr><tr><td>Book value</td><td>$61.52</td><td>$56.29</td><td>$47.68</td><td>$39.44</td><td>$43.60</td></tr><tr><td>Cash dividends declared</td><td>$1.15</td><td>$.40</td><td>$.96</td><td>$2.61</td><td>$2.44</td></tr></table>
<table><tr><td></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Stock based compensation</td><td>$40.8</td><td>$31.7</td><td>$25.2</td></tr><tr><td>Tax benefit recognized in net income</td><td>14.3</td><td>11.1</td><td>8.8</td></tr><tr><td>Windfall tax benefit, net</td><td>30.8</td><td>12.7</td><td>7.3</td></tr></table>

Question: In the year with the most Noninterest income (b), what is the growth rate of Noninterest income (b)?
Answer: 0.65822