respective earnings per share for each period presented as if the Company had applied the fair value recognition provisions to share-based employee compensation prior to 2006 (in millions, except per share amounts):
## Table 0 ##
Prior to adopting SFAS 123R, the Company presented all tax benefits resulting from the exercise of stock options as operating cash flows in the statements of cash flows.
As a result, $210 million and $51 million of excess tax benefits for 2005 and 2004, respectively, have been classified as an operating cash inflow.
SFAS 123R requires cash flows resulting from excess tax benefits to be classified as a part of cash flows from financing activities.
Excess tax benefits are realized tax benefits from tax deductions for exercised options in excess of the deferred tax asset attributable to stock compensation costs for such options.
As a result of adopting SFAS 123R, $165 million of excess tax benefits for 2006 have been classified as a financing cash inflow.
Motorola Incentive Plan The Motorola Incentive Plan provides eligible employees with an annual payment, calculated as a percentage of an employee's eligible earnings, in the year after the close of the current calendar year if specified business goals are met.
The provisions for awards under these incentive plans for the years ended December 31, 2006, 2005 and 2004 were $268 million, $548 million and $771 million, respectively.
Mid-Range Incentive Plan The Mid-Range Incentive Plan (""MRIP'') rewarded participating elected officers for the Company's achievement of outstanding performance during the period, based on two performance objectives measured over two-year cycles.
The provision for MRIP for the years ended December 31, 2005 and 2004 was $19 million and $56 million, respectively.
Long-Range Incentive Plan In 2005, a Long-Range Incentive Plan (""LRIP'') was introduced to replace MRIP.
LRIP rewards participating elected officers for the Company's achievement of outstanding performance during the period, based on two performance objectives measured over three-year cycles.
The provision for LRIP for the years ended December 31, 2006 and 2005 was $16 million and $15 million, respectively.
The IRS is currently examining the Company's 2012 and 2013 tax years.
The Company also has several state and nonU.
S.  audits pending.
A summary of open tax years by major jurisdiction is presented below:
## Table 1 ##
Although the final resolution of the Company’s global tax disputes is uncertain, based on current information, in the opinion of the Company’s management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position, liquidity or results of operations.
However, an unfavorable resolution of the Company’s global tax disputes could have a material adverse effect on the Company’s consolidated financial position, liquidity or results of operations in the periods in which the matters are ultimately resolved.
Based on the potential outcome of the Company’s global tax examinations, the expiration of the statute of limitations for specific jurisdictions, or the continued ability to satisfy tax incentive obligations, it is reasonably possible that the unrecognized tax benefits will change within the next twelve months.
The associated net tax impact on the effective tax rate, exclusive of valuation allowance changes, is estimated to be in the range of a $50 million tax charge to a $50 million tax benefit, with cash payments not to exceed $25 million.
At December 31, 2014, the Company had $26 million accrued for interest and $26 million accrued for penalties on unrecognized tax benefits.
At December 31, 2013, the Company had $25 million and $27 million accrued for interest and penalties, respectively, on unrecognized tax benefits.7.
Retirement Benefits Pension and Postretirement Health Care Benefits Plans The Company’s noncontributory pension plan (the “Regular Pension Plan”) covered U. S.  employees hired prior to January 1, 2005, who became eligible after one year of service.
The benefit formula was dependent upon employee earnings and years of service.
During 2014, the Company terminated this plan.
The Company also provides defined benefit plans which cover nonU.
S.  employees in certain jurisdictions, principally the United Kingdom and Germany (the “Non U. S.  Pension Benefit Plans”).
Other pension plans outside of the U. S.  are not material to the Company either individually or in the aggregate.
The Company had a noncontributory supplemental retirement benefit plan (the “Officers’ Plan”) for its officers elected prior to December 31, 1999.
The Officers’ Plan contained provisions for vesting and funding the participants’ expected retirement benefits when the participants met the minimum age and years of service requirements.
Elected officers who were not yet vested in the Officers’ Plan as of December 31, 1999 had the option to remain in the Officers’ Plan or elect to have their benefit bought out in restricted stock units.
Effective December 31, 1999, newly elected officers were not eligible to participate in the Officers’ Plan.
Effective June 30, 2005, salaries were frozen for this plan.
During 2013, the Company settled and terminated the Officers' Plan.
The Company has an additional noncontributory supplemental retirement benefit plan, the Motorola Supplemental Pension Plan (“MSPP”), which provides supplemental benefits to individuals by replacing the Regular Pension Plan benefits that are lost by such individuals under the retirement formula due to application of the limitations imposed by the Internal Revenue Code.
However, elected officers who were covered under the Officers’ Plan were not eligible to participate in the MSPP.
Effective January 1, 2007, eligible compensation was capped at the IRS limit plus $175,000 (the “Cap”) or, for those already in excess of the Cap as of January 1, 2007, the eligible compensation used to compute such employee’s MSPP benefit for all future years is the greater of: (i) such employee’s eligible compensation as of January 1, 2007 (frozen at that amount) or (ii) the relevant Cap for the given year.
Effective January 1, 2009, the MSPP was closed to new participants unless such participation was required under a prior contractual entitlement.
In February 2007, the Company amended the Regular Pension Plan and the MSPP, modifying the definition of average earnings.
For the years ended prior to December 31, 2007, benefits were calculated using the rolling average of the highest annual earnings in any five years within the previous ten calendar year period.
Beginning in January 2008, the benefit calculation was based on the set of the five highest years of earnings within the ten calendar years prior to December 31, 2007, averaged with earnings from each year after 2007.
In addition, effective January 2008, the Company amended the Regular Pension Plan, modifying the vesting period from five years to three years.
upon the death of the employee, the employee’s beneficiary typically receives the designated portion of the death benefits directly from the insurance company and the Company receives the remainder of the death benefits.
It is currently expected that minimal cash payments will be required to fund these policies.
The net periodic pension cost for these split-dollar life insurance arrangements was $5 million for the years ended December 31, 2014, 2013 and 2012.
The Company has recorded a liability representing the actuarial present value of the future death benefits as of the employees’ expected retirement date of $66 million and $51 million as of December 31, 2014 and December 31, 2013, respectively.
Deferred Compensation PlanThe Company amended and reinstated its deferred compensation plan (“the Plan”) effective June 1, 2013 to reopen the Plan to certain participants.
Under the Plan, participants may elect to defer base salary and cash incentive compensation in excess of 401(k) plan limitations.
Participants under the Plan may choose to invest their deferred amounts in the same investment alternatives available under the Company's 401(k) plan.
The Plan also allows for Company matching contributions for the following: (i) the first 4% of compensation deferred under the Plan, subject to a maximum of $50,000 for board officers, (ii) lost matching amounts that would have been made under the 401(k) plan if participants had not participated in the Plan, and (iii) discretionary amounts as approved by the Compensation and Leadership Committee of the Board of Directors.
Defined Contribution PlanThe Company and certain subsidiaries have various defined contribution plans, in which all eligible employees may participate.
In the U. S. , the 401(k) plan is a contributory plan.
Matching contributions are based upon the amount of the employees’ contributions.
The Company’s expenses for material defined contribution plans for the years ended December 31, 2014, 2013 and 2012 were $31 million, $32 million and $30 million, respectively.
Beginning January 1, 2012, the Company may make an additional discretionary 401(k) plan matching contribution to eligible employees.
For the years ended December 31, 2014, 2013, and 2012 the Company made no discretionary matching contributions.8.
Share-Based Compensation Plans and Other Incentive PlansStock Options, Stock Appreciation Rights and Employee Stock Purchase PlanThe Company grants options to acquire shares of common stock to certain employees and to existing option holders of acquired companies in connection with the merging of option plans following an acquisition.
Each option granted and stock appreciation right has an exercise price of no less than 100% of the fair market value of the common stock on the date of the grant.
The awards have a contractual life of five to fifteen years and vest over two to four years.
Stock options and stock appreciation rights assumed or replaced with comparable stock options or stock appreciation rights in conjunction with a change in control of the Company only become exercisable if the holder is also involuntarily terminated (for a reason other than cause) or quits for good reason within 24 months of a change in control.
The employee stock purchase plan allows eligible participants to purchase shares of the Company’s common stock through payroll deductions of up to 20% of eligible compensation on an after-tax basis.
Plan participants cannot purchase more than $25,000 of stock in any calendar year.
The price an employee pays per share is 85% of the lower of the fair market value of the Company’s stock on the close of the first trading day or last trading day of the purchase period.
The plan has two purchase periods, the first from October 1 through March 31 and the second from April 1 through September 30.
For the years ended December 31, 2014, 2013 and 2012, employees purchased 1.4 million, 1.5 million and 1.4 million shares, respectively, at purchase prices of $51.76 and $53.79, $43.02 and $50.47, and $34.52 and $42.96, respectively.
The Company calculates the value of each employee stock option, estimated on the date of grant, using the Black-Scholes option pricing model.
The weighted-average estimated fair value of employee stock options granted during 2014, 2013 and 2012 was $11.02, $9.52 and $9.60, respectively, using the following weighted-average assumptions:
## Table 2 ##
The Company uses the implied volatility for traded options on the Company’s stock as the expected volatility assumption required in the Black-Scholes model.
The selection of the implied volatility approach was based upon the availability of actively traded options on the Company’s stock and the Company’s assessment that implied volatility is more representative of future stock price trends than historical volatility.
The risk-free interest rate assumption is based upon the average daily closing rates during the year for U. S.  Treasury notes that have a life which approximates the expected life of the option.
The dividend yield assumption is based on the Company’s future expectation of dividend payouts.
The expected life of employee stock options represents the average of the contractual term of the options and the weighted-average vesting period for all option tranches.

<table><tr><td></td><td colspan="3">Continuing Operations</td><td colspan="3">Net Earnings</td></tr><tr><td><i>Years Ended December 31</i></td><td> <i>2006</i></td><td>2005</td><td>2004</td><td> <i>2006</i></td><td>2005</td><td>2004</td></tr><tr><td>Earnings:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Earnings, as reported</td><td>$3,261</td><td>$4,519</td><td>$2,099</td><td>$3,661</td><td>$4,578</td><td>$1,532</td></tr><tr><td>Add: Share-based employee compensation expense included in reported earnings, net of related tax effects</td><td>n/a</td><td>9</td><td>15</td><td>n/a</td><td>9</td><td>19</td></tr><tr><td>Deduct: Share-based employee compensation expense determined under fair value-based method for all awards, net of related tax effects</td><td>n/a</td><td>-170</td><td>-150</td><td>n/a</td><td>-170</td><td>-188</td></tr><tr><td>Pro forma earnings</td><td>$3,261</td><td>$4,358</td><td>$1,964</td><td>$3,661</td><td>$4,417</td><td>$1,363</td></tr><tr><td>Basic earnings per common share:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>As reported</td><td>$1.33</td><td>$1.83</td><td>$0.89</td><td>$1.50</td><td>$1.85</td><td>$0.65</td></tr><tr><td>Pro forma</td><td>$n/a</td><td>$1.76</td><td>$0.83</td><td>$n/a</td><td>$1.79</td><td>$0.58</td></tr><tr><td>Diluted earnings per common share:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>As reported</td><td>$1.30</td><td>$1.79</td><td>$0.87</td><td>$1.46</td><td>$1.81</td><td>$0.64</td></tr><tr><td>Pro forma</td><td>$n/a</td><td>$1.72</td><td>$0.81</td><td>$n/a</td><td>$1.75</td><td>$0.57</td></tr></table>
<table><tr><td>Jurisdiction</td><td>Tax Years</td></tr><tr><td>United States</td><td>2008-2014</td></tr><tr><td>China</td><td>2002-2014</td></tr><tr><td>France</td><td>2010-2014</td></tr><tr><td>Germany</td><td>2008-2014</td></tr><tr><td>India</td><td>1997-2014</td></tr><tr><td>Israel</td><td>2012-2014</td></tr><tr><td>Japan</td><td>2011-2014</td></tr><tr><td>Malaysia</td><td>2009-2014</td></tr><tr><td>Singapore</td><td>2010-2014</td></tr><tr><td>United Kingdom</td><td>2008-2014</td></tr></table>
<table><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Expected volatility</td><td>21.7%</td><td>22.1%</td><td>24.0%</td></tr><tr><td>Risk-free interest rate</td><td>1.6%</td><td>0.9%</td><td>0.8%</td></tr><tr><td>Dividend yield</td><td>2.5%</td><td>2.4%</td><td>2.2%</td></tr><tr><td>Expected life (years)</td><td>5.2</td><td>5.9</td><td>6.1</td></tr></table>

Question: Which year Ended December 31 is Pro forma earnings for Continuing Operations the most?
Answer: 2005