17 Stock Based Compensation All shares have a liquidation price of $1,000 per share and rank senior to common stock with respect to rights to receive dividends and to receive distributions upon the liquidation, dissolution or winding up of the Company.
During 2010, the holders of the Series B Preferred Stock redeemed all of their shares and there are no more shares of Series B Preferred Stock outstanding.
Prior to the redemption, holders of the Series B Preferred Stock were entitled to receive cumulative dividends at the rate of 4.0%?per share per annum, multiplied by the $1,000 per share liquidation price.
In February 2011, the holders of the Series C Preferred Stock redeemed all of their shares and there are no more shares of Series C Preferred Stock outstanding.
Prior to the redemption, holders of the Series C Preferred Stock were entitled to receive dividends at the rate of 4.5%?per share per annum multiplied by the $1,000 per share liquidation price.
Dividends on both Series B and Series C Preferred Stock were payable in arrears on a quarterly basis.
Any dividend that was not paid on a specifi ed dividend payment date with respect to a share of such Preferred Stock was added to the liquidation price of such share for purposes of computing the future dividends on such share, until such delinquent dividend was paid.
None of the shares of Series B or Series C Preferred Stocks were convertible into common stock or any other equity security of the Company.
However, holders of the Series B and Series C Preferred Stocks were entitled to one vote per share owned of record on all matters voted upon by the Company stockholders, voting with the holders of common stock as a single class, and not as a separate class or classes.16.
Common Stock Changes in the number of common stock shares outstanding are as follows:
## Table 0 ##
a) Vested restricted stock and restricted stock units shown net of shares retired to cover participant tax liability Th e Company is authorized to issue 800,000,000 shares of common stock.
In addition, 150,001 shares of Class B and 400,001 shares of Class C common stock, per the Restated Certifi cate of Incorporation of Assurant, Inc. , are still authorized but have not been retired.17.
Stock Based Compensation In accordance with the guidance on share based compensation, the Company recognized stock-based compensation costs based on the grant date fair value.
Th e Company also applied the “long form” method to calculate its beginning pool of windfall tax benefi ts related to employee stock-based compensation awards as of the adoption date of the guidance.
For the years ended December?31, 2011, 2010 and 2009, the Company recognized compensation costs net of a 5%?per year forfeiture rate on a pro-rated basis over the remaining vesting period.
Long-Term Equity Incentive Plan In May 2008, the Company’s shareholders approved the Assurant, Inc.
Long-Term Equity Incentive Plan (“ALTEIP”), which authorized the granting of up to 3,400,000 shares of the Company’s common stock to employees, offi cers and non-employee directors.
In May 2010, the Company’s shareholders approved an amended and restated ALTEIP, increasing the number of shares of the Company’s common stock authorized for issuance to 5,300,000.
Under the ALTEIP, the Company may grant awards based on shares of its common stock, including stock options, stock appreciation rights (“SARs”), restricted stock (including performance shares), unrestricted stock, restricted stock units (“RSUs”), performance share units (“PSUs”) and dividend equivalents.
All future share-based grants will be awarded under the ALTEIP.
The Compensation Committee of the Board of Directors (the “Compensation Committee”) awarded PSUs and RSUs in 2011, 2010 and 2009.
RSUs and PSUs are promises to issue actual shares of common stock at the end of a vesting period or performance period.
Th e RSUs granted to employees under the ALTEIP were based on salary grade and performance and will vest one-third each year over a three-year period.
RSUs granted to non-employee directors also vest one-third each year over a three-year period.
RSUs receive dividend equivalents in cash during the restricted period and do not have voting rights during the restricted period.
PSUs accrue dividend equivalents during the performance period based on a target payout, and will be paid in cash at the end of the performance period based on the actual number of shares issued.
For the PSU portion of an award, the number of shares a participant will receive upon vesting is contingent upon the Company’s performance with respect to selected metrics, identifi ed below, compared against a broad index of insurance companies and assigned a percentile ranking.
Th ese rankings are then averaged to determine the composite percentile
We believe that our ability to access the capital markets, our revolving credit facility and our cash flows from operations will generate sufficient cash to fund our short-term requirements.
We fund liquidity needs for capital investment, working capital and other financial commitments through cash flows from operations, public and private debt offerings, commercial paper markets and to the extent necessary, our revolving credit facility.
We believe we have sufficient liquidity and ability to manage our expenditures should there be a disruption of the capital and credit markets.
In addition, the Company can delay major capital investments or other funding requirement or pursue financing from other sources to preserve liquidity, if necessary.
The Company believes it can rely upon cash flows from operations to meet its obligations and fund its minimum required capital investments for an extended period of time.
Cash Flows from Operating Activities Cash flows from operating activities primarily result from the sale of water and wastewater services and, due to the seasonality of demand, are generally greater during the third quarter of each fiscal year.
Our future cash flows from operating activities will be affected by, among other things, economic utility regulation; infrastructure investment; inflation; compliance with environmental, health and safety standards; production costs; customer growth; declining per customer usage of water; weather and seasonality; and overall economic conditions.
Cash flows from operating activities have been a reliable, steady source of funding, sufficient to meet operating requirements, make our dividend payments and fund a portion of our capital expenditures requirements.
We will seek access to debt and equity capital markets to meet the balance of our capital expenditure requirements as needed.
There can be no assurance that we will be able to access such markets successfully on favorable terms or at all.
Operating cash flows can be negatively affected by changes in our rate regulated environments or changes in our customers’ economic outlook and ability to pay for service in a timely manner.
We can provide no assurance that our customers’ historical payment pattern will continue in the future.
The following table provides a summary of the major items affecting our cash flows from operating activities for the periods indicated:
## Table 1 ##
(1) Includes, depreciation and amortization, provision for deferred income taxes, amortization of deferred investment tax credits, provision for losses on utility accounts receivable, allowance for other funds used during construction, (gain) loss on sale of assets, and pension and non-pension post retirement benefits expense and other non-cash items.
Details of each component can be found in the Consolidated Statements of Cash Flows.
(2) Changes in working capital include changes to accounts receivable and unbilled utility revenue, income taxes receivable, other current assets, accounts payable, taxes accrued (including income taxes), interest accrued and other current liabilities.
The increase in cash flows from operations for the year ended December 31, 2012 compared to the same period in 2011 is primarily attributable to additional revenues in 2012 and lower pension and postretirement healthcare contributions.
Medical membership was as follows at December 31, 2007 and 2006:
## Table 2 ##
These tables of financial data should be reviewed in connection with the discussion on the following pages.
Summary Net income was $833.7 million, or $4.91 per diluted common share, in 2007 compared to $487.4 million, or $2.90 per diluted common share, in 2006.
The year-over-year increase in earnings primarily resulted from higher operating earnings in our Government segment largely due to increased premium revenue from higher average Medicare membership.
Premium Revenues and Medical Membership Premium revenues increased $3.7 billion, or 17.9%, to $24.4 billion for 2007, compared to $20.7 billion for 2006 primarily due to higher premium revenues in the Government segment.
Premium revenues reflect changes in membership and increases in average per member premiums.
Items impacting average per member premiums include changes in premium rates as well as changes in the geographic mix of membership, the mix of product offerings, the mix of benefit plans selected by our membership, the impact of the risk corridor provisions, and changes in health status factors or risk adjustment provisions.
Government segment premium revenues increased $3.6 billion, or 24.8%, to $18.2 billion for 2007 compared to $14.6 billion for 2006 primarily attributable to higher average Medicare membership from the expanded participation in various Medicare products.
Average membership is calculated by summing the ending membership for each month in a period and dividing the result by the number of months in a period.
Average Medicare Advantage membership increased 26.4% for 2007 compared to 2006.
Sales of our PFFS products drove the majority of the 140,400 increase in ending Medicare Advantage members since December 31, 2006.
Average Medicare stand-alone PDP membership increased 19.5% for 2007 compared to 2006.
Commercial segment premium revenues increased $81.8 million, or 1.3%, to $6.2 billion for 2007 primarily due to our specialty product offerings, including dental, vision, and other supplemental health and life products,
to 1.9 million tons in 2007 from 1.7 million tons in 2006 due to a full year of operations at Phoenix and Leeville.
Ore milled increased to 25.5 million tons from 17.9 million tons in 2006, while mill ore grade decreased 23% with the processing of lower grade ore from Phoenix.
Ore placed on leach pads decreased 37% in 2007 compared to 2006 primarily as a result of mine sequencing at Gold Quarry and Twin Creeks and the completion of mining at Lone Tree in 2006.
Processing at the Lone Tree mill continued in 2007 with ore hauled from Twin Creeks.
Nevada’s Costs applicable to sales per ounce increased in 2007 compared to 2006 as lower production, higher cost production from Phoenix, the suspension of lower cost mining operations at Midas and increased labor, diesel and commodity costs were partially offset by lower surface mining costs.
Surface mining costs were lower due to completion of mining at Lone Tree in 2006 and work on capital projects at Carlin, partially offset by a full year of mining at Phoenix.
Amortization per ounce increased 27% from 2006 as a result of a full year of Phoenix and Leeville operation.
Our Midas operation in Nevada was suspended from June to October 2007 after a fatal accident.
Mining activities ramped-up and returned to historic production levels during 2008.
Consolidated gold sales are expected to decline in 2009 to approximately 1.8 to 2.0 million ounces, primarily due to lower expected ore grades, fewer expected oxide leach pad additions, the continued suspension of a third-party operated processing facility and lower recoveries at Mill 6 and the completion of underground mining activities at Deep Post by the end of 2009.
Costs applicable to sales in 2009 are expected to be approximately $535 to $575 per ounce, primarily due to lower production and lower by-product credits from Phoenix copper sales, partially offset by lower diesel costs and a full-year of power provided from our power plant completed in mid-2008.
Yanacocha Operations

<table><tr><td></td><td colspan="3">December 31,</td></tr><tr><td></td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td>Shares outstanding, beginning</td><td>102,000,371</td><td>116,648,714</td><td>117,368,534</td></tr><tr><td>Vested restricted stock and restricted stock units, net (a)</td><td>336,919</td><td>227,094</td><td>78,826</td></tr><tr><td>Issuance related to ESPP</td><td>217,787</td><td>324,162</td><td>321,038</td></tr><tr><td>Issuance related to SARS exercise</td><td>57,837</td><td>25,046</td><td>2,366</td></tr><tr><td>Shares repurchased</td><td>-14,088,540</td><td>-15,224,645</td><td>-1,122,050</td></tr><tr><td>Shares outstanding, ending</td><td>88,524,374</td><td>102,000,371</td><td>116,648,714</td></tr></table>
<table><tr><td></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td></td><td colspan="3">(in thousands)</td></tr><tr><td>Net income</td><td>$358,070</td><td>$309,613</td><td>$267,827</td></tr><tr><td>Add (subtract):</td><td></td><td></td><td></td></tr><tr><td>Non-cash operating activities-1</td><td>715,525</td><td>677,569</td><td>598,906</td></tr><tr><td>Changes in working capital-2</td><td>11,413</td><td>7,905</td><td>45,457</td></tr><tr><td>Pension and postretirement healthcare contributions</td><td>-129,410</td><td>-186,730</td><td>-137,257</td></tr><tr><td>Net cash flows provided by operations</td><td>$955,598</td><td>$808,357</td><td>$774,933</td></tr></table>
<table><tr><td></td><td></td><td></td><td colspan="2">Change</td></tr><tr><td></td><td> 2007</td><td> 2006</td><td>Members</td><td>Percentage</td></tr><tr><td>Government segment medical members:</td><td></td><td></td><td></td><td></td></tr><tr><td>Medicare Advantage</td><td>1,143,000</td><td>1,002,600</td><td>140,400</td><td>14.0%</td></tr><tr><td>Medicare stand-alone PDP</td><td>3,442,000</td><td>3,536,600</td><td>-94,600</td><td>-2.7%</td></tr><tr><td>Total Medicare</td><td>4,585,000</td><td>4,539,200</td><td>45,800</td><td>1.0%</td></tr><tr><td>Military services</td><td>1,719,100</td><td>1,716,400</td><td>2,700</td><td>0.2%</td></tr><tr><td>Military services ASO</td><td>1,146,800</td><td>1,163,600</td><td>-16,800</td><td>-1.4%</td></tr><tr><td>Total military services</td><td>2,865,900</td><td>2,880,000</td><td>-14,100</td><td>-0.5%</td></tr><tr><td>Medicaid</td><td>384,400</td><td>390,700</td><td>-6,300</td><td>-1.6%</td></tr><tr><td>Medicaid ASO</td><td>180,600</td><td>178,400</td><td>2,200</td><td>1.2%</td></tr><tr><td>Total Medicaid</td><td>565,000</td><td>569,100</td><td>-4,100</td><td>-0.7%</td></tr><tr><td>Total Government</td><td>8,015,900</td><td>7,988,300</td><td>27,600</td><td>0.3%</td></tr><tr><td>Commercial segment medical members:</td><td></td><td></td><td></td><td></td></tr><tr><td>Fully-insured</td><td>1,808,600</td><td>1,754,200</td><td>54,400</td><td>3.1%</td></tr><tr><td>ASO</td><td>1,643,000</td><td>1,529,600</td><td>113,400</td><td>7.4%</td></tr><tr><td>Total Commercial</td><td>3,451,600</td><td>3,283,800</td><td>167,800</td><td>5.1%</td></tr><tr><td>Total medical membership</td><td>11,467,500</td><td>11,272,100</td><td>195,400</td><td>1.7%</td></tr></table>

Question: Which year is the amount in terms of Total Medicaid the least?
Answer: 2007