Sales volumes in 2013 increased from 2012, primarily for fluff pulp, reflecting improved market demand and a change in our product mix with a full year of fluff pulp production at our Franklin, Virginia mill.
Average sales price realizations were lower for fluff pulp while prices for market pulp increased.
Input costs for wood, fuels and chemicals were higher.
Mill operating costs were significantly lower largely due to the absence of costs associated with the start-up of the Franklin mill in 2012.
Planned maintenance downtime costs were higher.
In the first quarter of 2014, sales volumes are expected to be slightly lower compared with the fourth quarter of 2013.
Average sales price realizations are expected to improve, reflecting the further realization of previously announced sales price increases for softwood pulp and fluff pulp.
Input costs should be flat.
Planned maintenance downtime costs should be about $11 million higher than in the fourth quarter of 2013.
Operating profits will also be negatively impacted by the severe winter weather in the first quarter of 2014.
Consumer Packaging Demand and pricing for Consumer Packaging products correlate closely with consumer spending and general economic activity.
In addition to prices and volumes, major factors affecting the profitability of Consumer Packaging are raw material and energy costs, freight costs, manufacturing efficiency and product mix.
Consumer Packaging net sales in 2013 increased 8% from 2012, but decreased 7% from 2011.
Operating profits decreased 40% from 2012 and 1% from 2011.
Net sales and operating profits include the Shorewood business in 2011.
Excluding costs associated with the permanent shutdown of a paper machine at our Augusta, Georgia mill and costs associated with the sale of the Shorewood business, 2013 operating profits were 22% lower than in 2012, and 43% lower than in 2011.
Benefits from higher sales volumes ($45 million) were offset by lower average sales price realizations and an unfavorable mix ($50 million), higher operating costs including incremental costs resulting from the shutdown of a paper machine at our Augusta, Georgia mill ($46 million) and higher input costs ($6 million).
In addition, operating profits in 2013 included restructuring costs of $45 million related to the permanent shutdown of a paper machine at our Augusta, Georgia mill and $2 million of costs associated with the sale of the Shorewood business.
Operating profits in 2012 included a gain of $3 million related to the sale of the Shorewood business, while operating profits in 2011 included a $129 million fixed asset impairment charge for the North American Shorewood business and $72 million for other charges associated with the sale of the Shorewood business.
## Table 0 ##
North American Consumer Packaging net sales were $2.0 billion in 2013 compared with $2.0 billion in 2012 and $2.5 billion in 2011.
Operating profits were $63 million ($110 million excluding paper machine shutdown costs and costs related to the sale of the Shorewood business) in 2013 compared with $165 million ($162 million excluding charges associated with the sale of the Shorewood business) in 2012 and $35 million ($236 million excluding asset impairment charges and other costs associated with the sale of the Shorewood business) in 2011.
Coated Paperboard sales volumes in 2013 were higher than in 2012 reflecting stronger market demand.
Average sales price realizations were lower year-overyear despite the realization of price increases in the second half of 2013.
Input costs for wood and energy increased, but were partially offset by lower costs for chemicals.
Planned maintenance downtime costs were slightly lower.
Market-related downtime was about 24,000 tons in 2013 compared with about 113,000 tons in 2012.
The permanent shutdown of a paper machine at our Augusta, Georgia mill in the first quarter of 2013 reduced capacity by 140,000 tons in 2013 compared with 2012.
Foodservice sales volumes increased slightly in 2013 compared with 2012 despite softer market demand.
Average sales margins were higher reflecting lower input costs for board and resins and a more favorable product mix.
Operating costs and distribution costs were both higher.
The U. S. Shorewood business was sold December 31, 2011 and the non-U.
S.  business was sold in January 2012.
Looking ahead to the first quarter of 2014, Coated Paperboard sales volumes are expected to be seasonally weaker than in the fourth quarter of 2013.
Average sales price realizations are expected to be slightly higher, and margins should also benefit from a more favorable product mix.
Input costs are expected to be higher for energy, chemicals and wood.
Planned maintenance downtime costs should be $8 million lower with a planned maintenance outage scheduled at the Augusta mill in the first quarter.
The severe winter weather in the first quarter of 2014 will negatively impact operating profits.
Foodservice sales volumes are expected to be seasonally lower.
Average sales margins are expected to improve due to the realization of sales price increases effective with our January contract openers and a more favorable product mix.
CASH EQUIVALENTS AND CASH FLOWS Cash equivalents include cash and due from banks, interest-bearing deposits in other banks, and federal funds sold and securities purchased under agreements to resell.
Cash flows from loans, either originated or acquired, are classified at that time according to management’s original intent to either sell or hold the loan for the foreseeable future.
When management’s intent is to sell the loan, the cash flows of that loan are presented as operating cash flows.
When management’s intent is to hold the loan for the foreseeable future, the cash flows of that loan are presented as investing cash flows.
The following table summarizes supplemental cash flow information for the years ended December 31:
## Table 1 ##
SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities purchased under agreements to resell and securities sold under agreements to repurchase are treated as collateralized financing transactions.
It is Regions’ policy to take possession of securities purchased under resell agreements.
TRADING ACCOUNT ASSETS Trading account assets, which are primarily held for the purpose of selling at a profit, consist of debt and marketable equity securities and are carried at estimated fair value.
The majority of the amounts in trading account assets are related to the activities of Morgan Keegan (see Note 3 and Note 25).
See the “Fair Value Measurements” section below for discussion of determining fair value.
Gains and losses, both realized and unrealized, related to Morgan Keegan activities are included in discontinued operations.
Gains and losses, both realized and unrealized, related to continuing operations are included in capital markets and investment income.
See Note 4 for further detail of trading account assets.
SECURITIES Management determines the appropriate classification of debt and equity securities at the time of purchase and periodically re-evaluates such designations.
Debt securities are classified as securities held to maturity when the Company has the intent and ability to hold the securities to maturity.
Securities held to maturity are presented at amortized cost.
Debt securities not classified as securities held to maturity or trading account assets and marketable equity securities not classified as trading account assets are classified as securities available for sale.
Securities available for sale are presented at estimated fair value with changes in unrealized gains and losses, net of taxes, reported as a component of other comprehensive income (loss).
See the “Fair Value Measurements” section below for discussion of determining fair value.
The amortized cost of debt securities classified as securities held to maturity and securities available for sale is adjusted for amortization of premiums and accretion of discounts to maturity, or in the case of mortgagebacked securities, over the estimated life of the security, using the effective yield method.
Such amortization or accretion is included in interest income on securities.
Realized gains and losses are included in net securities gains (losses).
The cost of securities sold is based on the specific identification method.
NOTE 16.
SHARE-BASED PAYMENTS Regions has long-term incentive compensation plans that permit the granting of incentive awards in the form of stock options, restricted stock, restricted stock awards and units, performance awards and/or stock appreciation rights.
While Regions has the ability to issue stock appreciation rights, none have been issued to date.
The terms of all awards issued under these plans are determined by the Compensation Committee of the Board of Directors; however, no awards may be granted after the tenth anniversary from the date the plans were initially approved by shareholders.
Incentive awards usually vest based on employee service, generally within three years from the date of the grant.
The contractual lives of options granted under these plans range from seven to ten years from the date of the grant.
On May 13, 2010, the shareholders of the Company approved the Regions Financial Corporation 2010 Long-Term Incentive Plan (“2010 LTIP”), which permits the Company to grant to employees and directors various forms of incentive compensation.
These forms of incentive compensation are similar to the types of compensation approved in prior plans.
The 2010 LTIP authorizes 100 million common share equivalents available for grant, where grants of options count as one share equivalent and grants of full value awards (e. g. , shares of restricted stock, restricted stock units and performance stock units) count as 2.25 share equivalents.
Unless otherwise determined by the Compensation Committee of the Board of Directors, grants of restricted stock, restricted stock units and performance stock units accrue dividends as they are declared by the Board of Directors, and the dividends are paid upon vesting of the award.
The 2010 LTIP closed all prior long-term incentive plans to new grants, and accordingly, prospective grants must be made under the 2010 LTIP or a successor plan.
All existing grants under prior long-term incentive plans were unaffected by this amendment.
The number of remaining share equivalents available for future issuance under the 2010 LTIP was approximately 66 million at December 31, 2012.
Grants of performance-based restricted stock typically have a one to three-year performance period, and shares vest within three years after the grant date.
Restricted stock units have a vesting period of three to five years.
Generally, the terms of these plans stipulate that the exercise price of options may not be less than the fair market value of Regions’ common stock at the date the options are granted; however, under prior stock option plans, non-qualified options could be granted with a lower exercise price than the fair market value of Regions’ common stock on the date of grant.
The contractual life of options granted under these plans ranges from seven to ten years from the date of grant.
Regions issues new shares from authorized reserves upon exercise.
Grantees of restricted stock awards or units must either remain employed with the Company for certain periods from the date of grant in order for shares to be released or issued or retire after meeting the standards of a retiree, at which time shares would be prorated and released.
The following table summarizes the elements of compensation cost recognized in the consolidated statements of operations for the years ended December 31:
## Table 2 ##
Note: The table above includes compensation cost of share-based compensation awards from discontinued operations of approximately zero, $1 million, and $1 million, net of tax, for years 2012, 2011, and 2010, respectively (see Note 3 to the consolidated financial statements).
## Table 3 ##
N/A - not applicable.
(1) See Table 2 for GAAP to non-GAAP reconciliations.
(2) Current year Basel III common equity Tier 1, Tier 1 capital, Total capital, and Leverage capital ratios are estimated.
(3) Regions' regulatory capital ratios for years prior to 2015 have not been revised to reflect the retrospective application of new accounting guidance related to investments in qualified affordable housing projects.
(4) Beginning in 2015, Regions' regulatory capital ratios are calculated pursuant to the phase-in provisions of the Basel III Rules.
All prior period ratios were calculated pursuant to the Basel I capital rules.
(5) High and low market prices are based on intraday sales prices.
NON-GAAP MEASURES The table below presents computations of earnings and certain other financial measures, which exclude certain significant items that are included in the financial results presented in accordance with GAAP.
These non-GAAP financial measures include "adjusted allowance for loan losses to non-performing loans, excluding loans held for sale ratio", “adjusted fee income ratio”, “adjusted efficiency ratio”, “return on average tangible common stockholders’equity”, average and end of period “tangible common stockholders’ equity”, and “Basel III CET1, on a fully phased-in basis” and related ratios.
Regions believes that expressing earnings and certain other financial measures excluding these significant items provides a meaningful base for period-to-period comparisons, which management believes will assist investors in analyzing the operating results of the Company and predicting future performance.
These non-GAAP financial measures are also used by management to assess the performance of Regions’ business because management does not consider the activities related to the adjustments to be indications of ongoing operations.
Regions believes that presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as that applied by management.
Management and the Board utilize these non-GAAP financial measures as follows: ?
Preparation of Regions’ operating budgets ?
Monthly financial performance reporting ?
Monthly close-out reporting of consolidated results (management only) ?
Presentations to investors of Company performance The adjusted allowance for loan losses to non-performing loans, excluding loans held for sale ratio (non-GAAP), which is a measure of credit quality performance, is generally calculated as adjusted allowance for loan losses divided by adjusted total nonaccrual loans, excluding loans held for sale.
Management believes that excluding the portion of the allowance for loan losses related to direct energy loans and the direct energy non-accrual loans will assist investors in analyzing the Company's credit quality performance absent the volatility that has been experienced by energy businesses.
The allowance for loan losses (GAAP) is presented excluding the portion of the allowance related to direct energy loans to arrive at the adjusted allowance for loan losses (non-GAAP).
Total non-accrual loans (GAAP) is presented excluding direct energy non-accrual loans to arrive at adjusted total non-accrual loans, excluding loans held for sale (non-GAAP), which is the denominator for the allowance for loan losses to non-accrual loans ratio.
The adjusted efficiency ratio (non-GAAP), which is a measure of productivity, is generally calculated as non-interest expense divided by total revenue on a taxable-equivalent basis.
The adjusted fee income ratio (non-GAAP) is generally calculated as noninterest income divided by adjusted total revenue on a taxable-equivalent basis.
Management uses these ratios to monitor performance and believes these measures provide meaningful information to investors.
Non-interest expense (GAAP) is presented excluding adjustments to arrive at adjusted non-interest expense (non-GAAP), which is the numerator for the adjusted efficiency ratio.
Noninterest income (GAAP) is presented excluding adjustments to arrive at adjusted non-interest income (non-GAAP), which is the

<table><tr><td>In millions</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Sales</td><td>$3,435</td><td>$3,170</td><td>$3,710</td></tr><tr><td>Operating Profit</td><td>161</td><td>268</td><td>163</td></tr></table>
<table><tr><td></td><td>2011</td><td>2010 (In millions)</td><td> 2009</td></tr><tr><td>Cash paid (received) during the period for:</td><td></td><td></td><td></td></tr><tr><td>Interest on deposits and borrowings</td><td>$919</td><td>$1,442</td><td>$2,086</td></tr><tr><td>Income taxes, net</td><td>-98</td><td>-555</td><td>137</td></tr><tr><td>Non-cash transfers:</td><td></td><td></td><td></td></tr><tr><td>Loans held for sale and loans transferred to other real estate</td><td>532</td><td>649</td><td>890</td></tr><tr><td>Loans transferred to loans held for sale</td><td>973</td><td>594</td><td>374</td></tr><tr><td>Properties transferred to held for sale</td><td>51</td><td>6</td><td>68</td></tr></table>
<table><tr><td></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td></td><td colspan="3">(In millions)</td></tr><tr><td>Compensation cost of share-based compensation awards:</td><td></td><td></td><td></td></tr><tr><td>Restricted stock awards</td><td>$23</td><td>$10</td><td>$10</td></tr><tr><td>Stock options</td><td>7</td><td>9</td><td>13</td></tr><tr><td>Cash-settled restricted stock units</td><td>3</td><td>3</td><td>7</td></tr><tr><td>Tax benefits related to compensation cost</td><td>-12</td><td>-8</td><td>-11</td></tr><tr><td>Compensation cost of share-based compensation awards, net of tax</td><td>$21</td><td>$14</td><td>$19</td></tr></table>
<table><tr><td></td><td>2016</td><td>2015</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td></td><td colspan="5">(In millions, except per share data)</td></tr><tr><td>COMMON STOCK DATA</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash dividends declared per common share</td><td>$0.255</td><td>$0.23</td><td>$0.18</td><td>$0.10</td><td>$0.04</td></tr><tr><td>Common equity book value per share</td><td>13.04</td><td>12.35</td><td>11.81</td><td>11.04</td><td>10.57</td></tr><tr><td>Tangible common book value per share (non-GAAP)<sup>(1)</sup></td><td>8.95</td><td>8.52</td><td>8.18</td><td>7.47</td><td>7.05</td></tr><tr><td>Market value at year-end</td><td>14.36</td><td>9.60</td><td>10.56</td><td>9.89</td><td>7.13</td></tr><tr><td>Market price range:<sup>-5</sup></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>High</td><td>14.73</td><td>10.87</td><td>11.54</td><td>10.52</td><td>7.73</td></tr><tr><td>Low</td><td>7.00</td><td>8.54</td><td>8.85</td><td>7.13</td><td>4.21</td></tr><tr><td>Total trading volume</td><td>5,241</td><td>4,243</td><td>3,689</td><td>3,962</td><td>5,282</td></tr><tr><td>Dividend payout ratio</td><td>29.25%</td><td>30.76%</td><td>22.80%</td><td>13.31%</td><td>5.59%</td></tr><tr><td>Stockholders of record at year-end (actual)</td><td>48,958</td><td>51,270</td><td>57,529</td><td>63,815</td><td>67,574</td></tr><tr><td>Weighted-average number of common shares outstanding</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>1,255</td><td>1,325</td><td>1,375</td><td>1,395</td><td>1,381</td></tr><tr><td>Diluted</td><td>1,261</td><td>1,334</td><td>1,387</td><td>1,410</td><td>1,387</td></tr></table>

Question: When is Cash dividends declared per common share the largest?
Answer: 2016