(b) In Monterey, in order to augment our sources of water supply, we have implemented conservation rates and other programs to address demand and are utilizing aquifer storage and recovery facilities to store winter water for summer use.
Additionally, in other areas, we are making arrangements to extend or expand our purchase of water from neighboring water providers.
The level of treatment we apply to the water varies significantly depending upon the quality of the water source and customer stipulations.
Surface water sources, such as rivers, typically require significant treatment, while some groundwater sources, such as aquifers, require chemical treatment only.
In addition, a small amount of treated water is purchased from neighboring water purveyors.
Treated water is transported through our transmission and distribution network, which includes underground pipes, above ground storage facilities and numerous pumping facilities with the ultimate distribution of the treated water to the customers’ premises.
We also have installed production meters to measure the water that we deliver to our distribution network.
We employ a variety of methods of customer meter reading to monitor consumption; ranging from meters with mechanical registers where consumption is manually recorded by meter readers to meters with electronic registers capable of transmitting consumption data to proximity devices (touch read) or via radio frequency to mobile or fixed network data collectors.
The majority of new meters are able to support future advances in electronic meter reading.
Wastewater services involve the collection of wastewater from customers’ premises through sewer lines.
The wastewater is then transported through a sewer network to a treatment facility, where it is treated to meet required effluent standards.
The treated wastewater is finally returned to the environment as effluent, and the solid waste by -product of the treatment process is disposed of in accordance with applicable standards and regulations.
Customers We have a large and geographically diverse customer base in our Regulated Businesses.
An active customer is defined as a party with an active agreement to receive a specific service from a connection to our water or wastewater system as of the last business day of each monthly reporting period.
Also, as in the case of apartment complexes, businesses and many homes, multiple individuals may be served by a single contract.
Residential customers make up the majority of our customer base in all of the states in which we operate.
In 2013, residential customers accounted for 91.0% of the customers and 59.3% of the operating revenue of our Regulated Businesses.
We also serve commercial customers, such as shops and businesses; industrial customers, such as large-scale manufacturing and production operations; and public authorities, such as government buildings and other public sector facilities, including schools.
We also supply water to public fire hydrants for firefighting purposes, to private fire customers for use in fire suppression systems in office buildings and other facilities as well as providing bulk water supplies to other water utilities for distribution to their own customers.
The following table sets forth the number of water and wastewater customers (by customer class) for our Regulated Businesses as of December 31, 2013, 2012, and 2011:
## Table 0 ##
ITEM 6.
SELECTED FINANCIAL DATA
## Table 1 ##
## Table 2 ##
## Table 3 ##
(1) For the year ended December 31, 2009, there are no dilutive incremental common shares included in diluted earnings per share as all potentially dilutive instruments would be anti-dilutive.
(2) The amount for the year ended December 31, 2012 includes net proceeds from the sale of our Arizona, New Mexico and Ohio subsidiaries of approximately $561 million, with the majority of it used to pay down short-term debt.
For further information, see “Item 7—Management Discussion and Analysis— Consolidated Results of Operations.
” (3) 2012 includes one additional dividend payment of $0.25 per common share paid on December 28, 2012 to all shareholders of record as of December 20, 2012 to allow them to take advantage of the existing 2012 tax rates.
(4) Included in 2011 was a change in the timing of dividend declarations.
As a result, five dividend declarations were made during 2011.
The Company utilized the “simplified method” to determine the expected stock option life due to insufficient historical experience to estimate the exercise patterns of the stock options granted.
The Company began granting stock options at the time of its initial public offering in April 2008.
Expected volatility is based on a weighted average of historic volatilities of traded common stock of peer companies (regulated water companies) over the expected term of the stock options and historic volatilities of the Company’s common stock during the period it has been publicly traded.
The dividend yield is based on the Company’s expected dividend payments and the stock price on the date of grant.
The risk-free interest rate is the market yield on U. S.  Treasury strips with maturities similar to the expected term of the stock options.
The exercise price of the stock options is equal to the fair market value of the underlying stock on the date of option grant.
Stock options vest over periods ranging from one to three years and expire seven years from the effective date of the grant.
The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model.
The value of stock options at the date of the grant is amortized through expense over the requisite service period using the straight-line method.
As of December 31, 2014, $1,545 of total unrecognized compensation cost related to nonvested stock options is expected to be recognized over the remaining weighted-average period of 1.7 years.
The total grant date fair value of stock options vested during the years ended December 31, 2014, 2013 and 2012 was $2,728, $3,512 and $3,219, respectively.
The table below summarizes stock option activity for the year ended December 31, 2014:
## Table 4 ##
The following table summarizes additional information regarding stock options exercised during the years ended December 31, 2014, 2013 and 2012:
## Table 5 ##
Restricted Stock Units During 2011, the Company granted selected employees 189 restricted stock units with internal performance measures and, separately, certain market thresholds.
These awards vested in January 2014.
The terms of the grants specified that if certain performance on internal measures and market thresholds was achieved, the restricted stock units would vest; if performance was surpassed, up to 175% of the target awards would be distributed; and if performance thresholds were not met, awards would be cancelled.
In January 2014, an additional 113 restricted stock units were granted and distributed because performance thresholds were exceeded.
In 2014, 2013 and 2012, the Company granted restricted stock units, both with and without performance conditions, to certain employees under the Plan.
The restricted stock units without performance conditions vest ratably over the three-year service period beginning January 1 of the year of the grant and the restricted stock
We also support state legislation that enables the consolidation of the largely fragmented water and wastewater industries.
Legislation in certain states has generally enabled sales between interested parties, has allowed a reasonable market valuation of purchased property, and has enabled consolidation of water and wastewater rates.
Customers Our Regulated Businesses have a large and geographically diverse customer base.
A customer is a person, corporation, municipality or any other entity that purchases our water or wastewater system as of the last business day of a reporting period.
Also, a single customer may purchase our services for use by multiple individuals or businesses in the case of many homes, apartment complexes, businesses and governmental entities.
Residential customers make up the majority of our customer base in all of the states in which we operate.
In 2015, residential customers accounted for 91.1% of our customer base, 59.2% of the billed water sales and 56.0% of the operating revenues of our Regulated Businesses.
We also serve commercial customers, such as offices, retail stores and restaurants; industrial customers, such as large-scale manufacturing and production operations; and public authorities, such as government buildings and other public sector facilities, including schools.
We also supply water through our distribution systems to public fire hydrants for firefighting purposes, to private fire customers for use in fire suppression systems in office buildings and other facilities, as well as to other water utilities in the form of bulk water supplies for distribution to their own customers.
The vast majority of our regulated water customers are metered, which allows us to measure and bill for our customers’ water usage, typically on a monthly basis.
We employ a variety of methods of customer meter reading to monitor consumption.
These methods range from meters with mechanical registers where consumption is manually recorded by meter readers, to meters with electronic registers capable of transmitting consumption data to proximity devices (touch read) or via radio frequency to mobile or fixed network data collectors.
The majority of new meters are able to support future advances in electronic meter reading.
Our wastewater customers are billed either a flat rate or based on their water consumption.
The following table summarizes the number of water and wastewater customers we served by class as of December 31:
## Table 6 ##
Customer growth in our Regulated Businesses is primarily driven by the following factors: ?
adding new customers to our regulated customer base by acquiring water and/or wastewater utility systems; ?
organic population growth or decline in our authorized service areas; and ?
the sale of water to other community water systems.
Generally, we add customers through acquisitions of small and medium water and/or wastewater systems in close geographic proximity to areas where we operate our Regulated Businesses, which we refer to as “tuck-ins.
” The proximity of tuck-in opportunities to our regulated footprint allows us to integrate and manage the acquired systems and operations primarily using our existing management and to achieve operational efficiencies.
Pursuing tuck-ins has been and continues to be a fundamental part of our growth strategy.
We intend to continue to expand our regulated footprint geographically by acquiring water and wastewater systems in our existing
Part I Item 1 Entergy Corporation, Utility operating companies, and System Energy 233 Employment and Labor-related Proceedings (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) The Registrant Subsidiaries and other Entergy subsidiaries are responding to various lawsuits in both state and federal courts and to other labor-related proceedings filed by current and former employees.
Generally, the amount of damages being sought is not specified in these proceedings.
These actions include, but are not limited to, allegations of wrongful employment actions; wage disputes and other claims under the Fair Labor Standards Act or its state counterparts; claims of race, gender and disability discrimination; disputes arising under collective bargaining agreements; unfair labor practice proceedings and other administrative proceedings before the National Labor Relations Board; claims of retaliation; and claims for or regarding benefits under various Entergy Corporation sponsored plans.
Entergy and the Registrant Subsidiaries are responding to these suits and proceedings and deny liability to the claimants.
Employees Employees are an integral part of Entergy's commitment to serving its customers.
As of December 31, 2008, Entergy employed 14,669 people.

<table><tr><td></td><td colspan="6">December 31,</td></tr><tr><td></td><td colspan="2">2013</td><td colspan="2">2012</td><td colspan="2">2011</td></tr><tr><td></td><td>Water</td><td>Wastewater</td><td>Water</td><td>Wastewater</td><td>Water</td><td>Wastewater</td></tr><tr><td>Residential</td><td>2,813,601</td><td>117,584</td><td>2,783,354</td><td>95,576</td><td>2,730,524</td><td>95,092</td></tr><tr><td>Commercial</td><td>219,510</td><td>6,287</td><td>218,988</td><td>5,477</td><td>216,415</td><td>5,462</td></tr><tr><td>Industrial</td><td>3,822</td><td>16</td><td>3,894</td><td>12</td><td>3,885</td><td>13</td></tr><tr><td>Public & other</td><td>58,420</td><td>259</td><td>50,702</td><td>223</td><td>49,705</td><td>209</td></tr><tr><td>Total</td><td>3,095,353</td><td>124,146</td><td>3,056,938</td><td>101,288</td><td>3,000,529</td><td>100,776</td></tr></table>
<table><tr><td></td><td colspan="5">For the Years Ended December 31,</td></tr><tr><td></td><td>2013</td><td>2012</td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td></td><td colspan="5">(in thousands, except per share data)</td></tr><tr><td>Statement of operations data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating revenues</td><td>$2,901,858</td><td>$2,876,889</td><td>$2,666,236</td><td>$2,555,035</td><td>$2,290,446</td></tr><tr><td>Goodwill impairment charges</td><td>—</td><td>—</td><td>—</td><td>—</td><td>$428,036</td></tr><tr><td>Operating income (loss)</td><td>$945,849</td><td>$924,973</td><td>$803,136</td><td>$728,122</td><td>$183,835</td></tr><tr><td>Income (loss) from continuing operations</td><td>$369,264</td><td>$374,250</td><td>$304,929</td><td>$255,072</td><td>$-219,998</td></tr><tr><td>Income (loss) from continuing operationsper basic common share (1)</td><td>$2.08</td><td>$2.12</td><td>$1.74</td><td>$1.46</td><td>$-1.31</td></tr><tr><td>Income (loss) from continuing operationsper diluted common share (1)</td><td>$2.06</td><td>$2.11</td><td>$1.73</td><td>$1.46</td><td>$-1.31</td></tr></table>
<table><tr><td></td><td colspan="5">As of December 31,</td></tr><tr><td></td><td>2013</td><td>2012</td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td></td><td colspan="5">(in thousands)</td></tr><tr><td>Cash and cash equivalents</td><td>$26,964</td><td>$24,433</td><td>$14,207</td><td>$13,112</td><td>$22,256</td></tr><tr><td>Utility plant and property, net ofdepreciation</td><td>$12,244,359</td><td>$11,584,944</td><td>$10,872,042</td><td>$10,241,342</td><td>$9,708,885</td></tr><tr><td>Total assets</td><td>$15,069,533</td><td>$14,718,976</td><td>$14,776,391</td><td>$14,086,246</td><td>$13,459,368</td></tr><tr><td>Short-term and long-term debt</td><td>$5,855,712</td><td>$5,574,763</td><td>$5,882,956</td><td>$5,658,473</td><td>$5,434,463</td></tr><tr><td>Redeemable preferred stock</td><td>$18,827</td><td>$20,511</td><td>$22,036</td><td>$22,794</td><td>$23,011</td></tr><tr><td>Total debt and redeemable preferred stock</td><td>$5,874,539</td><td>$5,595,274</td><td>$5,904,992</td><td>$5,681,267</td><td>$5,457,474</td></tr><tr><td>Common stockholders' equity</td><td>$4,727,804</td><td>$4,443,268</td><td>$4,235,837</td><td>$4,127,725</td><td>$4,000,859</td></tr><tr><td>Preferred Stock without mandatoryredemption requirements</td><td>—</td><td>$1,720</td><td>$4,547</td><td>$4,547</td><td>$4,557</td></tr><tr><td>Total stockholders' equity</td><td>$4,727,804</td><td>$4,444,988</td><td>$4,240,384</td><td>$4,132,272</td><td>$4,005,416</td></tr></table>
<table><tr><td></td><td colspan="5">For the Years Ended December 31,</td></tr><tr><td></td><td>2013</td><td>2012</td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td></td><td colspan="5">(in thousands, except per share data)</td></tr><tr><td>Other data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash flows provided by (used in):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating activities</td><td>$896,162</td><td>$955,598</td><td>$808,357</td><td>$774,933</td><td>$596,156</td></tr><tr><td>Investing activities -2</td><td>$-1,053,294</td><td>$-382,356</td><td>$-912,397</td><td>$-746,743</td><td>$-703,611</td></tr><tr><td>Financing activities -2</td><td>$159,663</td><td>$-563,016</td><td>$105,135</td><td>$-37,334</td><td>$120,169</td></tr><tr><td>Construction expenditures, included ininvesting activities</td><td>$-980,252</td><td>$-928,574</td><td>$-924,858</td><td>$-765,636</td><td>$-785,265</td></tr><tr><td>Dividends paid per common share -3</td><td>$0.84</td><td>$1.21</td><td>$0.90</td><td>$0.86</td><td>$0.82</td></tr><tr><td>Dividends declared per common share -4</td><td>$1.12</td><td>$0.98</td><td>$1.13</td><td>$0.86</td><td>$0.82</td></tr></table>
<table><tr><td></td><td>Shares</td><td>Weighted-Average Exercise Price (per share)</td><td>Weighted-Average Remaining Life (years)</td><td>Aggregate Intrinsic Value</td></tr><tr><td>Options outstanding at January 1, 2014</td><td>2,055</td><td>$28.80</td><td></td><td></td></tr><tr><td>Granted</td><td>491</td><td>44.29</td><td></td><td></td></tr><tr><td>Forfeited or expired</td><td>-62</td><td>39.23</td><td></td><td></td></tr><tr><td>Exercised</td><td>-574</td><td>25.40</td><td></td><td></td></tr><tr><td>Options outstanding at December 31, 2014</td><td>1,910</td><td>$33.47</td><td>3.9</td><td>$37,881</td></tr><tr><td>Exercisable at December 31, 2014</td><td>1,094</td><td>$27.68</td><td>2.8</td><td>$28,022</td></tr></table>
<table><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Intrinsic value</td><td>$12,689</td><td>$15,102</td><td>$14,515</td></tr><tr><td>Exercise proceeds</td><td>14,582</td><td>20,211</td><td>22,112</td></tr><tr><td>Income tax benefit</td><td>3,885</td><td>4,383</td><td>4,017</td></tr></table>
<table><tr><td></td><td colspan="2">2015</td><td colspan="2">2014</td><td colspan="2">2013</td></tr><tr><td></td><td>Water</td><td>Wastewater</td><td>Water</td><td>Wastewater</td><td>Water</td><td>Wastewater</td></tr><tr><td>Residential</td><td>2,829,170</td><td>132,870</td><td>2,813,715</td><td>117,602</td><td>2,813,601</td><td>117,584</td></tr><tr><td>Commercial</td><td>218,798</td><td>7,308</td><td>218,314</td><td>6,221</td><td>219,510</td><td>6,287</td></tr><tr><td>Industrial</td><td>3,765</td><td>17</td><td>3,793</td><td>17</td><td>3,822</td><td>16</td></tr><tr><td>Public & other</td><td>60,421</td><td>342</td><td>59,249</td><td>281</td><td>58,420</td><td>259</td></tr><tr><td>Total</td><td>3,112,154</td><td>140,537</td><td>3,095,071</td><td>124,121</td><td>3,095,353</td><td>124,146</td></tr></table>

Question: In the year with lowest amount of Operating activities, what's the increasing rate of Dividends declared per common share -4?
Answer: 0.04878