ÿþIn September 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230)  Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB Emerging Issues Task  Force).
 This standard addresses stakeholders  concerns regarding diversity in practice in how certain  cash receipts and cash payments are presented and classified in the statement of cash flows under  Topic 230, Statement of Cash Flows, and other Topics.
 In particular, ASU No.
 2016-15 addresses eight  specific cash flow issues in an effort to reduce this diversity in practice: (1) debt prepayment or debt  extinguishment costs; (2) settlement of zero-coupon bonds; (3) contingent consideration payments made  after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from  the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies;  (6) distributions received from equity method investees; (7) beneficial interests in securitization  transactions; and (8) separately identifiable cash flows and application of the predominance principle.
  For public business entities that are SEC filers, the amendments are effective for fiscal years beginning  after December 15, 2017, and for interim periods within those fiscal years.
 Note that early adoption is  permitted for all entities, including adoption during an interim period.
 The Company is in the process  of evaluating this guidance, though we do not expect it will materially impact our consolidated balance  sheets, statements of income, comprehensive income or cash flows.
  In October 2016, the FASB issued ASU 2016-16, Accounting for Income Taxes: Intra-Entity Transfers  of Assets other than Inventory.
 The standard requires that the income tax impact of intra-entity sales and  transfers of property, except for inventory, be recognized when the transfer occurs.
 This update is  effective for annual and interim periods beginning after December 15, 2017.
 Early adoption is  permitted.
 The new standard should be applied by making a cumulative effect adjustment directly to  retained earnings as of the beginning of period of adoption.
The Company is in the process of  evaluating this guidance, and considering early adoption, though we do not expect it will materially  impact our consolidated balance sheets, statements of income, comprehensive income or cash flows.
  Results of Operations  Year ended December 31, 2016 compared to the year ended December 31, 2015  Consolidated Results  The following summarizes financial performance for the year ended December 31, 2016 compared to 2015.
  @T@  "  The increase in total operating revenues was primarily driven by higher transaction fees,  exchange services and other fees, market data fees and regulatory fees, partially offset by lower  access fees and other revenue.
  "  The increase in total operating expenses was primarily driven by higher compensation and  benefits, professional fees and outside services, travel and promotional expense and royalty fees.
  The increase in professional fees and outside services was mainly due to acquisition-related  costs, which resulted in a lower operating margin for the year.
  "  The increase in total other income/(expense) was primarily driven by proceeds from the  settlement of litigation.
  Operating Revenues  Total operating revenues for the year ended December 31, 2016 increased $22.
4 million, or 3.
5%,  to $656.
9 million from $634.
5 million in the prior year.
 The following summarizes changes in total  operating revenues for the year ended December 31, 2016 compared to 2015.
  @T@  Transaction Fees  Transaction fees increased 1.
6% to $463.
3 million for the year ended December 31, 2016,  representing 70.
5% of total operating revenues, compared with $456.
0 million for the prior year period,  or 71.
9% of total operating revenues.
 This increase was largely driven by a 0.
9% increase in trading  volume and a 0.
8% increase in the average revenue per contract.
  Average revenue per contract, discussed in more detail below, is impacted by our fee structure,  which includes volume based incentive programs, mix of products traded, the account type (customer,  firm, market-maker, etc.
) and the manner in which a trade is executed.
 The implementation of fee  changes, which may increase or decrease our average revenue per contract, is primarily to ensure that  we are competitive in the options marketplace and to ultimately improve and continue to drive order  flow to our exchanges.
 We cannot predict the trading patterns of exchange participants, which may be  based on factors outside our control, but we can attempt to price our products at levels that are  competitive in our market.
  Trading volume is impacted by many factors, including: macroeconomic events, market volatility,  regulatory actions or considerations, availability of capital, competition and pricing.

## Table 0 ##
## Table 1 ##
various factors, including our earnings, financial condition, capital requirements, level of indebtedness and other considerations our board of directors deems relevant.
Future debt obligations and statutory provisions, among other things, may limit, or in some cases prohibit, our ability to pay dividends.
Share Repurchase Program In 2011, the Company’s board of directors approved an initial authorization for the Company to repurchase shares of its outstanding common stock of $100 million and approved additional authorizations of $100 million in each of 2012, 2013, 2014, 2015, and February 2016 for a total authorization of $600 million.
The program permits the Company to purchase shares through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws.
It does not obligate the Company to make any repurchases at any specific time or situation.
For the year ended December 31, 2016, the Company purchased 947,786 shares of common stock at an average cost per share of $63.83, totaling $60.5 million in purchases under the program.
Since inception of the program, the Company purchased 10,947,401 shares of common stock at an average cost per share of $45.95, totaling $503.0 million in purchases under the program.
As of December 31, 2016, the Company had $97 million of availability remaining under its existing share repurchase authorizations.
OCC Capital Plan In December 2014, OCC announced a newly-formed capital plan.
The OCC capital plan was designed to strengthen OCC’s capital base and facilitate its compliance with proposed SEC regulations for Systemically Important Financial Market Utilities (‘‘SIFMUs’’) as well as international standards applicable to financial market infrastructures.
On February 26, 2015, the SEC issued a notice of no objection to OCC’s advance notice filing regarding the capital plan, and OCC and OCC’s existing exchange stockholders, which include CBOE, subsequently executed agreements effecting the capital plan.
Under the plan, each of OCC’s existing exchange stockholders agreed to contribute its pro-rata share, based on ownership percentage, of $150 million in equity capital, which would increase OCC’s shareholders’ equity, and to provide its pro rata share in replenishment capital, up to a maximum of $40 million per exchange stockholder, if certain capital thresholds are breached.
OCC also adopted policies under the plan with respect to fees, customer refunds, and stockholder dividends, which envision an annual dividend payment to the exchange stockholders equal to the portion of OCC’s after-tax income that exceeds OCC’s capital requirements after payment of refunds to OCC’s clearing members (with such customer refunds generally to constitute 50% of the portion of OCC’s pre-tax income that exceeds OCC’s capital requirements).
On March 3, 2015, in accordance with the plan, CBOE contributed $30 million to OCC.
On March 6, 2015, OCC informed CBOE that the SEC, acting though delegated authority, had approved OCC’s proposed rule filing for the capital plan.
The SEC approval order was stayed on March 13, 2015 automatically as a result of the initiation of petitions to review the order.
On September 10, 2015, the SEC issued orders that discontinued the automatic stay of the approval order and granted the petitions for the SEC to review the approval order.
On September 15, 2015, the petitioners filed motions to reinstitute the automatic stay.
On February 11, 2016, based on a de novo review of the entire record, the SEC approved the proposed rule change implementing OCC’s capital plan and dismissed the petitions for review and the petitioners’ motions.
Certain petitioners subsequently appealed the SEC approval order for the OCC capital plan to the U. S.  Court of Appeals for the D. C.  Circuit and moved to stay the SEC approval order.
On February 23, 2016, the Court denied the petitioners’ motion to stay.
The appeal of the SEC approval order remains pending.
CBOE’s contribution has been recorded under Investments in the balance sheet at December 31, 2016.
Off-Balance Sheet Arrangements We currently do not have any relationships with unconsolidated entities or financial partnerships, often referred to as structured finance or special purpose entities, that have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.
Lease and Contractual Obligations The Company currently leases additional office space, a data center and remote network operations center, with lease terms remaining from 3 months to 103 months as of December 31, 2016.
In December 2014, we entered into an agreement with FINRA to provide certain regulatory services to the CBOE and C2 options markets.
The agreement included the assignment of the office space CBOE leased for regulatory operations.
Total rent expense related to current and former lease obligations for the years ended December 31, 2016, 2015 and 2014 totaled $4.4 million, $4.1 million and $3.8 million, respectively.
Future minimum payments under our operating leases and contractual obligations were as follows at December 31, 2016 (in thousands):
## Table 2 ##
(1) Gross unrecognized income tax liabilities, excluding interest and penalties, of $41.9 million are not included in the table due to uncertainty about the date of their settlement.
(2) Contractual obligations means an agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.
On January 12, 2017, the Company entered into an indenture, by and between the Company and Wells Fargo Bank, National Association, as trustee, in connection with the issuance of $650 million aggregate principal amount of the Company’s 3.650% Senior Notes due 2027.
The Notes will be subject to a special mandatory redemption in the event that the Merger is not consummated on or prior to October 23, 2017 or, if prior to October 23, 2017, the Merger Agreement is terminated other than in connection with the consummation of the Merger and is not otherwise amended or replaced.
In such an event, the Notes will be redeemed at a price equal to 101% of the aggregate principal amount thereof.
If the Merger Agreement is terminated under certain specified circumstances, CBOE Holdings may be required to pay Bats a termination fee of $110 million and/or reimburse Bats’ expenses up to $10 million under the Merger Agreement.
Item 7A.
Quantitative and Qualitative Disclosure About Market Risk We are exposed to market risk in the ordinary course of business.
This market risk consists primarily of interest rate risk associated with our cash and cash equivalents.
The Company does not trade options for its own account.
?
our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; ?
the ability of our compliance and risk management methods to effectively monitor and manage our risks; ?
our ability to attract and retain skilled management and other personnel; ?
our ability to manage our growth and strategic acquisitions or alliances effectively; ?
restrictions imposed by our debt obligations; ?
the satisfaction of the conditions precedent to the consummation of our proposed acquisition of Bats Global Markets, Inc.  (‘‘Bats’’), including, without limitation, the receipt of regulatory approvals on the terms desired or anticipated; ?
unanticipated difficulties or expenditures relating to the proposed transaction, including, without limitation, difficulties that result in the failure to realize expected synergies, efficiencies and cost savings from the proposed transaction within the expected time period (if at all), whether in connection with integration, combining trading platforms, broadening distribution of product offerings or otherwise; ?
our ability to maintain an investment grade credit rating; ?
risks relating to the value of our shares to be issued in the proposed transaction; ?
disruptions of our and Bats’ current plans, operations and relationships with market participants caused by the announcement and pendency of the proposed transaction; and ?
potential difficulties in our and Bats’ ability to retain employees as a result of the announcement and pendency of the proposed transaction.
For a detailed discussion of these and other factors that might affect our performance, see Part I, Item 1A.
of this Report.
We caution you not to place undue reliance on the forward-looking statements, which speak only as of the date of this filing Item 1.  Business Overview CBOE Holdings, Inc.  is the holding company for Chicago Board Options Exchange, Incorporated, CBOE Futures Exchange, LLC, C2 Options Exchange, Incorporated and other subsidiaries, including our majority ownership in CBOE Vest Financial Group Inc.  (‘‘CBOE Vest’’).
The Company’s principal business is operating markets that offer for trading options on various market indexes (index options), mostly on an exclusive basis, and futures contracts, as well as on non-exclusive ‘‘multiply-listed’’ options, such as options on the stocks of individual corporations (equity options) and options on other exchange-traded products (ETP options), such as exchange-traded funds (ETF options) and exchange-traded notes (ETN options).
The Company operates CBOE, CFE and C2 as stand-alone exchanges, but reports the results of its operations in a single reporting segment.
CBOE is our primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on our trading floor in Chicago.
This integration of electronic trading and traditional open outcry trading into a single exchange is known as our Hybrid trading model.
CFE, our all-electronic futures exchange, offers trading of futures on the VIX Index and other products.
C2 is our all-electronic exchange that also offers trading of listed options, and may operate with a different market model and fee structure than CBOE.
All of our exchanges operate on our proprietary technology platform known as CBOE Command.
The following chart illustrates annual contract volume across the different categories of products traded at the Company for the periods indicated:
## Table 3 ##
contracts traded on our exchanges.
In 2016, approximately 70.5% of our operating revenues were generated by transaction fee revenues.
Our principal executive offices are located at 400 South LaSalle Street, Chicago, Illinois 60605, and our telephone number is (312) 786-5600.
Our web site is www.
cboe.
com.
Information contained on or linked through our web site is not incorporated by reference into this Annual Report on Form 10-K.  History CBOE was founded in 1973 as a non-stock corporation owned by its members.
CBOE was the first organized marketplace for the trading of standardized, exchange-traded options on equity securities.
In 2004, CFE began operations as a futures exchange.
CBOE Holdings was incorporated in the State of Delaware on August 15, 2006.
In June 2010, CBOE demutualized, CBOE, CFE and C2 became wholly-
2010.
On November 1, 2010, we redeemed all $400 million of our outstanding 6.65% notes due January 15, 2011.
The redemption resulted in a $5 million early extinguishment charge.
Receivables Securitization Facility – At December 31, 2010, we have recorded $100 million as secured debt under our receivables securitization facility.
(See further discussion of our receivables securitization facility in Note 10. )15.
Variable Interest Entities We have entered into various lease transactions in which the structure of the leases contain variable interest entities (VIEs).
These VIEs were created solely for the purpose of doing lease transactions (principally involving railroad equipment and facilities) and have no other activities, assets or liabilities outside of the lease transactions.
Within these lease arrangements, we have the right to purchase some or all of the assets at fixed prices.
Depending on market conditions, fixed-price purchase options available in the leases could potentially provide benefits to us; however, these benefits are not expected to be significant.
We maintain and operate the assets based on contractual obligations within the lease arrangements, which set specific guidelines consistent within the railroad industry.
As such, we have no control over activities that could materially impact the fair value of the leased assets.
We do not hold the power to direct the activities of the VIEs and, therefore, do not control the ongoing activities that have a significant impact on the economic performance of the VIEs.
Additionally, we do not have the obligation to absorb losses of the VIEs or the right to receive benefits of the VIEs that could potentially be significant to the VIEs.
We are not considered to be the primary beneficiary and do not consolidate these VIEs because our actions and decisions do not have the most significant effect on the VIE’s performance and our fixed-price purchase price options are not considered to be potentially significant to the VIE’s.
The future minimum lease payments associated with the VIE leases totaled $4.2 billion as of December 31, 2010.16.
Leases We lease certain locomotives, freight cars, and other property.
The Consolidated Statement of Financial Position as of December 31, 2010 and 2009 included $2,520 million, net of $901 million of accumulated depreciation, and $2,754 million, net of $927 million of accumulated depreciation, respectively, for properties held under capital leases.
A charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our Consolidated Statements of Income.
Future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2010, were as follows:
## Table 4 ##
The majority of capital lease payments relate to locomotives.
Rent expense for operating leases with terms exceeding one month was $624 million in 2010, $686 million in 2009, and $747 million in 2008.
When cash rental payments are not made on a straight-line basis, we recognize variable rental expense on a straight-line basis over the lease term.
Contingent rentals and sub-rentals are not significant.

<table><tr><td></td><td>2016</td><td>2015</td><td>Inc./(Dec.)</td><td>PercentChange</td></tr><tr><td></td><td colspan="3">(in millions, except per share amounts)</td><td></td></tr><tr><td>Total operating revenues</td><td>$656.9</td><td>$634.5</td><td>$22.4</td><td>3.5%</td></tr><tr><td>Total operating expenses</td><td>358.7</td><td>314.6</td><td>44.1</td><td>14.0%</td></tr><tr><td>Operating income</td><td>298.2</td><td>319.9</td><td>-21.7</td><td>-6.8%</td></tr><tr><td>Total other income/(expense)</td><td>8.4</td><td>4.1</td><td>4.3</td><td>105.2%</td></tr><tr><td>Income before income taxes</td><td>306.6</td><td>324.0</td><td>-17.4</td><td>-5.4%</td></tr><tr><td>Income tax provision</td><td>120.9</td><td>119.0</td><td>1.9</td><td>1.6%</td></tr><tr><td>Net income</td><td>$185.7</td><td>$205.0</td><td>$-19.3</td><td>-9.4%</td></tr><tr><td>Net income allocated to common stockholders</td><td>$184.9</td><td>$204.1</td><td>$-19.2</td><td>-9.4%</td></tr><tr><td>Operating income percentage</td><td>45.4%</td><td>50.4%</td><td></td><td></td></tr><tr><td>Net income percentage</td><td>28.3%</td><td>32.3%</td><td></td><td></td></tr><tr><td>Diluted—net income per share allocated to common stockholders</td><td>$2.27</td><td>$2.46</td><td></td><td></td></tr></table>
<table><tr><td></td><td>2016</td><td>2015</td><td>Inc./(Dec.)</td><td>PercentChange</td></tr><tr><td></td><td colspan="3">(in millions)</td><td></td></tr><tr><td>Transaction fees</td><td>$463.3</td><td>$456.0</td><td>$7.3</td><td>1.6%</td></tr><tr><td>Access fees</td><td>52.3</td><td>53.3</td><td>-1.0</td><td>-1.8%</td></tr><tr><td>Exchange services and other fees</td><td>46.3</td><td>42.2</td><td>4.1</td><td>9.6%</td></tr><tr><td>Market data fees</td><td>33.2</td><td>30.0</td><td>3.2</td><td>10.4%</td></tr><tr><td>Regulatory fees</td><td>48.3</td><td>33.5</td><td>14.8</td><td>44.3%</td></tr><tr><td>Other revenue</td><td>13.5</td><td>19.5</td><td>-6.0</td><td>-30.5%</td></tr><tr><td>Total operating revenues</td><td>$656.9</td><td>$634.5</td><td>$22.4</td><td>3.5%</td></tr></table>
<table><tr><td></td><td>Total-1</td><td>Less than1 year</td><td>1 - 3 years</td><td>3 - 5 years</td><td>More than 5 years</td></tr><tr><td>Operating leases</td><td>$3,247</td><td>$1,182</td><td>$749</td><td>$406</td><td>$910</td></tr><tr><td>Contractual obligations -2</td><td>201,274</td><td>34,306</td><td>62,329</td><td>43,135</td><td>61,504</td></tr><tr><td>Total</td><td>$204,521</td><td>$35,488</td><td>$63,078</td><td>$43,541</td><td>$62,414</td></tr></table>
<table><tr><td></td><td colspan="5">Annual Contract Volume</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Equities</td><td>364,373,339</td><td>392,982,051</td><td>488,580,906</td><td>433,777,204</td><td>494,289,301</td></tr><tr><td>Indexes</td><td>433,256,044</td><td>408,281,695</td><td>406,454,861</td><td>372,647,443</td><td>304,339,908</td></tr><tr><td>Exchange-traded products</td><td>326,740,299</td><td>320,997,251</td><td>379,742,163</td><td>341,023,209</td><td>311,792,122</td></tr><tr><td>Total Options Volume</td><td>1,124,369,682</td><td>1,122,260,997</td><td>1,274,777,930</td><td>1,147,447,856</td><td>1,110,421,331</td></tr><tr><td>Futures</td><td>60,176,526</td><td>51,671,188</td><td>50,615,435</td><td>40,193,447</td><td>23,892,931</td></tr><tr><td>Total Contract Volume</td><td>1,184,546,208</td><td>1,173,932,185</td><td>1,325,393,365</td><td>1,187,641,303</td><td>1,134,314,262</td></tr></table>
<table><tr><td><i>Millions</i></td><td><i>Operating</i><i>Leases</i></td><td><i>Capital</i><i>Leases</i></td></tr><tr><td>2011</td><td>$613</td><td>$311</td></tr><tr><td>2012</td><td>526</td><td>251</td></tr><tr><td>2013</td><td>461</td><td>253</td></tr><tr><td>2014</td><td>382</td><td>261</td></tr><tr><td>2015</td><td>340</td><td>262</td></tr><tr><td>Later years</td><td>2,599</td><td>1,355</td></tr><tr><td>Total minimum lease payments</td><td>$4,921</td><td>$2,693</td></tr><tr><td>Amount representing interest</td><td>N/A</td><td>-784</td></tr><tr><td>Present value of minimum lease payments</td><td>N/A</td><td>$1,909</td></tr></table>

Question: in 2010 what was the percent of the early extinguishment charge to the amount of the outstanding 6.65% ( 6.65 % ) notes due january 15 , 2011
Answer: 0.0125