Table XII Selected Quarterly Financial Data
## Table 0 ##
(1) The diluted earnings (loss) per common share excluded the effect of any equity instruments that are antidilutive to earnings per share.
There were no potential common shares that were dilutive in the third and first quarters of 2014 because of the net loss applicable to common shareholders.
(2) Calculated as total net income (loss) for four consecutive quarters divided by annualized average assets for four consecutive quarters.
(3) Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures.
Other companies may define or calculate these measures differently.
For more information on these ratios, see Supplemental Financial Data on page 29, and for corresponding reconciliations to GAAP financial measures, see Statistical Table XVII.
(4) For more information on the impact of the purchased credit-impaired loan portfolio on asset quality, see Consumer Portfolio Credit Risk Management on page 67.
(5) Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
(6) Balances and ratios do not include loans accounted for under the fair value option.
For additional exclusions from nonperforming loans, leases and foreclosed properties, see Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity on page 79 and corresponding Table 39, and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 86 and corresponding Table 48.
(7) Primarily includes amounts allocated to the U. S.  credit card and unsecured consumer lending portfolios in CBB, purchased credit-impaired loans and the non-U.
S.  credit card portfolio in All Other.
(8) Net charge-offs exclude $13 million, $246 million, $160 million and $391 million of write-offs in the purchased credit-impaired loan portfolio in the fourth, third, second and first quarters of 2014, respectively, and $741 million, $443 million, $313 million and $839 million in the fourth, third, second and first quarters of 2013, respectively.
These write-offs decreased the purchased creditimpaired valuation allowance included as part of the allowance for loan and lease losses.
For more information on purchased credit-impaired write-offs, see Consumer Portfolio Credit Risk Management – Purchased Credit-impaired Loan Portfolio on page 75.
(9) On January 1, 2014, the Basel 3 rules became effective, subject to transition provisions primarily related to regulatory deductions and adjustments impacting Common equity tier 1 capital and Tier 1 capital.
We reported under Basel 1 (which included the Market Risk Final Rules) for 2013.  n/a = not applicable n/m = not meaningful
A reconciliation of the statutory U. S.  federal income tax rate to the effective tax rate was as follows:
## Table 1 ##
Our income tax rates are generally less than the 35 percent U. S.  statutory income tax rate primarily because of lower taxes on foreign earnings and research tax credits.
Our effective tax rate for 2014 was 28.7 percent compared to 25.1 percent for 2013.
The 3.6 percent increase in the effective tax rate from 2013 to 2014 is partially due to a 1.2 percent net tax benefit for one-time items in 2013 that did not repeat in 2014.
These 2013 one-time items consisted primarily of the 2012 federal research tax credit that was reinstated during 2013.
The additional 2.4 percent increase in tax rate from 2013 to 2014 is attributable primarily to the following unfavorable items that occurred in 2014: a tax law change in the United Kingdom (U. K. ) resulting in a higher limitation on the deductibility of interest; unfavorable changes in the jurisdictional mix of pretax income; and increases in state valuation allowances.
Retained earnings of our U. K.  domiciled subsidiaries and certain Singapore, German, Indian and Mexican subsidiaries are considered to be permanently reinvested.
During 2013, we released $12 million of U. S.  deferred tax liabilities related to prior years unremitted income of certain Indian and Mexican subsidiaries considered to be permanently reinvested starting in 2013.
In addition, earnings of our China operations generated after December 31, 2011, are considered to be permanently reinvested.
U. S.  deferred tax is not provided on these permanently reinvested earnings.
Our permanently reinvested foreign earnings are expected to be used for items such as capital expenditures and to fund joint ventures outside of the U. S.  The total permanently reinvested retained earnings and related cumulative translation adjustment balances for these entities were $3.8 billion, $3.1 billion and $2.3 billion for the years ended December 31, 2014, 2013, and 2012, respectively.
These amounts were determined primarily based on book retained earnings balances for these subsidiaries translated at historical rates.
The determination of the deferred tax liability related to these retained earnings and cumulative translation adjustment balances which are considered to be permanently reinvested outside the U. S.  is not practicable.
For our remaining subsidiary companies and joint ventures outside the U. S. , we provide for the additional taxes that would be due upon the dividend distribution of the income of those foreign subsidiaries and joint ventures assuming the full utilization of foreign tax credits.
Deferred tax liabilities on unremitted earnings of foreign subsidiaries and joint ventures, including those in China generated in years prior to 2012, were $204 million and $201 million at December 31, 2014 and 2013, respectively.
We have $661 million of retained earnings and related cumulative translation adjustments in our China operations generated prior to December 31, 2011, for which we have provided a U. S.  deferred tax liability of $155 million.
We anticipate that these earnings will be distributed to the U. S.  within the next five years.
Income before income taxes included equity income of foreign joint ventures of $212 million, $203 million and $192 million for the years ended December 31, 2014, 2013 and 2012, respectively.
This equity income is recorded net of foreign taxes.
Additional U. S.  income taxes of $14 million, $13 million and $9 million for the years ended December 31, 2014, 2013 and 2012, respectively, were provided for the additional U. S.  taxes that will ultimately be due upon the distribution of the foreign joint venture equity income.
unusual, (ii) is material in amount, and (iii) varies significantly from the retirement profile identified through our depreciation studies.
A gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations.
When we purchase an asset, we capitalize all costs necessary to make the asset ready for its intended use.
However, many of our assets are self-constructed.
A large portion of our capital expenditures is for replacement of existing road infrastructure assets (program projects), which is typically performed by our employees, and for track line expansion (capacity projects).
Costs that are directly attributable or overhead costs that relate directly to capital projects are capitalized.
Direct costs that are capitalized as part of self-constructed assets include material, labor, and work equipment.
Indirect costs are capitalized if they clearly relate to the construction of the asset.
These costs are allocated using appropriate statistical bases.
General and administrative expenditures are expensed as incurred.
Normal repairs and maintenance are also expensed as incurred, while costs incurred that extend the useful life of an asset, improve the safety of our operations or improve operating efficiency are capitalized.
Assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease.
Amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease.11.
Accounts Payable and Other Current Liabilities
## Table 2 ##
12.
Financial Instruments Strategy and Risk – We may use derivative financial instruments in limited instances for other than trading purposes to assist in managing our overall exposure to fluctuations in interest rates and fuel prices.
We are not a party to leveraged derivatives and, by policy, do not use derivative financial instruments for speculative purposes.
Derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged, both at inception and throughout the hedged period.
We formally document the nature and relationships between the hedging instruments and hedged items at inception, as well as our risk-management objectives, strategies for undertaking the various hedge transactions, and method of assessing hedge effectiveness.
Changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings.
We may use swaps, collars, futures, and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices; however, the use of these derivative financial instruments may limit future benefits from favorable interest rate and fuel price movements.

<table><tr><td></td><td colspan="4">2014 Quarters</td><td colspan="4">2013 Quarters</td></tr><tr><td>(In millions, except per share information)</td><td>Fourth</td><td>Third</td><td>Second</td><td>First</td><td>Fourth</td><td>Third</td><td>Second</td><td>First</td></tr><tr><td>Income statement</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net interest income</td><td>$9,635</td><td>$10,219</td><td>$10,013</td><td>$10,085</td><td>$10,786</td><td>$10,266</td><td>$10,549</td><td>$10,664</td></tr><tr><td>Noninterest income</td><td>9,090</td><td>10,990</td><td>11,734</td><td>12,481</td><td>10,702</td><td>11,264</td><td>12,178</td><td>12,533</td></tr><tr><td>Total revenue, net of interest expense</td><td>18,725</td><td>21,209</td><td>21,747</td><td>22,566</td><td>21,488</td><td>21,530</td><td>22,727</td><td>23,197</td></tr><tr><td>Provision for credit losses</td><td>219</td><td>636</td><td>411</td><td>1,009</td><td>336</td><td>296</td><td>1,211</td><td>1,713</td></tr><tr><td>Noninterest expense</td><td>14,196</td><td>20,142</td><td>18,541</td><td>22,238</td><td>17,307</td><td>16,389</td><td>16,018</td><td>19,500</td></tr><tr><td>Income (loss) before income taxes</td><td>4,310</td><td>431</td><td>2,795</td><td>-681</td><td>3,845</td><td>4,845</td><td>5,498</td><td>1,984</td></tr><tr><td>Income tax expense (benefit)</td><td>1,260</td><td>663</td><td>504</td><td>-405</td><td>406</td><td>2,348</td><td>1,486</td><td>501</td></tr><tr><td>Net income (loss)</td><td>3,050</td><td>-232</td><td>2,291</td><td>-276</td><td>3,439</td><td>2,497</td><td>4,012</td><td>1,483</td></tr><tr><td>Net income (loss) applicable to common shareholders</td><td>2,738</td><td>-470</td><td>2,035</td><td>-514</td><td>3,183</td><td>2,218</td><td>3,571</td><td>1,110</td></tr><tr><td>Average common shares issued and outstanding</td><td>10,516</td><td>10,516</td><td>10,519</td><td>10,561</td><td>10,633</td><td>10,719</td><td>10,776</td><td>10,799</td></tr><tr><td>Average diluted common shares issued and outstanding<sup>-1</sup></td><td>11,274</td><td>10,516</td><td>11,265</td><td>10,561</td><td>11,404</td><td>11,482</td><td>11,525</td><td>11,155</td></tr><tr><td>Performance ratios</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Return on average assets</td><td>0.57%</td><td>n/m</td><td>0.42%</td><td>n/m</td><td>0.64%</td><td>0.47%</td><td>0.74%</td><td>0.27%</td></tr><tr><td>Four quarter trailing return on average assets<sup>-2</sup></td><td>0.23</td><td>0.24%</td><td>0.37</td><td>0.45%</td><td>0.53</td><td>0.40</td><td>0.30</td><td>0.23</td></tr><tr><td>Return on average common shareholders’ equity</td><td>4.84</td><td>n/m</td><td>3.68</td><td>n/m</td><td>5.74</td><td>4.06</td><td>6.55</td><td>2.06</td></tr><tr><td>Return on average tangible common shareholders’ equity<sup>-3</sup></td><td>7.15</td><td>n/m</td><td>5.47</td><td>n/m</td><td>8.61</td><td>6.15</td><td>9.88</td><td>3.12</td></tr><tr><td>Return on average tangible shareholders’ equity<sup>-3</sup></td><td>7.08</td><td>n/m</td><td>5.64</td><td>n/m</td><td>8.53</td><td>6.32</td><td>9.98</td><td>3.69</td></tr><tr><td>Total ending equity to total ending assets</td><td>11.57</td><td>11.24</td><td>10.94</td><td>10.79</td><td>11.07</td><td>10.92</td><td>10.88</td><td>10.91</td></tr><tr><td>Total average equity to total average assets</td><td>11.39</td><td>11.14</td><td>10.87</td><td>11.06</td><td>10.93</td><td>10.85</td><td>10.76</td><td>10.71</td></tr><tr><td>Dividend payout</td><td>19.21</td><td>n/m</td><td>5.16</td><td>n/m</td><td>3.33</td><td>4.82</td><td>3.01</td><td>9.75</td></tr><tr><td>Per common share data</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Earnings (loss)</td><td>$0.26</td><td>$-0.04</td><td>$0.19</td><td>$-0.05</td><td>$0.30</td><td>$0.21</td><td>$0.33</td><td>$0.10</td></tr><tr><td>Diluted earnings (loss)<sup>(1)</sup></td><td>0.25</td><td>-0.04</td><td>0.19</td><td>-0.05</td><td>0.29</td><td>0.20</td><td>0.32</td><td>0.10</td></tr><tr><td>Dividends paid</td><td>0.05</td><td>0.05</td><td>0.01</td><td>0.01</td><td>0.01</td><td>0.01</td><td>0.01</td><td>0.01</td></tr><tr><td>Book value</td><td>21.32</td><td>20.99</td><td>21.16</td><td>20.75</td><td>20.71</td><td>20.50</td><td>20.18</td><td>20.19</td></tr><tr><td>Tangible book value<sup>-3</sup></td><td>14.43</td><td>14.09</td><td>14.24</td><td>13.81</td><td>13.79</td><td>13.62</td><td>13.32</td><td>13.36</td></tr><tr><td>Market price per share of common stock</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Closing</td><td>$17.89</td><td>$17.05</td><td>$15.37</td><td>$17.20</td><td>$15.57</td><td>$13.80</td><td>$12.86</td><td>$12.18</td></tr><tr><td>High closing</td><td>18.13</td><td>17.18</td><td>17.34</td><td>17.92</td><td>15.88</td><td>14.95</td><td>13.83</td><td>12.78</td></tr><tr><td>Low closing</td><td>15.76</td><td>14.98</td><td>14.51</td><td>16.10</td><td>13.69</td><td>12.83</td><td>11.44</td><td>11.03</td></tr><tr><td>Market capitalization</td><td>$188,141</td><td>$179,296</td><td>$161,628</td><td>$181,117</td><td>$164,914</td><td>$147,429</td><td>$138,156</td><td>$131,817</td></tr></table>
<table><tr><td></td><td colspan="3">Years ended December 31,</td></tr><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Statutory U.S. federal income tax rate</td><td>35.0%</td><td>35.0%</td><td>35.0%</td></tr><tr><td>State income tax, net of federal effect</td><td>1.1</td><td>0.2</td><td>1.0</td></tr><tr><td>Differences in rates and taxability of foreign subsidiaries and joint ventures</td><td>-5.7</td><td>-6.0</td><td>-12.1</td></tr><tr><td>Research tax credits</td><td>-1.5</td><td>-3.7</td><td>-0.4</td></tr><tr><td>Other, net</td><td>-0.2</td><td>-0.4</td><td>—</td></tr><tr><td>Effective tax rate</td><td>28.7%</td><td>25.1%</td><td>23.5%</td></tr></table>
<table><tr><td><i>Millions of Dollars</i></td><td><i>Dec. 31, 2009</i></td><td><i>Dec. 31, 2008</i></td></tr><tr><td>Accounts payable</td><td>$612</td><td>$629</td></tr><tr><td>Accrued wages and vacation</td><td>339</td><td>367</td></tr><tr><td>Accrued casualty costs</td><td>379</td><td>390</td></tr><tr><td>Income and other taxes</td><td>224</td><td>207</td></tr><tr><td>Dividends and interest</td><td>347</td><td>328</td></tr><tr><td>Equipment rents payable</td><td>89</td><td>93</td></tr><tr><td>Other</td><td>480</td><td>546</td></tr><tr><td>Total accounts payable and other current liabilities</td><td>$2,470</td><td>$2,560</td></tr></table>

Question: what was the percentage increase in short term debt for amounts distributed to shareholders and debt holders during 2009?
Answer: 0.05793