We have grown by more than 1,800 international stores over the past five years.
During 2012, we had 492 net international store openings, including 113 net stores in India, 64 net stores in Turkey and 50 net stores in the United Kingdom.
Our international franchisees adapt our standard operating model, within certain parameters, to satisfy the local eating habits and consumer preferences of various regions outside the United States.
Currently, most of our international stores are operated under master franchise agreements, and we plan to continue entering into master franchise agreements with qualified franchisees to expand our international operations in selected markets.
We believe that our international franchise stores appeal to potential franchisees because of our well-recognized brand name, the limited capital expenditures required to open and operate our stores and our system’s favorable store economics.
While we had a significant presence in our top ten international markets, we believe that these markets contain opportunities for additional growth of the Domino’s Pizza?
brand.
Currently, our master franchise companies based in Australia, India, Mexico and the United Kingdom are publicly traded entities in their respective country.
The following table shows our store count as of December 30, 2012 in our top ten international markets, which account for approximately 74% of our international stores.
## Table 0 ##
Domestic franchise program As of December 30, 2012, our 4,540 domestic franchise stores were owned and operated by our 1,026 domestic franchisees.
The success of our franchise formula, which enables franchisees to benefit from our brand name with a relatively low initial capital investment, has attracted a large number of motivated entrepreneurs as franchisees.
As of December 30, 2012, the average domestic franchisee owned and operated four stores and had been in our franchise system for nearly fifteen years.
At the same time, nine of our domestic franchisees operated more than 50 stores, including our largest domestic franchisee who operates 135 stores.
Franchisees We apply rigorous standards to prospective franchisees.
We generally require prospective domestic franchisees to manage a store for at least one year before being granted a franchise.
This enables us to observe the operational and financial performance of a potential franchisee prior to entering into a long-term contract.
We also generally restrict the ability of domestic franchisees to be involved in other businesses, which focuses our franchisees’ attention on operating their stores.
As a result, the vast majority of our domestic franchisees have historically come from within the Domino’s Pizza system.
We believe these standards are largely unique to the franchise industry and result in qualified and focused franchisees operating their stores.
Franchise agreements We enter into franchise agreements with domestic franchisees under which the franchisee is granted the right to operate a store in a particular location for a term of ten years, with options to renew for an additional term of ten years.
We currently have a franchise contract renewal rate of approximately 99%.
Under the current standard franchise agreement, we assign an exclusive area of primary responsibility to each franchise store.
During the term of the franchise agreement, the franchisee is required to pay a 5.5% royalty fee on sales, subject, in limited instances, to lower rates based on area development agreements, sales initiatives and new store incentives.
We have the contractual right, subject to state law, to terminate a franchise agreement for a variety of reasons, including, but not limited to, a franchisee’s failure to make required payments when due or failure to adhere to specified Company policies and standards.
Franchise store development We assist domestic franchisees with selecting store sites and conforming the space to the physical specifications required for a Domino’s Pizza store.
Each domestic franchisee selects the location and design for each store, subject to our approval, based on accessibility and visibility of the site and demographic factors, including population density and anticipated traffic levels.
We also sell fixtures and equipment to many of our franchise stores.
Unit Rate Per BOE The unit rate of total production expense per BOE increased for 2011 as compared with 2010 primarily due to higher production tax rates on certain onshore US and China production, transportation charges related to Marcellus Shale producing properties and the startup of the Aseng field.
The unit rate of total production expense per BOE increased for 2010 as compared with 2009 primarily due to increases in production and ad valorem taxes and transportation expense.
Oil and Gas Exploration Expense Exploration expense was as follows:
## Table 1 ##
(1) West Africa includes Equatorial Guinea, Cameroon, and Senegal/Guinea-Bissau.
(2) Eastern Mediterranean includes Israel and Cyprus.
(3) Other international, corporate includes China and various international new ventures such as offshore Nicaragua and offshore France.
Oil and gas exploration expense for 2011 increased by $34 million, or 14%, as compared with 2010.
US dry hole expense was associated with the Rocky Mountain area and the Redrock exploration well in the deepwater Gulf of Mexico, which we decided not to pursue for development due to the significant decline in natural gas prices.
Dry hole expense in West Africa related to the Kora-1 exploration well offshore Senegal/Guinea-Bissau and the Bwabe exploration well offshore Cameroon, which found noncommercial quantities of hydrocarbons.
Seismic expenditures related to acquisition of seismic information for Wattenberg, Rocky Mountain and deepwater Gulf of Mexico areas in the US, offshore Nicaragua, offshore France, and offshore Cyprus.
Increases in staff expense were due to new ventures mainly offshore Nicaragua and offshore France.
Oil and gas exploration expense for 2010 increased by $101 million, or 70%, as compared with 2009.
US dry hole expense was associated with the Double Mountain exploration well in the deepwater Gulf of Mexico, which found noncommercial quantities of hydrocarbons.
Seismic expenditures related to the Central Gulf of Mexico lease sale, and the acquisition of 3-D seismic information for offshore Israel, Cameroon, Nicaragua, and France.
Exploration expense included stock-based compensation expense of $11 million in 2011, $10 million in 2010, and $9 million in 2009.
Packaging Corporation of America Notes to Consolidated Financial Statements (Continued) December 31, 2009 There were no changes in the Company’s valuation techniques used to measure fair values on a recurring basis as a result of adopting ASC 820.
PCA had no assets or liabilities that were measured on a nonrecurring basis.11.
STOCKHOLDERS’ EQUITY On October 17, 2007, PCA announced that its Board of Directors authorized a $150.0 million common stock repurchase program.
There is no expiration date for the common stock repurchase program.
Through December 31, 2008, the Company repurchased 3,818,729 shares of common stock, with 3,142,600 shares repurchased during 2008 and 676,129 shares repurchased during 2007.
All repurchased shares were retired prior to December 31, 2008.
There were no shares repurchased in 2009.
As of December 31, 2009, $65.0 million of the $150.0 million authorization remained available for repurchase of the Company’s common stock.12.
COMMITMENTS AND CONTINGENCIES Capital Commitments The Company had authorized capital commitments of approximately $41.7 million and $43.0 million as of December 31, 2009 and 2008, respectively, in connection with the expansion and replacement of existing facilities and equipment.
In addition, commitments at December 31, 2009 for the major energy optimization projects at its Counce and Valdosta mills totaled $156.3 million.
Lease Obligations PCA leases space for certain of its facilities and cutting rights to approximately 91,000 acres of timberland under long-term leases.
The Company also leases equipment, primarily vehicles and rolling stock, and other assets under long-term leases with a duration of two to seven years.
The minimum lease payments under non-cancelable operating leases with lease terms in excess of one year are as follows:
## Table 2 ##
Total lease expense, including base rent on all leases and executory costs, such as insurance, taxes, and maintenance, for the years ended December 31, 2009, 2008 and 2007 was $41.3 million, $41.6 million and $39.8 million, respectively.
These costs are included in cost of goods sold and selling and administrative expenses.
PCA was obligated under capital leases covering buildings and machinery and equipment in the amount of $23.1 million and $23.7 million at December 31, 2009 and 2008, respectively.
During the fourth quarter of 2008, the Company entered into a capital lease relating to buildings and machinery, totaling $23.9 million, payable over 20 years.
This capital lease amount is a non-cash transaction and, accordingly, has been excluded
Automated valuation services may be used primarily for residential properties when values from any of the previous methods were not available within 90 days of the balance sheet date.
These services use models based on market, economic, and demographic values.
The use of these models has only occurred in a very few instances and the related property valuations have not been significant to consider disclosure under Level 3 rather than Level 2.
Impaired loans not collateral-dependent were measured at fair valued based on the present value of future cash flows discounted at the expected coupon rates over the lives of the loans.
Because the loans were not discounted at market interest rates, the valuations do not represent fair value and have been excluded from the nonrecurring fair value balance in the preceding schedules.
Fair Value of Certain Financial Instruments Following is a summary of the carrying values and estimated fair values of certain financial instruments:

<table><tr><td> Market</td><td> Number  of stores</td></tr><tr><td>United Kingdom</td><td>720</td></tr><tr><td>Mexico</td><td>581</td></tr><tr><td>India</td><td>552</td></tr><tr><td>Australia</td><td>464</td></tr><tr><td>South Korea</td><td>372</td></tr><tr><td>Canada</td><td>368</td></tr><tr><td>Turkey</td><td>284</td></tr><tr><td>Japan</td><td>245</td></tr><tr><td>France</td><td>215</td></tr><tr><td>Taiwan</td><td>140</td></tr></table>
<table><tr><td></td><td>Total</td><td>UnitedStates</td><td>WestAfrica-1</td><td>EasternMediter-ranean-2</td><td>NorthSea</td><td>Other Int'l,Corporate-3</td></tr><tr><td>(millions)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Year Ended December 31, 2011</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dry Hole Expense</td><td>$105</td><td>$46</td><td>$59</td><td>$-</td><td>$-</td><td>$-</td></tr><tr><td>Seismic</td><td>63</td><td>33</td><td>1</td><td>4</td><td>-</td><td>25</td></tr><tr><td>Staff Expense</td><td>96</td><td>22</td><td>7</td><td>2</td><td>1</td><td>64</td></tr><tr><td>Other</td><td>15</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Exploration Expense</td><td>$279</td><td>$116</td><td>$67</td><td>$6</td><td>$1</td><td>$89</td></tr><tr><td>Year Ended December 31, 2010</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dry Hole Expense</td><td>$58</td><td>$54</td><td>$3</td><td>$-</td><td>$-</td><td>$1</td></tr><tr><td>Seismic</td><td>102</td><td>51</td><td>5</td><td>11</td><td>-</td><td>35</td></tr><tr><td>Staff Expense</td><td>69</td><td>10</td><td>6</td><td>2</td><td>3</td><td>48</td></tr><tr><td>Other</td><td>16</td><td>15</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Total Exploration Expense</td><td>$245</td><td>$130</td><td>$14</td><td>$13</td><td>$3</td><td>$85</td></tr><tr><td>Year Ended December 31, 2009</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dry Hole Expense</td><td>$11</td><td>$8</td><td>$3</td><td>$-</td><td>$-</td><td>$-</td></tr><tr><td>Seismic</td><td>62</td><td>47</td><td>-</td><td>15</td><td>-</td><td>-</td></tr><tr><td>Staff Expense</td><td>65</td><td>13</td><td>10</td><td>1</td><td>2</td><td>39</td></tr><tr><td>Other</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Exploration Expense</td><td>$144</td><td>$74</td><td>$13</td><td>$16</td><td>$2</td><td>$39</td></tr></table>
<table><tr><td></td><td>(In thousands)</td></tr><tr><td>2010</td><td>$28,162</td></tr><tr><td>2011</td><td>25,181</td></tr><tr><td>2012</td><td>17,338</td></tr><tr><td>2013</td><td>11,557</td></tr><tr><td>2014</td><td>7,742</td></tr><tr><td>Thereafter</td><td>18,072</td></tr><tr><td>Total</td><td>$108,052</td></tr></table>

Question: as of december 31 , 2009 , what percentage of the $ 150.0 million authorization remained available for repurchase of the company 2019s common stock?
Answer: 0.43333