THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Management’s Discussion and Analysis Non-Interest Revenues.
Investment banking revenues in the consolidated statements of earnings were $7.03 billion for 2015, 9% higher than 2014, due to significantly higher revenues in financial advisory, reflecting strong client activity, particularly in the U. S.  Industry-wide completed mergers and acquisitions increased significantly compared with the prior year.
Revenues in underwriting were lower compared with a strong 2014.
Revenues in debt underwriting were lower compared with 2014, reflecting significantly lower leveraged finance activity.
Revenues in equity underwriting were also lower, reflecting significantly lower revenues from initial public offerings and convertible offerings, partially offset by significantly higher revenues from secondary offerings.
Investment management revenues in the consolidated statements of earnings were $5.87 billion for 2015, 2% higher than 2014, due to slightly higher management and other fees, primarily reflecting higher average assets under supervision, and higher transaction revenues.
Commissions and fees in the consolidated statements of earnings were $3.32 billion for 2015, essentially unchanged compared with 2014.
Market-making revenues in the consolidated statements of earnings were $9.52 billion for 2015, 14% higher than 2014.
Excluding a gain of $289 million in 2014 related to the extinguishment of certain of our junior subordinated debt, market-making revenues were 18% higher than 2014, reflecting significantly higher revenues in interest rate products, currencies, equity cash products and equity derivatives.
These increases were partially offset by significantly lower revenues in mortgages, commodities and credit products.
Other principal transactions revenues in the consolidated statements of earnings were $5.02 billion for 2015, 24% lower than 2014.
This decrease was primarily due to lower revenues from investments in equities, principally reflecting the sale of Metro International Trade Services (Metro) in the fourth quarter of 2014 and lower net gains from investments in private equities, driven by corporate performance.
In addition, revenues in debt securities and loans were significantly lower, reflecting lower net gains from investments.
Net Interest Income.
Net interest income in the consolidated statements of earnings was $3.06 billion for 2015, 24% lower than 2014.
The decrease compared with 2014 was due to lower interest income resulting from a reduction in interest income related to financial instruments owned, at fair value, partially offset by the impact of an increase in total average loans receivable.
The decrease in interest income was partially offset by a decrease in interest expense, which primarily reflected lower interest expense related to financial instruments sold, but not yet purchased, at fair value and other interest-bearing liabilities, partially offset by higher interest expense related to long-term borrowings.
See “Supplemental Financial Information — Statistical Disclosures — Distribution of Assets, Liabilities and Shareholders’ Equity” for further information about our sources of net interest income.
Operating Expenses Our operating expenses are primarily influenced by compensation, headcount and levels of business activity.
Compensation and benefits includes salaries, discretionary compensation, amortization of equity awards and other items such as benefits.
Discretionary compensation is significantly impacted by, among other factors, the level of net revenues, overall financial performance, prevailing labor markets, business mix, the structure of our sharebased compensation programs and the external environment.
In addition, see “Use of Estimates” for additional information about expenses that may arise from litigation and regulatory proceedings.
In the context of the challenging environment during the first half of 2016, we completed an initiative that identified areas where we can operate more efficiently, resulting in a reduction of approximately $900 million in annual run rate compensation.
For 2016, net savings from this initiative, after severance and other related costs, were approximately $500 million.
The table below presents our operating expenses and total staff (which includes employees, consultants and temporary staff).
## Table 0 ##
Sources of Revenue Our revenues are primarily derived from the planning and execution of multi-channel advertising, marketing and communications programs around the world.
Our revenues are directly dependent upon the advertising, marketing and corporate communications requirements of our existing clients and our ability to win new clients.
Most of our client contracts are individually negotiated, and, accordingly, the terms of client engagements and the bases on which we earn commissions and fees vary significantly.
As is customary in the industry, our contracts generally provide for termination by either party on relatively short notice, usually 90 days.
Revenues for the creation, planning and placement of advertising are determined primarily on a negotiated fee basis and, to a lesser extent, on a commission basis.
Fees are usually calculated to reflect hourly rates plus proportional overhead and a mark-up.
Many clients include an incentive compensation component in their total compensation package.
This provides added revenue based on achieving mutually agreed-upon qualitative or quantitative metrics within specified time periods.
Commissions are earned based on services provided and are usually derived from a percentage or fee over the total cost to complete the assignment.
Commissions can also be derived when clients pay us the gross rate billed by media and we pay for media at a lower net rate; the difference is the commission that we earn, which we either retain in full or share with the client depending on the nature of the applicable services agreement.
We also generate revenue in negotiated fees from our public relations, sales promotion, event marketing, sports and entertainment marketing, and corporate and brand identity services.
In most of our businesses, our agencies enter into commitments to pay production and media costs on behalf of clients, as is customary in the advertising and marketing industries.
To the extent possible, we pay production and media charges after we have received funds from our clients, and in some instances we agree with the provider that we will only be liable to pay the production and media costs after the client has paid us for the charges.
Generally, we act as the client’s agent rather than the primary obligor.
Our revenue is typically lowest in the first quarter and highest in the fourth quarter.
This reflects the seasonal spending of our clients, incentives earned at year end on various contracts and project work that is typically completed during the fourth quarter.
Fee revenue recognized on a completed-contract basis also contributes to the higher seasonal revenues experienced in the fourth quarter because the majority of our contracts end at December 31.
## Table 1 ##
See Note 1 to the Consolidated Financial Statements for further information on our revenue recognition accounting policies.
Clients Our large and diverse client base includes many of the most recognizable companies and brands throughout the world.
Our holding company structure allows us to maintain a diversified client base across and within a full range of industry sectors.
In the aggregate, our top ten clients based on revenue accounted for approximately 20% and 19% of revenue in 2016 and 2015, respectively.
Our largest client accounted for approximately 4% of revenue for both 2016 and 2015.
Based on revenue for the year ended December 31, 2016, our largest client sectors (in alphabetical order) were auto and transportation, healthcare and technology and telecom.
We represent several different clients, brands or divisions within each of these sectors in a number of geographic markets, as well as provide services across multiple advertising and marketing disciplines, in each case through more than one of our agency brands.
Representation of a client rarely means that we handle advertising
Notes to Consolidated Financial Statements – (continued) (Amounts in Millions, Except Per Share Amounts) performance-based awards depends on Company performance against specific performance targets and could range from 0% to 300% of the target amount of shares originally granted, except for Executive Officers of IPG, with a range of 0% to 200%.
Incentive awards are subject to certain restrictions and vesting requirements as determined by the Compensation Committee.
The fair value of the shares on the grant date is amortized over the vesting period, which is generally three years.
Upon completion of the vesting period for cash-settled awards, the grantee is entitled to receive a payment in cash based on the fair market value of the corresponding number of shares of common stock.
No monetary consideration is paid by a recipient for any incentive award.
The fair value of cash-settled awards is adjusted each quarter based on our share price.
The holders of stock-settled awards have absolute ownership interest in the underlying shares of common stock prior to vesting, which includes the right to vote and receive dividends.
Dividends declared on common stock are accrued during the vesting period and paid when the award vests.
The holders of cash-settled and performance-based awards have no ownership interest in the underlying shares of common stock until the awards vest and the shares of common stock are issued.
Stock-based compensation awards expected to be settled in cash have been classified as liabilities in our Consolidated Balance Sheets as of December 31, 2016 and 2015.
## Table 2 ##
In conjunction with common stock dividends declared in 2016 and 2015, we accrued dividends of $1.3 and $0.9, respectively, on non-vested stock-settled awards and paid dividends of $0.6 for stock-settled awards that vested during both 2016 and 2015.
A summary of the activity of our non-vested stock-settled awards, cash-settled awards and performance-based awards during 2016 is presented below (performance-based awards are shown at 100% of the shares originally granted)
## Table 3 ##
Under the 2014 PIP and 2009 PIP, additional performance cash awards settled in shares were granted, all of which have been fully settled as of February 28, 2016.
The total amount of the vested awards distributed during the years ended December 31, 2016 and 2015 were $28.0 and $16.6, respectively.
As of December 31, 2016, there are no remaining awards of this type outstanding.

<table><tr><td></td><td>Year Ended December</td></tr><tr><td><i>$ in millions</i></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Compensation and benefits</td><td>$11,647</td><td>$12,678</td><td>$12,691</td></tr><tr><td>Brokerage, clearing, exchange anddistribution fees</td><td>2,555</td><td>2,576</td><td>2,501</td></tr><tr><td>Market development</td><td>457</td><td>557</td><td>549</td></tr><tr><td>Communications and technology</td><td>809</td><td>806</td><td>779</td></tr><tr><td>Depreciation and amortization</td><td>998</td><td>991</td><td>1,337</td></tr><tr><td>Occupancy</td><td>788</td><td>772</td><td>827</td></tr><tr><td>Professional fees</td><td>882</td><td>963</td><td>902</td></tr><tr><td>Other expenses</td><td>2,168</td><td>5,699</td><td>2,585</td></tr><tr><td>Total non-compensation expenses</td><td>8,657</td><td>12,364</td><td>9,480</td></tr><tr><td>Total operating expenses</td><td>$20,304</td><td>$25,042</td><td>$22,171</td></tr><tr><td>Total staff at period-end</td><td>34,400</td><td>36,800</td><td>34,000</td></tr></table>
<table><tr><td></td><td colspan="6">Consolidated Revenues for the Three Months Ended</td></tr><tr><td></td><td colspan="2">2016</td><td colspan="2">2015</td><td colspan="2">2014</td></tr><tr><td>(Amounts in Millions)</td><td></td><td>% of Total</td><td></td><td>% of Total</td><td></td><td>% of Total</td></tr><tr><td>March 31</td><td>$1,742.0</td><td>22.2%</td><td>$1,676.0</td><td>22.0%</td><td>$1,637.5</td><td>21.7%</td></tr><tr><td>June 30</td><td>1,917.9</td><td>24.4%</td><td>1,876.1</td><td>24.7%</td><td>1,851.4</td><td>24.6%</td></tr><tr><td>September 30</td><td>1,922.2</td><td>24.5%</td><td>1,865.5</td><td>24.5%</td><td>1,841.1</td><td>24.4%</td></tr><tr><td>December 31</td><td>2,264.5</td><td>28.9%</td><td>2,196.2</td><td>28.8%</td><td>2,207.1</td><td>29.3%</td></tr><tr><td></td><td>$7,846.6</td><td></td><td>$7,613.8</td><td></td><td>$7,537.1</td><td></td></tr></table>
<table><tr><td></td><td colspan="3">Years ended December 31,</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Stock-Settled Awards:</td><td></td><td></td><td></td></tr><tr><td>Awards granted</td><td>1.1</td><td>0.8</td><td>1.2</td></tr><tr><td>Weighted-average grant-date fair value (per award)</td><td>$21.87</td><td>$22.07</td><td>$17.77</td></tr><tr><td>Total fair value of vested awards distributed</td><td>$17.5</td><td>$18.8</td><td>$12.6</td></tr><tr><td>Cash-Settled Awards:</td><td></td><td></td><td></td></tr><tr><td>Awards granted</td><td>0.1</td><td>0.1</td><td>0.1</td></tr><tr><td>Weighted-average grant-date fair value (per award)</td><td>$22.54</td><td>$20.46</td><td>$18.20</td></tr><tr><td>Total fair value of vested awards distributed</td><td>$0.7</td><td>$0.2</td><td>$0.6</td></tr><tr><td>Performance-Based Awards:</td><td></td><td></td><td></td></tr><tr><td>Awards granted</td><td>3.3</td><td>2.9</td><td>3.5</td></tr><tr><td>Weighted-average grant-date fair value (per award)</td><td>$19.58</td><td>$20.88</td><td>$16.56</td></tr><tr><td>Total fair value of vested awards distributed</td><td>$27.9</td><td>$18.7</td><td>$15.3</td></tr></table>
<table><tr><td></td><td colspan="2">Stock-Settled Awards</td><td colspan="2">Cash-Settled Awards</td><td colspan="2">Performance-Based Awards</td></tr><tr><td></td><td>Awards</td><td>Weighted-AverageGrant-DateFair Value(per award)</td><td>Awards</td><td>Weighted-AverageGrant-DateFair Value(per award)</td><td>Awards</td><td>Weighted-AverageGrant-DateFair Value(per award)</td></tr><tr><td>Non-vested as of January 1, 2016</td><td>2.0</td><td>$18.53</td><td>0.1</td><td>$18.75</td><td>7.1</td><td>$17.50</td></tr><tr><td>Granted</td><td>1.1</td><td>21.87</td><td>0.0</td><td>22.54</td><td>3.3</td><td>19.58</td></tr><tr><td>Vested</td><td>-0.8</td><td>16.64</td><td>0.0</td><td>17.04</td><td>-1.3</td><td>11.92</td></tr><tr><td>Forfeited</td><td>0.0</td><td>19.80</td><td>0.0</td><td>19.83</td><td>-0.6</td><td>17.46</td></tr><tr><td>Non-vested as of December 31, 2016</td><td>2.3</td><td>$20.84</td><td>0.1</td><td>$20.49</td><td>8.5</td><td>$19.16</td></tr><tr><td>Total unrecognized compensation expense remaining</td><td>$23.7</td><td></td><td>$1.7</td><td></td><td>$90.0</td><td></td></tr><tr><td>Weighted-average years expected to be recognized over</td><td>1.2</td><td></td><td>1.3</td><td></td><td>1.7</td><td></td></tr></table>

Question: What is the sum of Awards granted in 2016 and 2015?
Answer: 1.9