Packaging Corporation of America Notes to Consolidated Financial Statements (Continued) December 31, 2002 F-14 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Stock-Based Compensation PCA entered into management equity agreements in June 1999 with 125 of its management-level employees.
These agreements provide for the grant of options to purchase up to an aggregate of 6,576,460 shares of PCA’s common stock at $4.55 per share, the same price per share at which PCA Holdings LLC purchased common stock in the Transactions.
The agreement called for these options to vest ratably over a five-year period, or upon completion of an initial public offering, full vesting with contractual restrictions on transfer for a period of up to 18 months following completion of the offering.
The options vested with the initial public offering in January 2000, and the restriction period ended August, 2001.
In October 1999, the Company adopted a long-term equity incentive plan, which provides for grants of stock options, stock appreciation rights (SARs), restricted stock and performance awards to directors, officers and employees of PCA, as well as others who engage in services for PCA.
Option awards granted to officers and employees vest ratably over a four-year period, whereas option awards granted to directors vest immediately.
Under the plan, which will terminate on June 1, 2009, up to 4,400,000 shares of common stock is available for issuance under the long-term equity incentive plan.
A summary of the Company’s stock option activity, and related information for the years ended December 31, 2002, 2001 and 2000 follows:
## Table 0 ##
PART I Item 1.  BUSINESS General Packaging Corporation of America, or PCA, is the sixth largest producer of containerboard and corrugated products in the United States, based on production capacity as reported in the Pulp & Paper 2002 North American Fact Book.
With 2002 net sales of $1.7 billion, PCA produced about 2.2 million tons of containerboard, about 80% of which was consumed in our corrugated products manufacturing plants, and shipped about 27.5 billion square feet (BSF) of corrugated products.
Containerboard Production and Corrugated Shipments
## Table 1 ##
In 2002, we produced about 1.4 million tons of kraft linerboard at our mills located in Counce, Tennessee and Valdosta, Georgia.
We also produced about 0.8 million tons of semi-chemical corrugating medium at our mills located in Tomahawk, Wisconsin and Filer City, Michigan.
We currently lease the cutting rights to approximately 140,000 acres of timberland located near our Counce and Valdosta mills.
We also have supply agreements on about 600,000 of the 800,000 acres of timberland we sold during 1999 and 2000.
Our converting operations produce a wide variety of corrugated packaging products, including conventional shipping containers used to protect and transport manufactured goods.
We also produce multi-color boxes and displays with strong visual appeal that help to merchandise the packaged product in retail locations.
Finally, we are a large producer of meat boxes and wax-coated boxes for the agricultural industry.
Corporate Developments On April 12, 1999, Pactiv Corporation, formerly known as Tenneco Packaging Inc. , a wholly owned subsidiary of Tenneco Inc. , sold its containerboard and corrugated products business to PCA, an entity formed by Madison Dearborn Partners, LLC, a private equity investment firm, in January 1999, for $2.2 billion, consisting of $246.5 million in cash, the assumption of $1,760.0 million of debt incurred by Pactiv immediately prior to the contribution, and a 45% common equity interest in PCA valued at $193.5 million.
PCA Holdings LLC, an entity organized and controlled by Madison Dearborn, acquired the remaining 55% common equity interest in PCA for $236.5 million in cash, which was used to finance in part the transactions.
The financing of the transactions consisted of (1) borrowings under a new $1,469.0 million senior credit facility for which J. P.  Morgan Securities Inc.  and BT Alex.
Brown Incorporated (the predecessor to Deutsche Banc Alex.
Brown) were co-lead arrangers, (2) the offering of $550.0 million of 9 5/8% senior subordinated notes due 2009, and $100.0 million of 12 3/8% senior exchangeable preferred stock due 2010, (3) a cash equity investment of $236.5 million by PCA Holdings LLC and (4) an equity investment by Pactiv valued at $193.5 million.
As required by their terms, the $550.0 million of senior subordinated notes and $100.0 million of senior exchangeable preferred stock issued in the April 12, 1999 transactions were exchanged for publicly registered securities in the same amounts in a registered exchange offer completed in October 1999.
The information in the graph and table above is not deemed “filed” with the Securities and Exchange Commission and is not to be incorporated by reference in any of PCA’s filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date of this Annual Report on Form 10-K, except to the extent that PCA specifically incorporates such information by reference.
Item 6.
SELECTED FINANCIAL DATA The following table sets forth the selected historical financial data of PCA.
The information contained in the table should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the historical consolidated financial statements of PCA, including the notes thereto, contained elsewhere in this report.
## Table 2 ##
(1) Total debt obligations include long-term debt, capital lease obligations, short-term debt and current maturities of long-term debt and capital lease obligations.
Item 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of historical results of operations and financial condition should be read in conjunction with the audited financial statements and the notes thereto which appear elsewhere in this report.
Overview PCA is the fifth largest producer of containerboard and corrugated products in the United States, based on production capacity.
We operate four containerboard mills and 67 corrugated products manufacturing plants throughout the United States.
Approximately 80% of the containerboard tons produced at our mills are consumed in our corrugated products manufacturing plants.
The remaining 20% is sold to domestic customers or the export market.
We produce a wide variety of corrugated products ranging from basic corrugated shipping containers to specialized packaging such as wax-coated boxes for the agriculture industry.
We also have multi-color printing capabilities to make high-impact graphics boxes and displays that offer our customers more attractive packaging.

<table><tr><td></td><td>Options</td><td>Weighted-Average Exercise Price</td></tr><tr><td>Balance, January 1, 2000</td><td>6,569,200</td><td>$4.55</td></tr><tr><td>Granted</td><td>1,059,700</td><td>11.92</td></tr><tr><td>Exercised</td><td>-398,138</td><td>4.55</td></tr><tr><td>Forfeited</td><td>-26,560</td><td>6.88</td></tr><tr><td>Balance, December 31, 2000</td><td>7,204,202</td><td>$5.62</td></tr><tr><td>Granted</td><td>953,350</td><td>15.45</td></tr><tr><td>Exercised</td><td>-1,662,475</td><td>4.59</td></tr><tr><td>Forfeited</td><td>-16,634</td><td>11.18</td></tr><tr><td>Balance, December 31, 2001</td><td>6,478,443</td><td>$7.31</td></tr><tr><td>Granted</td><td>871,000</td><td>19.55</td></tr><tr><td>Exercised</td><td>-811,791</td><td>5.52</td></tr><tr><td>Forfeited</td><td>-63,550</td><td>15.44</td></tr><tr><td>Balance, December 31, 2002</td><td>6,474,102</td><td>$9.10</td></tr></table>
<table><tr><td> </td><td> </td><td> First  Quarter</td><td> Second  Quarter</td><td> Third  Quarter</td><td> Fourth  Quarter</td><td> Full  Year</td></tr><tr><td>Containerboard Production (thousand tons)</td><td>2002</td><td>520</td><td>548</td><td>578</td><td>558</td><td>2,204</td></tr><tr><td></td><td>2001</td><td>502</td><td>519</td><td>561</td><td>543</td><td>2,125</td></tr><tr><td>Corrugated Shipments (BSF)</td><td>2002</td><td>6.5</td><td>7.2</td><td>7.3</td><td>6.5</td><td>27.5</td></tr><tr><td></td><td>2001</td><td>6.6</td><td>6.8</td><td>6.8</td><td>6.3</td><td>26.5</td></tr></table>
<table><tr><td></td><td colspan="5"> For The Year Ended December 31,</td></tr><tr><td></td><td> 2010</td><td> 2009</td><td> 2008</td><td> 2007</td><td> 2006</td></tr><tr><td></td><td></td><td colspan="3"> (In thousands, except per share data)</td><td></td></tr><tr><td> Statement of Income Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net sales</td><td>$2,435,606</td><td>$2,147,589</td><td>$2,360,493</td><td>$2,316,006</td><td>$2,187,046</td></tr><tr><td>Net income</td><td>205,435</td><td>265,895</td><td>135,609</td><td>170,066</td><td>125,032</td></tr><tr><td>Net income per common share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>— basic</td><td>2.02</td><td>2.62</td><td>1.32</td><td>1.63</td><td>1.21</td></tr><tr><td>— diluted</td><td>2.00</td><td>2.60</td><td>1.31</td><td>1.61</td><td>1.20</td></tr><tr><td>Weighted average common shares outstanding:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>— basic</td><td>101,678</td><td>101,577</td><td>102,753</td><td>104,483</td><td>103,599</td></tr><tr><td>— diluted</td><td>102,608</td><td>102,358</td><td>103,593</td><td>105,459</td><td>104,485</td></tr><tr><td>Cash dividends declared per common share</td><td>0.60</td><td>0.60</td><td>1.20</td><td>1.05</td><td>1.00</td></tr><tr><td> Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>$2,224,274</td><td>$2,152,840</td><td>$1,939,741</td><td>$2,035,857</td><td>$1,986,976</td></tr><tr><td>Total debt obligations-1</td><td>680,601</td><td>680,878</td><td>681,135</td><td>677,248</td><td>686,917</td></tr><tr><td>Stockholders’ equity</td><td>1,009,001</td><td>898,845</td><td>683,949</td><td>760,861</td><td>691,771</td></tr></table>

Question: what is the total value of the balance of options as of january 1 , 2000 , in millions?
Answer: 29.88986