During fiscal 2013, we entered into an ASR with a financial institution to repurchase an aggregate of $125 million of our common stock.
In exchange for an up-front payment of $125 million, the financial institution committed to deliver a number of shares during the ASR’s purchase period, which ended on March 30, 2013.
The total number of shares delivered under this ASR was 2.5 million at an average price of $49.13 per share.
During fiscal 2013, in addition to shares repurchased under the ASR, we repurchased and retired 1.1 million shares of our common stock at a cost of $50.3 million, or an average of $44.55 per share, including commissions.
NOTE 10—SHARE-BASED AWARDS AND OPTIONS Non-qualified stock options and restricted stock have been granted to officers, key employees and directors under the Global Payments Inc.  2000 Long-Term Incentive Plan, as amended and restated (the “2000 Plan”), the Global Payments Inc.
Amended and Restated 2005 Incentive Plan (the “2005 Plan”), the Amended and Restated 2000 Non-Employee Director Stock Option Plan (the “Director Stock Option Plan”), and the Global Payments Inc.  2011 Incentive Plan (the “2011 Plan”) (collectively, the “Plans”).
There were no further grants made under the 2000 Plan after the 2005 Plan was effective, and the Director Stock Option Plan expired by its terms on February 1, 2011.
There will be no future grants under the 2000 Plan, the 2005 Plan or the Director Stock Option Plan.
The 2011 Plan permits grants of equity to employees, officers, directors and consultants.
A total of 7.0 million shares of our common stock was reserved and made available for issuance pursuant to awards granted under the 2011 Plan.
The following table summarizes share-based compensation expense and the related income tax benefit recognized for stock options, restricted stock, performance units, TSR units, and shares issued under our employee stock purchase plan (each as described below).
## Table 0 ##
We grant various share-based awards pursuant to the Plans under what we refer to as our “long-term incentive plan.
” The awards are held in escrow and released upon the grantee’s satisfaction of conditions of the award certificate.
Restricted Stock and Restricted Stock Units We grant restricted stock and restricted stock units.
Restricted stock awards vest over a period of time, provided, however, that if the grantee is not employed by us on the vesting date, the shares are forfeited.
Restricted shares cannot be sold or transferred until they have vested.
Restricted stock granted before fiscal 2015 vests in equal installments on each of the first four anniversaries of the grant date.
Restricted stock granted during fiscal 2015 will either vest in equal installments on each of the first three anniversaries of the grant date or cliff vest at the end of a three-year service period.
The grant date fair value of restricted stock, which is based on the quoted market value of our common stock at the closing of the award date, is recognized as share-based compensation expense on a straight-line basis over the vesting period.
Performance Units Certain of our executives have been granted up to three types of performance units under our long-term incentive plan.
Performance units are performance-based restricted stock units that, after a performance period, convert into common shares, which may be restricted.
The number of shares is dependent upon the achievement of certain performance measures during the performance period.
The target number of performance units and any market-based performance measures (“at threshold,” “target,” and “maximum”) are set by the Compensation Committee of our Board of Directors.
Performance units are converted only after the Compensation Committee certifies performance based on pre-established goals.
Consolidated Operating Results
## Table 1 ##
In August 2007, the Company completed the sale of its businesses in Brazil, Argentina, Mexico, Puerto Rico, Venezuela and 13 other countries in Latin America and the Caribbean, which totaled 1,571 restaurants, to a developmental licensee organization.
The Company refers to these markets as “Latam.
” As a result of the Latam transaction, the Company receives royalties in these markets instead of a combination of Company-operated sales and franchised rents and royalties.
Based on approval by the Company’s Board of Directors on April 17, 2007, the Company concluded Latam was “held for sale” as of that date in accordance with guidance on the impairment or disposal of long-lived assets.
As a result, the Company recorded an impairment charge of $1.7 billion in 2007, substantially all of which was noncash.
The charge included $896 million for the difference between the net book value of the Latam business and approximately $675 million in cash proceeds received.
This loss in value was primarily due to a historically difficult economic environment coupled with volatility experienced in many of the markets included in this transaction.
The charges also included historical foreign currency translation losses of $769 million recorded in shareholders’ equity.
The Company recorded a tax benefit of $62 million in 2007 in connection with this transaction.
As a result of meeting the “held for sale” criteria, the Company ceased recording depreciation expense with respect to Latam effective April 17, 2007.
In connection with the sale, the Company agreed to indemnify the buyers for certain tax and other claims, certain of which are reflected as liabilities on McDonald’s Consolidated balance sheet, totaling $97 million at December 31, 2009 and $142 million at December 31, 2008.
The change in the balance was primarily a result of the resolution of certain of these liabilities as well as the impact of foreign currency translation.
The Company mitigates the currency impact to income of these foreign currency denominated liabilities through the use of forward foreign exchange agreements.
The buyers of the Company’s operations in Latam entered into a 20-year master franchise agreement that requires the buyers, among other obligations to (i) pay monthly royalties commencing at a rate of approximately 5% of gross sales of the restaurants in these markets, substantially consistent with market rates for similar license arrangements; (ii) commit to adding approximately 150 new McDonald’s restaurants by the end of 2010 and pay an initial fee for each new restaurant opened; and (iii) commit to specified annual capital expenditures for existing restaurants.
Notes to Consolidated Financial Statements Summary of Significant Accounting Policies NATURE OF BUSINESS The Company franchises and operates McDonald’s restaurants in the global restaurant industry.
All restaurants are operated either by the Company or by franchisees, including conventional franchisees under franchise arrangements, and foreign affiliates and developmental licensees under license agreements.
The following table presents restaurant information by ownership type:
## Table 2 ##
The results of operations of restaurant businesses purchased and sold in transactions with franchisees were not material either individually or in the aggregate to the consolidated financial statements for periods prior to purchase and sale.
CONSOLIDATION The consolidated financial statements include the accounts of the Company and its subsidiaries.
Investments in affiliates owned 50% or less (primarily McDonald’s Japan) are accounted for by the equity method.
On an ongoing basis, the Company evaluates its business relationships such as those with franchisees, joint venture partners, developmental licensees, suppliers, and advertising cooperatives to identify potential variable interest entities.
Generally, these businesses qualify for a scope exception under the variable interest entity consolidation guidance.
The Company has concluded that consolidation of any such entity is not appropriate for the periods presented.
ESTIMATES IN FINANCIAL STATEMENTS The preparation of financial statements in conformity with accounting principles generally accepted in the U. S.  requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
RECENTLY ISSUED ACCOUNTING STANDARDS Employee Share-Based Payment Accounting In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”.
The goal of this update is to simplify several aspects of the accounting for sharebased payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows.
The Company elected to early adopt ASU 2016-09 in the second quarter 2016, which required reflecting any adjustments as of January 1, 2016.
The primary impact of adoption was the recognition of excess tax benefits as a reduction to the provision for income taxes.
Additional amendments to ASU 2016-09 related to income taxes and minimum statutory withholding tax requirements had no impact to retained earnings, where the cumulative effect of these changes are required to be recorded.
The Company also elected to continue estimating forfeitures when determining the amount of compensation costs to be recognized in each period.
The presentation requirements for cash flows related to excess tax benefits were applied prospectively; as such, prior years have not been restated.
The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact to any of the periods presented in the consolidated statement of cash flows, since such cash flows have historically been presented in financing activities.
Lease Accounting In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements.
ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted.
The Company anticipates ASU 2016-02 to have a material impact on the consolidated balance sheet.
Upon adoption, a portion of our franchise related revenue may be subject to the allocation provisions outlined in ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)".
We are currently evaluating the specific implementation requirements, if any, for allocating consideration within our lessor contracts in accordance with ASU 2014-09.
The impact of ASU 2016-02 is non-cash in nature, as such, it will not affect the Company’s cash flows.
Income Taxes In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory”.
The goal of this update is to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory.
ASU 2016-16 is effective for fiscal years beginning after December 15, 2017, including interim periods within those annual reporting periods.
The Company anticipates that ASU 2016-16 may have a material impact on the Company’s consolidated balance sheet, but little to no impact on the consolidated statement of income or the Company’s cash flows.
Business Combinations In January 2017, the FASB issued ASU 2017-1, “Business Combinations (Topic 805): Clarifying the Definition of a Business,” to clarify the definition of a business to assist organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses.
The Company elected to early adopt ASU 2017-1 in the fourth quarter 2016.
The adoption of this standard did not have a material impact on the Company’s financial statements.
REVENUE RECOGNITION The Company’s revenues consist of sales by Company-operated restaurants and fees from franchised restaurants operated by conventional franchisees, developmental licensees and foreign affiliates.
Sales by Company-operated restaurants are recognized on a cash basis.
The Company presents sales net of sales tax and other sales-related taxes.
Revenues from conventional franchised restaurants include rent and royalties based on a percent of sales with minimum rent payments, and initial fees.
Revenues from restaurants licensed to foreign affiliates and developmental licensees include a royalty based on a percent of sales, and may include initial fees.
Continuing rent and royalties are recognized in the period earned.
Initial fees are recognized upon opening of a restaurant or granting of a new franchise term, which is when the Company has performed substantially all initial services required by the franchise arrangement.

<table><tr><td></td><td>2015</td><td>2014 (in millions)</td><td>2013</td></tr><tr><td>Share-based compensation expense</td><td>$21.1</td><td>$29.8</td><td>$18.4</td></tr><tr><td>Income tax benefit</td><td>$-6.9</td><td>$-7.1</td><td>$-5.6</td></tr></table>
<table><tr><td></td><td colspan="2">2009</td><td colspan="2">2008</td><td rowspan="2">2007 Amount</td></tr><tr><td><i>Dollars in millions, except per share data</i></td><td>Amount</td><td>Increase/ (decrease)</td><td>Amount</td><td>Increase/ (decrease)</td></tr><tr><td> Revenues</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales by Company-operated restaurants</td><td>$15,459</td><td>-7%</td><td>$16,561</td><td>—%</td><td>$16,611</td></tr><tr><td>Revenues from franchised restaurants</td><td>7,286</td><td>5</td><td>6,961</td><td>13</td><td>6,176</td></tr><tr><td> Total revenues</td><td>22,745</td><td>-3</td><td>23,522</td><td>3</td><td>22,787</td></tr><tr><td> Operating costs and expenses</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Company-operated restaurant expenses</td><td>12,651</td><td>-7</td><td>13,653</td><td>-1</td><td>13,742</td></tr><tr><td>Franchised restaurants—occupancy expenses</td><td>1,302</td><td>6</td><td>1,230</td><td>8</td><td>1,140</td></tr><tr><td>Selling, general & administrative expenses</td><td>2,234</td><td>-5</td><td>2,355</td><td>—</td><td>2,367</td></tr><tr><td>Impairment and other charges (credits), net</td><td>-61</td><td>nm</td><td>6</td><td>nm</td><td>1,670</td></tr><tr><td>Other operating (income) expense, net</td><td>-222</td><td>-35</td><td>-165</td><td>nm</td><td>-11</td></tr><tr><td> Total operating costs and expenses</td><td>15,904</td><td>-7</td><td>17,079</td><td>-10</td><td>18,908</td></tr><tr><td> Operating income</td><td>6,841</td><td>6</td><td>6,443</td><td>66</td><td>3,879</td></tr><tr><td>Interest expense</td><td>473</td><td>-9</td><td>523</td><td>27</td><td>410</td></tr><tr><td>Nonoperating (income) expense, net</td><td>-24</td><td>69</td><td>-78</td><td>25</td><td>-103</td></tr><tr><td>Gain on sale of investment</td><td>-95</td><td>41</td><td>-160</td><td>nm</td><td></td></tr><tr><td> Income from continuing operations before provision for income taxes</td><td>6,487</td><td>5</td><td>6,158</td><td>72</td><td>3,572</td></tr><tr><td>Provision for income taxes</td><td>1,936</td><td>5</td><td>1,845</td><td>49</td><td>1,237</td></tr><tr><td> Income from continuing operations</td><td>4,551</td><td>6</td><td>4,313</td><td>85</td><td>2,335</td></tr><tr><td>Income from discontinued operations (net of taxes of $35)</td><td></td><td></td><td></td><td></td><td>60</td></tr><tr><td> Net income</td><td>$4,551</td><td>6%</td><td>$4,313</td><td>80%</td><td>$2,395</td></tr><tr><td> Income per common share—diluted</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Continuing operations</td><td>$4.11</td><td>9%</td><td>$3.76</td><td>95%</td><td>$1.93</td></tr><tr><td>Discontinued operations</td><td></td><td></td><td></td><td></td><td>0.05</td></tr><tr><td>Net income</td><td>$4.11</td><td>9%</td><td>$3.76</td><td>90%</td><td>$1.98</td></tr><tr><td> Weighted-average common shares outstanding—diluted</td><td>1,107.4</td><td></td><td>1,146.0</td><td></td><td>1,211.8</td></tr></table>
<table><tr><td>Restaurants at December 31,</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Conventional franchised</td><td>21,559</td><td>21,147</td><td>20,774</td></tr><tr><td>Developmental licensed</td><td>6,300</td><td>5,529</td><td>5,228</td></tr><tr><td>Foreign affiliated</td><td>3,371</td><td>3,405</td><td>3,542</td></tr><tr><td>Franchised</td><td>31,230</td><td>30,081</td><td>29,544</td></tr><tr><td>Company-operated</td><td>5,669</td><td>6,444</td><td>6,714</td></tr><tr><td>Systemwide restaurants</td><td>36,899</td><td>36,525</td><td>36,258</td></tr></table>

Question: Does the value of Sales by Company-operated restaurants in 2009 greater than that in2008?
Answer: no