HASBRO, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements — (Continued) (Thousands of Dollars and Shares Except Per Share Data) substantial portion of its customers’ ability to discharge amounts owed is generally dependent upon the overall retail economic environment.
Sales to the Company’s three largest customers, Wal-Mart Stores, Inc. , Toys “R” Us, Inc.  and Target Corporation, amounted to 16%, 9% and 8%, respectively, of consolidated net revenues during 2014, 16%, 10% and 9%, respectively, of consolidated net revenues during 2013 and 17%, 11% and 10%, respectively, of consolidated net revenues during 2012.
These sales were primarily within the U. S.  and Canada segment.
Hasbro purchases certain components used in its manufacturing process and certain finished products from manufacturers in the Far East.
The Company’s reliance on external sources of manufacturing can be shifted, over a period of time, to alternative sources of supply for products it sells, should such changes be necessary.
However, if the Company were prevented from obtaining products from a substantial number of its current Far East suppliers due to political, labor or other factors beyond its control, the Company’s operations would be disrupted, potentially for a significant period of time, while alternative sources of product were secured.
The imposition of trade sanctions, quotas or other protectionist measures by the United States or the European Union against a class of products imported by Hasbro from, or the loss of “normal trade relations” status with, China could significantly increase the cost of the Company’s products imported into the United States or Europe.
The Company has agreements which allow it to develop and market products based on properties owned by third parties including its license with Marvel Entertainment, LLC and Marvel Characters B. V.  (together “Marvel”) and its license with Lucas Licensing Ltd.  and Lucasfilm Ltd.  (together “Lucas”).
These licenses have multi-year terms and provide the Company with the right to market and sell designated classes of products based on Marvel’s portfolio of brands, including SPIDER-MAN and THE AVENGERS, and Lucas’s STAR WARS brand.
Hasbro’s net revenues from these licenses can be significant in any given year based on the level of third party entertainment.
Both Marvel and Lucas are owned by The Walt Disney Company
## Table 0 ##
HASBRO, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements — (Continued) (Thousands of Dollars and Shares Except Per Share Data) Stock Performance Awards In 2014, 2013 and 2012, as part of its annual equity grant to executive officers and certain other employees, the Company issued contingent stock performance awards (the “Stock Performance Awards”).
These awards provide the recipients with the ability to earn shares of the Company’s common stock based on the Company’s achievement of stated cumulative diluted earnings per share and cumulative net revenue targets over the three fiscal years ended December 2016, December 2015, and December 2014 for the 2014, 2013 and 2012 awards, respectively.
Each Stock Performance Award has a target number of shares of common stock associated with such award which may be earned by the recipient if the Company achieves the stated diluted earnings per share and revenue targets.
The ultimate amount of the award may vary, depending on actual results.
Awards may vary from 0% to 200% of the target number of shares.
In October 2012, as part of the Amended and Restated Employment Agreement with the Company’s Chief Executive Officer, the stock performance awards for the Chief Executive Officer for 2014 and 2013 could be adjusted at the time of vesting dependent on the Company’s total shareholder return compared to the Standard & Poor’s 500 return for the applicable performance period.
As part of the amendment to this agreement in August 2014, this adjustment was eliminated.
The fair value of the award used to record compensation expense was not impacted by this amendment.
Information with respect to Stock Performance Awards for 2014, 2013 and 2012 is as follows:
## Table 1 ##
Shares cancelled in 2014, 2013 and 2012 represent the cancellation of the Stock Performance Awards granted during 2012, 2011 and 2010, respectively, based on failure to meet the targets set forth by the agreement.
During 2014, 2013 and 2012, the Company recognized $11,315, $815 and $3,628, respectively, of expense relating to these awards.
Awards are valued at the market value of the underlying common stock at the dates of grant and are expensed over the performance period.
On a periodic basis the Company reviews the actual and forecasted performance of the Company against the stated targets for each award.
The total expense is adjusted upward or downward based on the expected amount of shares to be issued as defined in the agreement.
If minimum targets as detailed under the award are not met, no additional compensation expense will be recognized and any previously recognized compensation expense will be reversed.
In the fourth quarter of 2013, it was determined that it was no longer probable that the minimum targets would be met for certain Stock Performance Awards grants and, as a result, all previously recognized expense totaling $7,046 related to these awards was reversed.
At December 28, 2014, the amount of total unrecognized compensation cost related to these awards is approximately $18,310 and the weighted average period over which this will be expensed is 20 months.
Note 10.
Commitments and Contingencies Credit-Related Commitments and Contingencies: Credit-related financial instruments, which are off-balance sheet, include indemnified securities financing, unfunded commitments to extend credit or purchase assets, and standby letters of credit.
The potential loss associated with indemnified securities financing, unfunded commitments and standby letters of credit is equal to the total gross contractual amount, which does not consider the value of any collateral.
The following table summarizes the total gross contractual amounts of credit-related off-balance sheet financial instruments at December 31.
Amounts reported do not reflect participations to independent third parties.
## Table 2 ##
(1) Amount for 2009 excludes agreements related to the commercial paper conduits, which were consolidated in May 2009; see note 11.
Approximately 81% of the unfunded commitments to extend credit expire within one year from the date of issue.
Since many of these commitments are expected to expire or renew without being drawn upon, the total commitment amount does not necessarily represent future cash requirements.
Securities Finance: On behalf of our customers, we lend their securities to creditworthy brokers and other institutions.
We generally indemnify our customers for the fair market value of those securities against a failure of the borrower to return such securities.
Collateral funds received in connection with our securities finance services are held by us as agent and are not recorded in our consolidated statement of condition.
We require the borrowers to provide collateral in an amount equal to or in excess of 100% of the fair market value of the securities borrowed.
The borrowed securities are revalued daily to determine if additional collateral is necessary.
In this regard, we held, as agent, cash and U. S.  government securities with an aggregate fair value of $375.92 billion and $333.07 billion as collateral for indemnified securities on loan at December 31, 2009 and 2008, respectively, presented in the table above.
The collateral held by us is invested on behalf of our customers in accordance with their guidelines.
In certain cases, the collateral is invested in third-party repurchase agreements, for which we indemnify the customer against loss of the principal invested.
We require the repurchase agreement counterparty to provide collateral in an amount equal to or in excess of 100% of the amount of the repurchase agreement.
The indemnified repurchase agreements and the related collateral are not recorded in our consolidated statement of condition.
Of the collateral of $375.92 billion at December 31, 2009 and $333.07 billion at December 31, 2008 referenced above, $77.73 billion at December 31, 2009 and $68.37 billion at December 31, 2008 was invested in indemnified repurchase agreements.
We held, as agent, cash and securities with an aggregate fair value of $82.62 billion and $71.87 billion as collateral for indemnified investments in repurchase agreements at December 31, 2009 and December 31, 2008, respectively.
Legal Proceedings: In the ordinary course of business, we and our subsidiaries are involved in disputes, litigation and regulatory inquiries and investigations, both pending and threatened.
These matters, if resolved adversely against us, may result in monetary damages, fines and penalties or require changes in our business practices.
The resolution of these proceedings is inherently difficult to predict.
However, we do not believe that the amount of any judgment, settlement or other action arising from any pending proceeding will have a material adverse effect on our consolidated financial condition, although the outcome of certain of the matters described below may have a material adverse effect on our consolidated results of operations for the period in which such matter is resolved

<table><tr><td></td><td colspan="4"> Quarter</td><td></td></tr><tr><td></td><td> First</td><td> Second</td><td> Third</td><td> Fourth</td><td> Full Year</td></tr><tr><td> 2014</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net revenues</td><td>$679,453</td><td>829,262</td><td>1,469,899</td><td>1,298,593</td><td>4,277,207</td></tr><tr><td>Operating profit</td><td>43,448</td><td>82,564</td><td>285,814</td><td>223,549</td><td>635,375</td></tr><tr><td>Earnings (loss) before income taxes</td><td>25,995</td><td>64,517</td><td>244,054</td><td>205,422</td><td>539,988</td></tr><tr><td>Net earnings (loss)</td><td>31,514</td><td>32,820</td><td>180,155</td><td>168,821</td><td>413,310</td></tr><tr><td>Net earnings (loss) attributable to Hasbro, Inc.</td><td>32,087</td><td>33,475</td><td>180,457</td><td>169,911</td><td>415,930</td></tr><tr><td>Per common share</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net earnings (loss) attributable to Hasbro, Inc.</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$0.24</td><td>0.26</td><td>1.42</td><td>1.35</td><td>3.24</td></tr><tr><td>Diluted</td><td>0.24</td><td>0.26</td><td>1.40</td><td>1.34</td><td>3.20</td></tr><tr><td>Market price</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>High</td><td>$55.67</td><td>56.91</td><td>55.78</td><td>59.42</td><td>59.42</td></tr><tr><td>Low</td><td>47.48</td><td>51.08</td><td>48.01</td><td>52.74</td><td>47.48</td></tr><tr><td>Cash dividends declared</td><td>$0.43</td><td>0.43</td><td>0.43</td><td>0.43</td><td>1.72</td></tr></table>
<table><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Outstanding at beginning of year</td><td>943</td><td>1,019</td><td>1,627</td></tr><tr><td>Granted</td><td>322</td><td>358</td><td>695</td></tr><tr><td>Forfeited</td><td>-32</td><td>-101</td><td>-144</td></tr><tr><td>Cancelled</td><td>-578</td><td>-333</td><td>-682</td></tr><tr><td>Vested</td><td>—</td><td>—</td><td>-477</td></tr><tr><td>Outstanding at end of year</td><td>655</td><td>943</td><td>1,019</td></tr><tr><td>Weighted average grant-date fair value:</td><td></td><td></td><td></td></tr><tr><td>Granted</td><td>$52.11</td><td>47.21</td><td>36.14</td></tr><tr><td>Forfeited</td><td>$43.21</td><td>40.24</td><td>37.54</td></tr><tr><td>Cancelled</td><td>$36.14</td><td>45.66</td><td>33.76</td></tr><tr><td>Vested</td><td>$—</td><td>—</td><td>22.31</td></tr><tr><td>Outstanding at end of year</td><td>$49.57</td><td>40.24</td><td>39.57</td></tr></table>
<table><tr><td>(In millions)</td><td>2009</td><td>2008</td></tr><tr><td>Indemnified securities financing</td><td>$365,251</td><td>$324,590</td></tr><tr><td>Asset purchase agreements<sup>-1</sup></td><td>8,211</td><td>31,780</td></tr><tr><td>Unfunded commitments to extend credit</td><td>18,078</td><td>20,981</td></tr><tr><td>Standby letters of credit</td><td>4,784</td><td>6,061</td></tr></table>

Question: Which quarter is Operating profit the highest in 2014?
Answer: 3