Notes to Consolidated Financial Statements The Boeing Company and Subsidiaries 79 The following table summarizes information about Performance Shares outstanding at December 31, 2004, 2003 and 2002, respectively.
## Table 0 ##
ShareValue Trust The ShareValue Trust, established effective July 1, 1996, is a 14-year irrevocable trust that holds Boeing common stock, receives dividends and distributes to employees appreciation in value above a 3% per annum threshold rate of return.
As of December 31, 2004, the Trust held 38,982,205 shares of our common stock, split between two funds, “fund 1” and “fund 2.
” On June 30, 2004, the market value of fund 2 exceeded $913 (the threshold representing a 3% per annum rate of return).
Based on the average stock price of $50.825 as of June 30, 2004, the market value of fund 2 exceeded the threshold by $143 resulting in a distribution to participants.
The distribution was paid in Boeing common stock, except for partial shares, distributions to foreign employees and beneficiaries of deceased participants, which were paid in cash.
After employee withholding taxes, approximately 1.7 million shares of common stock were distributed to participants.
These transactions were recorded as a deduction from additional paid-in capital.
If on June 30, 2006, the market value of fund 1 exceeds $1,004, the amount in excess of the threshold will be distributed to employees.
Shares held by the Trust on June 30, 2010, after final distribution will revert back to us.
Similarly, if on June 30, 2008, the market value of fund 2 exceeds $1,028, the amount in excess of the threshold will be distributed to employees.
Shares held by the Trust on June 30, 2010, after final distribution will revert back to us.
The ShareValue Trust is accounted for as a contra-equity account and stated at market value.
Market value adjustments are offset to additional paid-in capital.
Stock options Our 1997 Incentive Stock Plan (1997 Plan) permits the grant of stock options, stock appreciation rights (SARs) and restricted stock awards (denominated in stock or stock units) to any employee of ours or our subsidiaries and contract employees.
Under the terms of the plan, 64 million shares are authorized for issuance upon exercise of options, as payment of SARs and as restricted stock awards, of which no more than an aggregate of 6,000,000 shares are available for issuance as restricted stock awards and no more than an aggregate of 3,000,000 shares are available for issuance as restricted stock that is subject to restrictions based on continuous employment for less than three years.
This authorization for issuance under the 1997 Plan will terminate on April 30, 2007.
As of December 31, 2004, no SARs have been granted under the 1997 Plan.
The 1993 Incentive Stock Plan permitted the grant of options, SARs and stock to employees of ours or our subsidiaries.
The 1988 and 1984 stock option plans permitted the grant of options or SARs to officers or other key employees of ours or our subsidiaries.
No further grants may be awarded under these three plans.
On April 28, 2003, the shareholders approved The Boeing Company 2003 Incentive Stock Plan (2003 Plan).
The 2003 Plan will permit awards of incentive stock options, nonqualified stock options, restricted stock, stock units, Performance Shares, performance units and other incentives.
The aggregate number of shares of Boeing stock available for issuance under the 2003 Plan will not exceed 30 million and no participant may receive more than 2,000,000 shares in any one calendar year.
Under the terms of the 2003 Plan, no more than an aggregate of 6,000,000 shares are available for issuance as restricted stock awards and no more than an aggregate of 1,500,000 shares are available for issuance as restricted stock that is subject to restrictions based on continuous employment for less than three years.
A summary of the principal features is provided in our 2003 Proxy Statement.
Options have been granted with an exercise price equal to the fair market value of our stock on the date of grant and expire ten years after the date of grant.
Vesting is generally over a fiveyear service period with portions of a grant becoming exercisable at one year, three years and five years after the date of grant.
Information concerning stock options issued to directors, officers and other employees is presented in the following table:
## Table 1 ##
Notes to Consolidated Financial Statements The Boeing Company and Subsidiaries 81 Derivative financial instruments not receiving hedge treatment We also hold certain non-hedging instruments, such as interest exchange agreements, interest rate swaps, warrants, conversion feature of convertible debt and foreign currency forward contracts.
The changes in fair value of these instruments are recorded in earnings.
For the years ended December 31, 2004, 2003 and 2002, these non-hedging instruments resulted in gains of $19, $38 and $25.
We held forward-starting interest rate swap agreements to fix the cost of funding a firmly committed lease for which payment terms are determined in advance of funding.
During the year ended December 31, 2003, the forward-starting interest rate swaps no longer qualified for fair value hedge accounting treatment.
As a result, we recognized a pre-tax charge of $21.
For the years ended December 31, 2003 and 2002, ineffectiveness losses of $1 and $8 were recorded in interest expense related to the forward-starting interest rate swaps.
Note 20 – Arrangements with Off-Balance Sheet Risk We enter into arrangements with off-balance sheet risk in the normal course of business, as discussed below.
These arrangements are primarily in the form of guarantees, ETC investments, and product warranties.
Guarantees In November 2002, the FASB Interpretation No.45 (FIN 45), Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of the Indebtedness of Others, which clarifies the requirements of SFAS No.5, Accounting for Contingencies, relating to a guarantor’s accounting for and disclosures of certain guarantees was issued.
FIN 45 requires enhanced disclosures for certain guarantees.
It also requires certain guarantees that are issued or modified after December 31, 2002, including third-party guarantees, to be initially recorded on the balance sheet at fair value.
For guarantees issued on or before December 31, 2002, liabilities are recorded when and if payments become probable and estimable.
FIN 45 has the general effect of delaying recognition for a portion of the revenue for product sales that are accompanied by certain third-party guarantees.
The financial statement recognition provisions became effective prospectively beginning January 1, 2003.
During 2004 and 2003, the fair value of guarantees we issued was not material.
Third-party guarantees The following tables provide quantitative data regarding our third-party guarantees.
The maximum potential payments represent a “worst-case scenario,” and do not necessarily reflect our expected results.
Estimated proceeds from collateral and recourse represent the anticipated values of assets we could liquidate or receive from other parties to offset our payments under guarantees.
The carrying amount of liabilities recorded on the balance sheet reflects our best estimate of future payments we may incur as part of fulfilling our guarantee obligations.
## Table 2 ##
*Amounts included in Accounts payable and other liabilities
## Table 3 ##
Amounts included in Accounts payable and other liabilities In conjunction with signing a definitive agreement for the sale of new aircraft (Sale Aircraft), we have entered into specified-price trade-in commitments with certain customers that give them the right to trade in used aircraft for the purchase of Sale Aircraft.
Additionally, we have entered into contingent repurchase commitments with certain customers wherein we agree to repurchase the Sale Aircraft at a specified price, generally ten years after delivery of the Sale Aircraft.
Our repurchase of the Sale Aircraft is contingent upon a future, mutually acceptable agreement for the sale of additional new aircraft.
If, in the future, we execute an agreement for the sale of additional new aircraft, and if the customer exercises its right to sell the Sale Aircraft to us, a contingent repurchase commitment would become a trade-in commitment.
Contingent repurchase commitments and trade-in commitments are now included in our guarantees discussion based on our current analysis of the underlying transactions.
Based on our historical experience, we believe that very few, if any, of our outstanding contingent repurchase commitments will ultimately become trade-in commitments.
Exposure related to the trade-in of used aircraft resulting from trade-in commitments may take the form of: (1) adjustments to revenue related to the sale of new aircraft determined at the signing of a definitive agreement, and/or (2) charges to cost of products and services related to adverse changes in the fair value of trade-in aircraft that occur subsequent to signing of a definitive agreement for new aircraft but prior to the purchase of the used trade-in aircraft.
The trade-in aircraft exposure included in Accounts payable and other liabilities in the tables above is related to item (2) above.
Liquidity and Capital Resources Cash Flow Summary (Dollars in millions)
## Table 4 ##
Operating Activities Net cash provided by operating activities increased by $6,004 million to $5,603 million during 2009 compared with 2008.
The improvement reflects a reduction in working capital due to the inventory that was built up during the 2008 IAM strike which was delivered in 2009, offset by the continued ramp up of the 787 program during 2009.
We expect operating cash flows to be lower in 2010 as we continue to build inventories prior to deliveries of the 787 and 747-8 airplanes.
We contributed 29,211,295 shares of our common stock with an aggregate value of $1.5 billion to our pension plans in November 2009.
Cash contributions to our pension plans totaled $82 million and $531 million in 2009 and 2008.
Investing Activities Cash used by investing activities totaled $3,794 million during 2009 compared with $1,888 million provided during 2008.
The $5,682 million year-over-year change is primarily due to changes in investments in time deposits and debt securities.
In 2008 we received net proceeds of $4,670 million from liquidating investments.
In 2009, we made net contributions of $1,588 million to investments.
In 2009, other investing outlays included $639 million for acquisitions and $448 million to satisfy guarantees of Sea Launch indebtedness, which was partially offset by a $40 million reimbursement.
These cash outlays were partly offset by $488 million of lower capital spending on property, plant and equipment additions in 2009 compared with 2008.
We expect capital spending in 2010 to be higher than 2009 due to the construction of a second 787 final assembly line in North Charleston, South Carolina.
Financing Activities Cash provided by financing activities totaled $4,094 million during 2009 compared with $5,202 million used during 2008, primarily due to proceeds from borrowings of $5,961 million in 2009 and reductions in share repurchases in 2009.
On March 13, 2009, we issued notes totaling $1,850 million, on July 28, 2009, we issued notes totaling $1,950 million, and on November 20, 2009, we issued notes totaling $1,200 million.
On October 27, 2009, BCC issued notes totaling $1,000 million.
In 2009, we repaid $551 million of debt, including $528 million of debt held at BCC.
In 2008, we repaid $738 million of debt, including $709 million of debt held at BCC.
In 2007, we repaid $1,406 million of debt, including $1,309 million of debt held at BCC.
There were no material debt issuances during 2008 or 2007.
At December 31, 2009 and 2008, the recorded balance of debt was $12,924 million and $7,512 million, of which $707 million and $560 million were classified as short-term.
This includes $4,075 million and $3,652 million of debt recorded at BCC, of which $659 million and $528 million was classified as short-term.
Five-year Stock Performance Graph The graph below illustrates the cumulative total shareholder return on Snap-on common stock since December 31, 2013, of a $100 investment, assuming that dividends were reinvested quarterly.
The graph compares Snap-on’s performance to that of the Standard & Poor’s 500 Industrials Index (“S&P 500 Industrials”) and Standard & Poor’s 500 Stock Index (“S&P 500”).

<table><tr><td></td><td colspan="2"> 2004</td><td colspan="2">2003</td><td colspan="2">2002</td></tr><tr><td>(Shares in thousands)</td><td>Shares</td><td> Weighted Average Exercise Price</td><td>Shares</td><td>Weighted Average Exercise Price</td><td>Shares</td><td>Weighted Average Exercise Price</td></tr><tr><td>Number of shares under option:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Outstanding at beginning of year</td><td>28,918</td><td>$43.68</td><td>28,668</td><td>$44.01</td><td>28,186</td><td>$42.97</td></tr><tr><td>Granted</td><td>74</td><td>43.97</td><td>2,507</td><td>33.72</td><td>2,745</td><td>40.69</td></tr><tr><td>Exercised</td><td>-2,973</td><td>34.35</td><td>-932</td><td>32.64</td><td>-1,998</td><td>24.47</td></tr><tr><td>Canceled or expired</td><td>-1,292</td><td>50.38</td><td>-1,325</td><td>55.20</td><td>-265</td><td>46.17</td></tr><tr><td>Outstanding at end of year</td><td>24,727</td><td>44.49</td><td>28,918</td><td>43.68</td><td>28,668</td><td>44.01</td></tr><tr><td>Exercisable at end of year</td><td>20,290</td><td>45.22</td><td>21,803</td><td>44.19</td><td>20,384</td><td>42.75</td></tr></table>
<table><tr><td>(Shares in thousands)</td><td></td><td></td><td colspan="3">Performance Shares Outstanding</td></tr><tr><td>GrantDate</td><td>ExpirationDate</td><td>Issue Price</td><td> 2004</td><td>2003</td><td>2002</td></tr><tr><td>2/22/99</td><td>2/22/04</td><td>36.25</td><td></td><td>1,163</td><td>1,155</td></tr><tr><td>2/28/00</td><td>2/28/05</td><td>37.00</td><td> 2,635</td><td>2,294</td><td>2,286</td></tr><tr><td>10/09/00</td><td>2/28/05</td><td>37.00</td><td> 266</td><td>574</td><td>576</td></tr><tr><td>2/26/01</td><td>2/26/06</td><td>62.76</td><td> 5,826</td><td>5,782</td><td>5,810</td></tr><tr><td>2/25/02</td><td>2/25/07</td><td>44.94</td><td> 5,564</td><td>5,540</td><td>5,643</td></tr><tr><td>2/24/03</td><td>2/24/08</td><td>30.27</td><td> 3,540</td><td>8,843</td><td></td></tr><tr><td>2/23/04</td><td>2/23/09</td><td>43.53</td><td> 10,792</td><td></td><td></td></tr></table>
<table><tr><td>As of December 31, 2004</td><td>MaximumPotentialPayments</td><td>EstimatedProceedsfromCollateral/Recourse</td><td>CarryingAmount ofLiabilities*</td></tr><tr><td>Contingent repurchase commitments</td><td>$3,751</td><td>$3,743</td><td></td></tr><tr><td>Trade-in commitments</td><td>972</td><td>947</td><td>$25</td></tr><tr><td>Asset-related guarantees</td><td>408</td><td>296</td><td>12</td></tr><tr><td>Credit guarantees related to the Sea Launch venture</td><td>510</td><td>306</td><td>204</td></tr><tr><td>Other credit guarantees</td><td>60</td><td>19</td><td>10</td></tr><tr><td>Equipment trust certificates</td><td>28</td><td></td><td></td></tr><tr><td>Performance guarantees</td><td>64</td><td>21</td><td>1</td></tr></table>
<table><tr><td>As of December 31, 2003</td><td>MaximumPotentialPayments</td><td>EstimatedProceedsfromCollateral/Recourse</td><td>CarryingAmount ofLiabilities*</td></tr><tr><td>Contingent repurchase commitments</td><td>$5,712</td><td>$5,712</td><td></td></tr><tr><td>Trade-in commitments</td><td>1,279</td><td>1,214</td><td>$65</td></tr><tr><td>Asset-related guarantees</td><td>468</td><td>364</td><td>5</td></tr><tr><td>Credit guarantees related to the Sea Launch venture</td><td>519</td><td>311</td><td>208</td></tr><tr><td>Other credit guarantees</td><td>106</td><td>50</td><td>5</td></tr><tr><td>Equipment trust certificates</td><td>28</td><td></td><td></td></tr><tr><td>Performance guarantees</td><td>56</td><td>18</td><td></td></tr></table>
<table><tr><td>Years ended December 31,</td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td>Net earnings</td><td>$1,312</td><td>$2,672</td><td>$4,074</td></tr><tr><td>Non-cash items</td><td>2,381</td><td>1,829</td><td>1,753</td></tr><tr><td>Changes in working capital</td><td>1,910</td><td>-4,902</td><td>3,757</td></tr><tr><td>Net cash provided/(used) by operating activities</td><td>5,603</td><td>-401</td><td>9,584</td></tr><tr><td>Net cash (used)/provided by investing activities</td><td>-3,794</td><td>1,888</td><td>-3,822</td></tr><tr><td>Net cash provided/(used) by financing activities</td><td>4,094</td><td>-5,202</td><td>-4,884</td></tr><tr><td>Effect of exchange rate changes on cash and cash equivalents</td><td>44</td><td>-59</td><td>46</td></tr><tr><td>Net increase/(decrease) in cash and cash equivalents</td><td>5,947</td><td>-3,774</td><td>924</td></tr><tr><td>Cash and cash equivalents at beginning of year</td><td>3,268</td><td>7,042</td><td>6,118</td></tr><tr><td>Cash and cash equivalents at end of year</td><td>$9,215</td><td>$3,268</td><td>$7,042</td></tr></table>

Question: What's the average of Granted and Exercised in shares in 2004? (in thousand)
Answer: 1523.5