During the year ended December 31, 2011, we granted 354,660 performance share units having a fair value based on our grant date closing stock price of $28.79.
These units are payable in stock and are subject to certain financial performance criteria.
The fair value of these performance share unit awards is based on the grant date closing stock price of each respective award grant and will apply to the number of units ultimately awarded.
The number of shares ultimately issued for each award will be based on our financial performance as compared to peer group companies over the performance period and can range from zero to 200%.
As of December 31, 2011, estimated share payouts for outstanding non-vested performance share unit awards ranged from 150% to 195%.
For the legacy Frontier performance share units assumed at July 1, 2011, performance is based on market performance criteria, which is calculated as the total shareholder return achieved by HollyFrontier stockholders compared with the average shareholder return achieved by an equally-weighted peer group of independent refining companies over a three-year period.
These share unit awards are payable in stock based on share price performance relative to the defined peer group and can range from zero to 125% of the initial target award.
These performance share units were valued at July 1, 2011 using a Monte Carlo valuation model, which simulates future stock price movements using key inputs including grant date and measurement date stock prices, expected stock price performance, expected rate of return and volatility of our stock price relative to the peer group over the three-year performance period.
The fair value of these performance share units at July 1, 2011 was $8.6 million.
Of this amount, $7.3 million relates to post-merger services and will be recognized ratably over the remaining service period through 2013.
A summary of performance share unit activity and changes during the year ended December 31, 2011 is presented below:
## Table 0 ##
For the year ended December 31, 2011 we issued 178,148 shares of our common stock having a fair value of $2.6 million related to vested performance share units.
Based on the weighted average grant date fair value of $20.71 there was $11.7 million of total unrecognized compensation cost related to non-vested performance share units.
That cost is expected to be recognized over a weighted-average period of 1.1 years.
NOTE 7: Cash and Cash Equivalents and Investments in Marketable Securities Our investment portfolio at December 31, 2011 consisted of cash, cash equivalents and investments in debt securities primarily issued by government and municipal entities.
We also hold 1,000,000 shares of Connacher Oil and Gas Limited common stock that was received as partial consideration upon the sale of our Montana refinery in 2006.
We invest in highly-rated marketable debt securities, primarily issued by government and municipal entities that have maturities at the date of purchase of greater than three months.
We also invest in other marketable debt securities with the maximum maturity or put date of any individual issue generally not greater than two years from the date of purchase.
All of these instruments, including investments in equity securities, are classified as availablefor-sale.
As a result, they are reported at fair value using quoted market prices.
Interest income is recorded as earned.
Unrealized gains and losses, net of related income taxes, are reported as a component of accumulated other comprehensive income.
Upon sale, realized gains and losses on the sale of marketable securities are computed based on the specific identification of the underlying cost of the securities sold and the unrealized gains and losses previously reported in other comprehensive income are reclassified to current earnings.
The approximate future minimum rental commitments as of December 31, 2012, for all non-cancelable leases with initial or remaining terms of one year or more are shown in the following table.
Included in these amounts are all renewal options reasonably assured of being exercised.
## Table 1 ##
LEGAL CONTINGENCIES Regions and its affiliates are subject to loss contingencies related to litigation and claims arising in the ordinary course of business.
Regions evaluates these contingencies based on information currently available, including advice of counsel and assessment of available insurance coverage.
Regions establishes accruals for litigation and claims when a loss contingency is considered probable and the related amount is reasonably estimable.
Any accruals are periodically reviewed and may be adjusted as circumstances change.
In addition, as previously discussed, Regions has agreed to indemnify Raymond James for all legal matters resulting from preclosing activities in conjunction with the sale of Morgan Keegan and recorded an indemnification obligation at fair value in the second quarter of 2012.
The indemnification obligation had a carrying amount of $345 million and an estimated fair value of $329 million as of December 31, 2012 (see Note 21).
For certain matters, when able to do so, Regions also estimates loss contingencies for possible litigation and claims, whether or not there is an accrued probable loss.
Where Regions is able to estimate such possible losses, Regions estimates that it is reasonably possible it could incur losses, in excess of amounts accrued, in an aggregate amount up to approximately $40 million as of December 31, 2012, with it also being reasonably possible that Regions could incur no losses in excess of amounts accrued.
The legal contingencies included in the reasonably possible estimate include those that are subject to the indemnification agreement with Raymond James.
Assessments of litigation and claims exposures are difficult due to many factors that involve inherent unpredictability.
Those factors include the following: the varying stages of the proceedings, particularly in the early stages; unspecified damages; damages other than compensatory such as punitive damages; multiple defendants and jurisdictions; whether discovery has begun or not; and whether the claim involves a class-action.
There are numerous factors that result in a greater degree of complexity in class-action lawsuits as compared to other types of litigation.
Due to the many intricacies involved in class-action lawsuits at the early stages of these matters, obtaining clarity on a reasonable estimate is difficult which may call into question its reliability.
As a result of some of these factors, Regions may be unable to estimate reasonably possible losses with respect to some of the matters disclosed below.
The aggregated estimated amount provided above therefore may not include an estimate for every matter disclosed below.
Beginning in December 2007, Regions and certain of its affiliates have been named in class-action lawsuits filed in federal and state courts on behalf of investors who purchased shares of certain Regions Morgan Keegan Select Funds (the “Funds”) and shareholders of Regions.
These cases have been consolidated into class-actions and shareholder derivative actions for the open-end and closed-end Funds.
The Funds were formerly managed by Regions Investment Management, Inc.  (“Regions Investment Management”).
Regions Investment Management no longer manages these Funds, which were transferred to Hyperion Brookfield Asset Management (“Hyperion”) in 2008.
Certain of the Funds have since been terminated by Hyperion.
The complaints contain various allegations, including claims that the Funds and the defendants misrepresented or failed to disclose material facts relating to the activities of the Funds.
Plaintiffs have requested equitable relief and unspecified monetary
## Table 2 ##
(1) In the second quarter of 2010, Regions recorded a $200 million charge to account for a probable, reasonably estimable loss related to a pending settlement of regulatory matters.
At that time, Regions assumed that the entire charge would be non-deductible for income tax purposes.
$75 million of the regulatory charge relates to continuing operations.
The regulatory settlement was finalized in the second quarter of 2011.
At the time of the settlement, Regions had better information related to the income tax implications.
$125 million of the approximately $200 million settlement charge was deductible for federal income tax purposes.
Accordingly, during the second quarter of 2011, Regions adjusted income tax expense to account for the impact of the deduction.
The adjustment reduced total income tax expense by approximately $44 million for the second quarter of 2011, of which approximately $17 million relates to continuing operations.
(2) Return on assets from continuing operations does not include average assets related to discontinued operations of $713 million, $3,254 million, $3,235 million, $3,291 million and $3,492 million for December 31, 2012, 2011, 2010, 2009 and 2008, respectively.
(3) In the fourth quarter of 2012, Regions entered into an agreement with a third party investor in Regions Asset Management Company, Inc. , pursuant to which the investment was fully redeemed.
This resulted in extinguishing a $203 million liability, including accrued, unpaid interest, as well as incurring early termination costs of approximately $42 million on a pre-tax basis ($38 million after tax).
(4) Taxable income from the two previous tax years and one year of projected future taxable income may be applied in calculating deferred tax assets for regulatory capital purposes.
(5) Under Basel III, regulatory capital must be reduced by purchased credit card relationship intangible assets.
These assets are partially allowed in Basel I capital.
(6) Estimate based on June 2012 U. S.  Notices of Proposed Rulemaking.
(7) Regions continues to develop systems and internal controls to precisely calculate risk-weighted assets as required by Basel III.
The amount included above is a reasonable approximation, based on our understanding of the requirements.

<table><tr><td>Performance Share Units</td><td>Grants</td></tr><tr><td>Outstanding at January 1, 2011 (non-vested)</td><td>556,186</td></tr><tr><td>Granted<sup>-1</sup></td><td>354,660</td></tr><tr><td>Vesting and transfer of ownership to recipients</td><td>-136,058</td></tr><tr><td>Outstanding at December 31, 2011 (non-vested)</td><td>774,788</td></tr></table>
<table><tr><td></td><td> Premises</td><td> Equipment</td><td> Total</td></tr><tr><td></td><td colspan="3"> (In millions)</td></tr><tr><td>2013</td><td>$103</td><td>$28</td><td>$131</td></tr><tr><td>2014</td><td>98</td><td>26</td><td>124</td></tr><tr><td>2015</td><td>92</td><td>20</td><td>112</td></tr><tr><td>2016</td><td>85</td><td>12</td><td>97</td></tr><tr><td>2017</td><td>74</td><td>—</td><td>74</td></tr><tr><td>Thereafter</td><td>397</td><td>—</td><td>397</td></tr><tr><td></td><td>$849</td><td>$86</td><td>$935</td></tr></table>
<table><tr><td></td><td></td><td colspan="5">For Year Ended December 31</td></tr><tr><td></td><td></td><td>2012</td><td>2011</td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td></td><td></td><td colspan="5">(In millions, except per share data)</td></tr><tr><td> TIER 1 COMMON RISK-BASED RATIO</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Stockholders’ equity (GAAP)</td><td></td><td>$15,499</td><td>$16,499</td><td>$16,734</td><td>$17,881</td><td>$16,813</td></tr><tr><td>Accumulated other comprehensive (income) loss</td><td></td><td>-65</td><td>69</td><td>260</td><td>-130</td><td>8</td></tr><tr><td>Non-qualifying goodwill and intangibles</td><td></td><td>-4,826</td><td>-4,900</td><td>-5,706</td><td>-5,792</td><td>-5,864</td></tr><tr><td>Disallowed deferred tax assets<sup>-4</sup></td><td></td><td>-35</td><td>-432</td><td>-424</td><td>-947</td><td>—</td></tr><tr><td>Disallowed servicing assets</td><td></td><td>-33</td><td>-35</td><td>-27</td><td>-25</td><td>-16</td></tr><tr><td>Qualifying non-controlling interests</td><td></td><td>93</td><td>92</td><td>92</td><td>91</td><td>91</td></tr><tr><td>Qualifying trust preferred securities</td><td></td><td>501</td><td>846</td><td>846</td><td>846</td><td>1,036</td></tr><tr><td>Tier 1 capital (regulatory)</td><td></td><td>11,134</td><td>12,139</td><td>11,775</td><td>11,924</td><td>12,068</td></tr><tr><td>Qualifying non-controlling interests</td><td></td><td>-93</td><td>-92</td><td>-92</td><td>-91</td><td>-91</td></tr><tr><td>Qualifying trust preferred securities</td><td></td><td>-501</td><td>-846</td><td>-846</td><td>-846</td><td>-1,036</td></tr><tr><td>Preferred stock</td><td></td><td>-482</td><td>-3,419</td><td>-3,380</td><td>-3,602</td><td>-3,307</td></tr><tr><td>Tier 1 common equity (non-GAAP)</td><td>M</td><td>$10,058</td><td>$7,782</td><td>$7,457</td><td>$7,385</td><td>$7,634</td></tr><tr><td>Risk-weighted assets (regulatory)</td><td>N</td><td>$92,811</td><td>$91,449</td><td>$94,966</td><td>$103,330</td><td>$116,251</td></tr><tr><td>Tier 1 common risk-based ratio (non-GAAP)</td><td>M/N</td><td>10.84%</td><td>8.51%</td><td>7.85%</td><td>7.15%</td><td>6.57%</td></tr><tr><td> BASEL III TIER 1 COMMON RATIO<sup>-6</sup></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Stockholders’ equity (GAAP)</td><td></td><td>$15,499</td><td></td><td></td><td></td><td></td></tr><tr><td>Non-qualifying goodwill and intangibles<sup>-5</sup></td><td></td><td>-4,968</td><td></td><td></td><td></td><td></td></tr><tr><td>Adjustments, including other comprehensive income related to cash flow hedges, disallowed deferred tax assets, thresholddeductions and other adjustments</td><td></td><td>-780</td><td></td><td></td><td></td><td></td></tr><tr><td>Basel III tier 1 common equity (non-GAAP)</td><td>O</td><td>9,751</td><td></td><td></td><td></td><td></td></tr><tr><td>Basel I risk-weighted assets (regulatory)</td><td></td><td>92,811</td><td></td><td></td><td></td><td></td></tr><tr><td>Basel III risk-weighted assets (non-GAAP)<sup>(7)</sup></td><td>P</td><td>109,941</td><td></td><td></td><td></td><td></td></tr><tr><td>Basel III tier 1 common ratio (non-GAAP)</td><td>O/P</td><td>8.87%</td><td></td><td></td><td></td><td></td></tr></table>

Question: in 2011 what was the percent of the change in the performance shares outstanding
Answer: 0.39304