AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) SFAS No.148.
In accordance with APB No.25, the Company recognizes compensation expense based on the excess, if any, of the quoted stock price at the grant date of the award or other measurement date over the amount an employee must pay to acquire the stock.
The Company’s stock option plans are more fully described in note 14.
In December 2004, the FASB issued SFAS No.123 (revised 2004), “Share-Based Payment” (SFAS 123R), as further described below.
During the year ended December 31, 2005, the Company reevaluated the assumptions used to estimate the fair value of stock options issued to employees.
As a result, the Company lowered its expected volatility assumption for options granted after July 1, 2005 to approximately 30% and increased the expected life of option grants to 6.25 years using the simplified method permitted by SEC SAB No.107, ”Share-Based Payment” (SAB No.107).
The Company made this change based on a number of factors, including the Company’s execution of its strategic plans to sell non-core businesses, reduce leverage and refinance its debt, and its recent merger with SpectraSite, Inc.  (See note 2. )
Management had previously based its volatility assumptions on historical volatility since inception, which included periods when the Company’s capital structure was more highly leveraged than current levels and expected levels for the foreseeable future.
Management’s estimate of future volatility is based on its consideration of all available information, including historical volatility, implied volatility of publicly traded options, the Company’s current capital structure and its publicly announced future business plans.
For comparative purposes, a 10% change in the volatility assumption would change pro forma stock option expense and pro forma net loss by approximately $0.1 million for the year ended December 31, 2005.
(See note 14. )
The following table illustrates the effect on net loss and net loss per common share if the Company had applied the fair value recognition provisions of SFAS No.123 (as amended) to stock-based compensation.
The estimated fair value of each option is calculated using the Black-Scholes option-pricing model (in thousands, except per share amounts):
## Table 0 ##
The Company has modified certain option awards to revise vesting and exercise terms for certain terminated employees and recognized charges of $7.0 million, $3.0 million and $2.3 million for the years ended December 31, 2005, 2004 and 2003, respectively.
In addition, the stock-based employee compensation amounts above for the year ended December 31, 2005, include approximately $2.4 million of unearned compensation amortization related to unvested stock options assumed in the merger with SpectraSite, Inc.
Such charges are reflected in impairments, net loss on sale of long-lived assets, restructuring and merger related expense with corresponding adjustments to additional paid-in capital and unearned compensation in the accompanying consolidated financial statements.
Recent Accounting Pronouncements—In December 2004, the FASB issued SFAS 123R, which supersedes APB No.25, and amends SFAS No.95, “Statement of Cash Flows.
” This statement addressed the accounting for share-based payments to employees, including grants of employee stock options.
Under the new standard,
Operating Revenues and Net Revenues The main categories of revenues, and the dollar and percentage change between the periods, are as follows:
## Table 1 ##
Operating revenues increased by 32.7% in 2010 to $3,487.7 million (year ended December 31, 2009: $2,627.3 million).
Net revenues increased by 29.9% in 2010 to $2,521.1 million (year ended December 31, 2009: $1,941.0 million).
Net revenues are operating revenues less third-party distribution, service and advisory expenses, plus our proportional share of net revenues from joint venture arrangements.
See “Schedule of Non-GAAP Information” for additional important disclosures regarding the use of net revenues.
The impact of foreign exchange rate movements accounted for $18.0 million (2.1%) of the increase in operating revenues, and was 0.5% of total operating revenues, during the year ended December 31, 2010 when compared to the year ended December 31, 2009.
As discussed above, the company acquired Morgan Stanley's retail asset management business, including Van Kampen Investments (the “acquired business” or the “acquisition”) on June 1, 2010.
The acquisition had a significant impact on our results for the 2010 period.
The operating results for the year ended December 31, 2010 include the operating results of the acquired business from the purchase date of June 1, 2010 through December 31, 2010.
The integration of the acquired business was largely completed at the end of 2010; as such, accurate segregated expense information for the acquired business was not available to include in the detailed variance discussion that follows.
Prior to any significant product mergers, revenues associated with the acquired business could be separately identified, and as a result, the impact was estimated.
Operating revenues of the acquired business for the year ended December 31, 2010 were approximately $468 million, which represented the incremental impact of the acquired business and does not represent the stand-alone results of the acquired business.
Investment Management Fees Investment management fees increased by $600.7 million (28.3%) in the year ended December 31, 2010, to $2,720.9 million (year ended December 31, 2009: $2,120.2 million) due to the acquisition, increases in average AUM, primarily retail AUM, changes in the mix of AUM between asset classes and foreign exchange rate movement.
The acquisition contributed to the increase in investment management fees with an estimated $257 million in these fees during the year ended December 31, 2010.
Average long-term AUM, which generally earn higher fee rates than money market AUM, increased 41.0% to $463.5 billion for the year ended December 31, 2010 from $328.8 billion for the year ended December 31, 2009, while average institutional money market AUM decreased 20.9% to $68.8 billion for the year ended December 31, 2010 from $87.0 billion for the year ended December 31, 2009.
The increase in average long-term AUM includes the impact of the acquired business.
See the company's disclosures regarding the changes in AUM during the year ended December 31, 2010 in the “Assets Under Management” section above for additional information regarding the movements in AUM.
Foreign exchange rate movements led to an increase in investment management fees of $17.0 million (2.8%) during the year ended December 31, 2010 as compared to the year ended December 31, 2009.
Additionally, the change in investment management fee revenues reflects the adoption of guidance now encompassed in ASC Topic 810 on January 1, 2010.
As part of the consolidation, management fees earned from consolidated CLOs and other products of $45.3 million were eliminated from the company's operating revenues for the year ended December 31, 2010.
In accordance with the standard, prior periods have not been restated to reflect the consolidation of these CLOs.
11 .
SHARE-BASED COMPENSATION The company recognized total expenses of $138.0 million , $133.1 million and $136.4 million related to equity-settled share-based payment transactions in 2014 , 2013 and 2012 , respectively.
The total income tax benefit recognized in the Consolidated Statements of Income for sharebased compensation arrangements was $39.1 million for 2014 ( 2013 : $37.8 million ; 2012 : $39.1 million ).
Cash received from exercise of share options granted under share-based compensation arrangements was $11.0 million in 2014 ( 2013 : $17.9 million ; 2012 : $23.0 million ).
The total tax benefit realized from share options exercises was $7.4 million in 2014 ( 2013 : $7.9 million ; 2012 : $5.4 million ).
Share Awards Share awards are broadly classified into two categories: time-vested and performance-vested.
Share awards are measured at fair value at the date of grant and are expensed, based on the company's estimate of shares that will eventually vest, on a straight-line or accelerated basis over the vesting period.
Time-vested awards vest ratably over or cliff-vest at the end of a period of continued employee service.
Performance-vested awards cliff-vest at the end of or vest ratably over a defined vesting period of continued employee service upon the company's attainment of certain performance criteria.
Time-vested and performance-vested share awards are granted in the form of restricted share awards (RSAs) or restricted share units (RSUs).
Performance-vested awards are tied to the achievement of specified levels of adjusted diluted earnings per share and adjusted operating margin.
In the event that either targeted financial measure is achieved at or above a vesting threshold for a particular performance measurement period, the portion of the performance-vested award subject to targeted financial measures will vest proportionately between 0% and 100% based upon the higher achieved level for that year.
With respect to time-vested awards, dividends accrue directly to the employee holder of RSAs, and cash payments in lieu of dividends are made to employee holders of certain RSUs.
With respect to performance-vested awards, dividends and cash payments in lieu of dividends are deferred and are paid at the same rate as on our shares if and to the extent the award vests.
In May 2011, the company's shareholders approved the 2011 Global Equity Incentive Plan, which authorized the issuance of up to 28 million shares under this plan.
In May 2010, the board approved the 2010 Global Equity Incentive Plan (ST), which authorized the issuance of up to 3 million shares under this plan.
Under the terms of the plan, shares are issued only as employment inducement awards in connection with a strategic transaction and, as a result, do not require shareholder approval under the rules of the New York Stock Exchange or otherwise.
Movements on share awards priced in U. S.  dollars during the years ended December 31, are detailed below:
## Table 2 ##
of AUM and net flows (where our proportional share of the ending balances and related activity are reflected) and therefore provides a more meaningful calculation of net revenue yield on AUM.
The company also has a joint venture in India which is not included in the proportional consolidation totals above due to the fact that it is not yet deemed significant to the company's operations at this stage of the investment, and, as a consequence, it is not included in the full array of the company's business planning and review processes.
(2) Third-party distribution, service and advisory expenses Third-party distribution, service and advisory expenses include renewal commissions, management fee rebates and distribution costs (12b- 1 and marketing support) paid to brokers and independent financial advisors and other service and administrative fees paid to third parties.
See Item 8, Financial Statements and Supplementary Data - Note 1 , "Accounting Policies - Revenue Recognition" for additional details.
While the terms used for these types of expenses vary by geography, they are all expense items that are closely linked to the value of AUM and the revenue earned by Invesco from AUM.
Since the company has been deemed to be the principal in the third-party arrangements, the company must reflect these expenses gross of operating revenues under U. S.  GAAP.
Management believes that the deduction of third-party distribution, service and advisory expenses from operating revenues in the computation of net revenues (and by calculation, net revenue yield on AUM) and the related computation of adjusted operating income (and by calculation, adjusted operating margin) appropriately reflects the nature of these expenses as revenue-sharing activities, as these costs are passed through to external parties who perform functions on behalf of, and distribute, the company’s managed funds.
Further, these expenses vary extensively by geography due to the differences in distribution channels.
The net presentation assists in identifying the revenue contribution generated by the business, removing distortions caused by the differing distribution channel fees and allowing for a fair comparison with U. S.  peer investment managers and within Invesco’s own investment units.
Additionally, management evaluates net revenue yield on AUM, which is equal to net revenues divided by average AUM during the reporting period.
This financial measure is an indicator of the basis point net revenues we receive for each dollar of AUM we manage and is useful when evaluating the company’s performance relative to industry competitors and within the company for capital allocation purposes.
(3) CIP See Item 8, Financial Statements and Supplementary Data, Note 20 - “Consolidated Investment Products” for a detailed analysis of the impact to the company’s Consolidated Financial Statements from the consolidation of CIP.
The reconciling items add back the management and performance fees earned by Invesco from the consolidated products and remove the revenues and expenses recorded by the consolidated products that have been included in the U. S.  GAAP Consolidated Statements of Income.
Management believes that the consolidation of investment products may impact a reader's analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company.
Accordingly, management believes that it is appropriate to adjust operating revenues, operating income and net income for the impact of CIP in calculating the respective net revenues, adjusted operating income and adjusted net income.
CIP Revenue:

<table><tr><td></td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td>Net loss as reported</td><td>$-171,590</td><td>$-247,587</td><td>$-325,321</td></tr><tr><td>Add: Stock-based employee compensation expense, net of related tax effect, included in net loss as reported</td><td>7,104</td><td>2,297</td><td>2,077</td></tr><tr><td>Less: Total stock-based employee compensation expense determined under fair value based method for all awards, net of related taxeffect</td><td>-22,238</td><td>-23,906</td><td>-31,156</td></tr><tr><td>Pro-forma net loss</td><td>$-186,724</td><td>$-269,196</td><td>$-354,400</td></tr><tr><td>Basic and diluted net loss per share as reported</td><td>$-0.57</td><td>$-1.10</td><td>$-1.56</td></tr><tr><td>Basic and diluted net loss per share pro-forma</td><td>$-0.62</td><td>$-1.20</td><td>$-1.70</td></tr></table>
<table><tr><td>$ in millions</td><td>2010</td><td>2009</td><td>$ Change</td><td>% Change</td></tr><tr><td>Investment management fees</td><td>2,720.9</td><td>2,120.2</td><td>600.7</td><td>28.3%</td></tr><tr><td>Service and distribution fees</td><td>645.5</td><td>412.6</td><td>232.9</td><td>56.4%</td></tr><tr><td>Performance fees</td><td>26.1</td><td>30.0</td><td>-3.9</td><td>-13.0%</td></tr><tr><td>Other</td><td>95.2</td><td>64.5</td><td>30.7</td><td>47.6%</td></tr><tr><td>Total operating revenues</td><td>3,487.7</td><td>2,627.3</td><td>860.4</td><td>32.7%</td></tr><tr><td>Third-party distribution, service and advisory expenses</td><td>-1,053.8</td><td>-737.0</td><td>-316.8</td><td>43.0%</td></tr><tr><td>Proportional share of revenues, net of third-party distribution expenses, from joint venture investments</td><td>42.2</td><td>44.7</td><td>-2.5</td><td>-5.6%</td></tr><tr><td>Management fees earned from consolidated investment products</td><td>45.3</td><td>8.0</td><td>37.3</td><td>N/A</td></tr><tr><td>Other revenues recorded by consolidated investment products</td><td>-0.3</td><td>-2.0</td><td>1.7</td><td>85.0%</td></tr><tr><td>Net revenues</td><td>2,521.1</td><td>1,941.0</td><td>580.1</td><td>29.9%</td></tr></table>
<table><tr><td></td><td colspan="3">2014</td><td colspan="2">2013</td><td colspan="2">2012</td></tr><tr><td>Millions of shares, except fair values</td><td>Time-Vested</td><td>Performance-Vested</td><td>Weighted Average Grant Date Fair Value ($)</td><td>Time-Vested</td><td>Performance-Vested</td><td>Time-Vested</td><td>Performance-Vested</td></tr><tr><td>Unvested at the beginning of year</td><td>13.9</td><td>0.4</td><td>25.00</td><td>16.5</td><td>0.3</td><td>17.3</td><td>—</td></tr><tr><td>Granted during the year</td><td>4.4</td><td>0.2</td><td>34.35</td><td>5.2</td><td>0.2</td><td>5.5</td><td>0.3</td></tr><tr><td>Forfeited during the year</td><td>-1.2</td><td>—</td><td>24.43</td><td>-0.9</td><td>—</td><td>-0.4</td><td>—</td></tr><tr><td>Vested and distributed during the year</td><td>-5.6</td><td>-0.1</td><td>24.16</td><td>-6.9</td><td>-0.1</td><td>-5.9</td><td>—</td></tr><tr><td>Unvested at the end of the year</td><td>11.5</td><td>0.5</td><td>29.00</td><td>13.9</td><td>0.4</td><td>16.5</td><td>0.3</td></tr></table>

Question: What is the growing rate of Third-party distribution, service and advisory expenses in the year with the least Total operating revenues ?
Answer: 2.42985