18 Stock Based Compensation
## Table 0 ##
Directors Compensation Plan Th e Company’s Amended and Restated Directors Compensation Plan, as amended, permitted the issuance of up to 500,000 shares of the Company’s common stock to non-employee directors.
Since May 2008, all grants issued to directors have been issued from the ALTEIP, discussed above.
Th ere was no expense recorded for the years ended December 31, 2010, 2009 and 2008, respectively.
Employee Stock Purchase Plan Under the Employee Stock Purchase Plan (“ESPP”), the Company is authorized to issue up to 5,000,000 shares to employees who are participants in the ESPP.
Th e ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their after-tax compensation in each off ering period toward the purchase of shares of the Company’s common stock.
Th ere are two off ering periods during the year (January 1 through June 30 and July 1 through December 31) and shares are purchased at the end of each off ering period at 90% of the lower of the closing price of the common stock on the fi rst or last day of the off ering period.
Participants’ contributions are limited to a maximum contribution of $7.5 per off ering period, or $15 per year.
Th e ESPP is off ered to individuals who are scheduled to work at least 20 hours per week and at least fi ve months per year, have been continuously employed for at least six months by the start of the off ering period, are not temporary employees (employed less than 12 months), and have not been on a leave of absence for more than 90 days immediately preceding the off ering period.
Participants must be employed on the last trading day of the off ering period in order to purchase Company shares under the ESPP.
Th e maximum number of shares that can be purchased each off ering period is 5,000 shares per employee.
In July 2010, the Company issued 142,444 shares to employees at a discounted price of $27.14 for the off ering period of January 1, 2010 through June 30, 2010.
In July 2009, the Company issued 186,940 shares to employees at a discounted price of $21.68 for the off ering period of January 1, 2009 through June 30, 2009.
In January 2011, the Company issued 111,414 shares at a discounted price of $31.06 for the off ering period of July 1, 2010 through December 31, 2010.
In January 2010, the Company issued 181,718 shares to employees at a discounted price of $21.65 for the off ering period of July 1, 2009 through December 31, 2009.
In January 2009, the Company issued 133,994 shares to employees at a discounted price of $27.00 for the off ering period of July 1, 2008 through December 31, 2008.
Th e compensation expense recorded related to the ESPP was $1,707, $2,653 and $2,533 for the years ended December 31, 2010, 2009 and 2008, respectively.
Th e related income tax benefi t for disqualifi ed disposition was $290, $250 and $110 for the years ended December 31, 2010, 2009 and 2008, respectively.
Th e fair value of each award under the ESPP was estimated at the beginning of each off ering period using the Black-Scholes optionpricing model and the assumptions in the following table.
Expected volatilities are based on implied volatilities from traded options on the Company’s stock and the historical volatility of the Company’s stock.
Th e risk-free rate for periods within the contractual life of the option is based on the U. S.  Treasury yield curve in eff ect at the time of grant.
Th e dividend yield is based on the current annualized dividend and share price as of the grant date.
## Table 1 ##
Non-Stock Based Incentive Plans Deferred Compensation Th e deferred compensation programs consist of the AIP, the ASIC and the ADC Plans.
Th e AIP and ASIC Plans provided key employees the ability to exchange a portion of their compensation for options to purchase certain third-party mutual funds.
Th e AIP and ASIC Plans were frozen in December 2004 and no additional contributions can be made to either Plan.
Eff ective March 1, 2005 and amended and restated January 1, 2008, the ADC Plan was established in order to comply with the American Jobs Creation Act of 2004 (“Jobs Act”) and IRC Section 409A.
Th e ADC Plan provides key employees the ability to defer a portion of their eligible compensation to be notionally invested in a variety of mutual funds.
Deferrals and withdrawals under the ADC Plan are intended to be fully compliant with the Jobs Act defi nition of eligible compensation and distribution requirements.
D. R.  HORTON, INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) recorded.
The Company’s inventory under active development and construction was lower than its debt level during fiscal 2011, 2010 and 2009; therefore, a portion of the interest incurred is reflected as interest expense.
The following table summarizes the Company’s homebuilding interest costs incurred, capitalized, expensed as interest expense, charged to cost of sales and written off during the years ended September 30, 2011, 2010 and 2009:
## Table 2 ##
Land and Lot Option Purchase Contracts The Company enters into land and lot option purchase contracts to acquire land or lots for the construction of homes.
Under these contracts, the Company will fund a stated deposit in consideration for the right, but not the obligation, to purchase land or lots at a future point in time with predetermined terms.
Under the terms of the option purchase contracts, many of the option deposits are not refundable at the Company’s discretion.
Option deposits and pre-acquisition costs incurred related to land and lot option purchase contracts are capitalized if all of the following conditions have been met: (1) the costs are directly identifiable with the specific property; (2) the costs would be capitalized if the property were already acquired; and (3) acquisition of the property is probable, meaning the Company is actively seeking and has the ability to acquire the property, and there is no indication that the property is not available for sale.
The Company considers the following when determining if the acquisition of the property is probable: (1) changes in market conditions subsequent to contracting for the purchase of the land; (2) current contract terms, including per lot price and required purchase dates; and (3) the Company’s current land position in the given market or sub-market.
Option deposits and capitalized pre-acquisition costs are expensed to cost of sales when the Company believes it is probable that it will no longer acquire the property under option and will not be able to recover these costs through other means.
Certain option purchase contracts result in the creation of a variable interest in the entity holding the land parcel under option.
The current guidance for determining which entity is the primary beneficiary is based on the ability of an entity to control both (1) the activities of a variable interest entity that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity.
Upon adoption of this guidance on October 1, 2010, all of the variable interest entities that were reported as land inventory not owned in the consolidated balance sheet at September 30, 2010 were deconsolidated because the Company determined it did not control the activities that most significantly impact the variable interest entity’s economic performance.
The maximum exposure to loss related to the Company’s variable interest entities is generally limited to the amounts of the Company’s option deposits.
At September 30, 2011 and 2010, the amount of option deposits related to these contracts totaled $13.2 million and $10.2 million, respectively, and are included in homebuilding other assets on the consolidated balance sheets.
Property and Equipment Property and equipment is stated at cost less accumulated depreciation.
Repairs and maintenance costs are expensed as incurred.
Depreciation generally is recorded using the straight-line method over the estimated useful life
For consumer lending TDRs, except TDRs resulting from borrowers that have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to PNC, the ALLL is calculated using a discounted cash flow model, which leverages subsequent default, prepayment, and severity rate assumptions based upon historically observed data.
Similar to the commercial lending specific reserve methodology, the reduced expected cash flows resulting from the concessions granted impact the consumer lending ALLL.
The decline in expected cash flows due to the application of a present value discount rate or the consideration of collateral value, when compared to the recorded investment, results in increased ALLL or a charge-off.
IMPAIRED LOANS Impaired loans include commercial nonperforming loans and consumer and commercial TDRs, regardless of nonperforming status.
Excluded from impaired loans are nonperforming leases, loans held for sale, loans accounted for under the fair value option, smaller balance homogeneous type loans and purchased impaired loans.
See Note 6 Purchased Loans for additional information.
Nonperforming equipment lease financing loans of $5 million and $12 million at December 31, 2013 and December 31, 2012, respectively, are excluded from impaired loans pursuant to authoritative lease accounting guidance.
We did not recognize any interest income on impaired loans that have not returned to performing status, while they were impaired during the year ended December 31, 2013 and December 31, 2012.
The following table provides further detail on impaired loans individually evaluated for impairment and the associated ALLL.
Certain commercial impaired loans and loans to consumers discharged from bankruptcy and not formally reaffirmed do not have a related ALLL as the valuation of these impaired loans exceeded the recorded investment.
Table 73: Impaired Loans
## Table 3 ##
(a) Recorded investment in a loan includes the unpaid principal balance plus accrued interest and net accounting adjustments, less any charge-offs.
Recorded investment does not include any associated valuation allowance.
Average recorded investment is for the year ended December 31, 2013 and the year ended December 31, 2012, respectively.
(b) Associated allowance amounts include $.5 billion and $.6 billion for TDRs at December 31, 2013 and December 31, 2012, respectively.
(c) Certain impaired loan balances at December 31, 2012 were reclassified from Impaired loans with an associated allowance to Impaired loans without an associated allowance to reflect those loans that had been identified as of December 31, 2012 as loans where a borrower has been discharged from personal liability in bankruptcy and has not formally reaffirmed its loan obligation to PNC and the loans were subsequently charged-off to collateral value less costs to sell.
This presentation is consistent with updated processes in effect as of March 31, 2013.

<table><tr><td></td><td> For awards granted during the year ended December 31, 2008</td></tr><tr><td>Expected volatility</td><td>27.69-28.15%</td></tr><tr><td>Expected term (years)</td><td>3.0-4.0</td></tr><tr><td>Risk free interest rates</td><td>1.84-2.19%</td></tr><tr><td>Dividend yield</td><td>0.79%</td></tr></table>
<table><tr><td></td><td colspan="3"> For awards issued during the years ended December 31,</td></tr><tr><td></td><td> 2010</td><td> 2009</td><td> 2008</td></tr><tr><td>Expected volatility</td><td>30.84-55.94%</td><td>29.46-96.42%</td><td>19.81-32.87%</td></tr><tr><td>Risk free interest rates</td><td>0.18-0.33%</td><td>0.28-2.12%</td><td>3.29-4.96%</td></tr><tr><td>Dividend yield</td><td>1.97-2.46%</td><td>0.84-1.83%</td><td>0.73-0.80%</td></tr><tr><td>Expected term (years)</td><td>0.5</td><td>0.5</td><td>0.5</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended September 30,</td></tr><tr><td></td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td></td><td colspan="3">(In millions)</td></tr><tr><td>Capitalized interest, beginning of year</td><td>$91.5</td><td>$128.8</td><td>$160.6</td></tr><tr><td>Interest incurred</td><td>130.2</td><td>173.2</td><td>205.0</td></tr><tr><td>Interest expensed:</td><td></td><td></td><td></td></tr><tr><td>Directly to interest expense</td><td>-50.5</td><td>-86.3</td><td>-100.2</td></tr><tr><td>Amortized to cost of sales</td><td>-90.8</td><td>-122.1</td><td>-122.8</td></tr><tr><td>Written off with inventory impairments</td><td>-1.2</td><td>-2.1</td><td>-13.8</td></tr><tr><td>Capitalized interest, end of year</td><td>$79.2</td><td>$91.5</td><td>$128.8</td></tr></table>
<table><tr><td>In millions</td><td>Unpaid Principal Balance</td><td>Recorded Investment (a)</td><td>Associated Allowance (b)</td><td>Average Recorded Investment (a)</td></tr><tr><td> December 31, 2013 </td><td></td><td></td><td></td><td></td></tr><tr><td>Impaired loans with an associated allowance</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial</td><td>$549</td><td>$400</td><td>$90</td><td>$442</td></tr><tr><td>Commercial real estate</td><td>517</td><td>349</td><td>89</td><td>478</td></tr><tr><td>Home equity</td><td>999</td><td>992</td><td>334</td><td>900</td></tr><tr><td>Residential real estate</td><td>573</td><td>436</td><td>74</td><td>645</td></tr><tr><td>Credit card</td><td>166</td><td>166</td><td>36</td><td>189</td></tr><tr><td>Other consumer</td><td>71</td><td>57</td><td>2</td><td>68</td></tr><tr><td>Total impaired loans with an associated allowance</td><td>$2,875</td><td>$2,400</td><td>$625</td><td>$2,722</td></tr><tr><td>Impaired loans without an associated allowance</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial</td><td>$309</td><td>$163</td><td></td><td>$161</td></tr><tr><td>Commercial real estate</td><td>421</td><td>315</td><td></td><td>354</td></tr><tr><td>Home equity</td><td>366</td><td>124</td><td></td><td>166</td></tr><tr><td>Residential real estate</td><td>415</td><td>386</td><td></td><td>267</td></tr><tr><td>Total impaired loans without an associated allowance</td><td>$1,511</td><td>$988</td><td></td><td>$948</td></tr><tr><td>Total impaired loans</td><td>$4,386</td><td>$3,388</td><td>$625</td><td>$3,670</td></tr><tr><td>December 31, 2012 (c)</td><td></td><td></td><td></td><td></td></tr><tr><td>Impaired loans with an associated allowance</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial</td><td>$824</td><td>$523</td><td>$150</td><td>$653</td></tr><tr><td>Commercial real estate</td><td>851</td><td>594</td><td>143</td><td>778</td></tr><tr><td>Home equity</td><td>1,070</td><td>1,013</td><td>328</td><td>851</td></tr><tr><td>Residential real estate</td><td>778</td><td>663</td><td>168</td><td>700</td></tr><tr><td>Credit card</td><td>204</td><td>204</td><td>48</td><td>227</td></tr><tr><td>Other consumer</td><td>104</td><td>86</td><td>3</td><td>63</td></tr><tr><td>Total impaired loans with an associated allowance</td><td>$3,831</td><td>$3,083</td><td>$840</td><td>$3,272</td></tr><tr><td>Impaired loans without an associated allowance</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial</td><td>$362</td><td>$126</td><td></td><td>$157</td></tr><tr><td>Commercial real estate</td><td>562</td><td>355</td><td></td><td>400</td></tr><tr><td>Home equity</td><td>169</td><td>121</td><td></td><td>40</td></tr><tr><td>Residential real estate</td><td>316</td><td>231</td><td></td><td>77</td></tr><tr><td>Total impaired loans without an associated allowance</td><td>$1,409</td><td>$833</td><td></td><td>$674</td></tr><tr><td>Total impaired loans</td><td>$5,240</td><td>$3,916</td><td>$840</td><td>$3,946</td></tr></table>

Question: What's the greatest value of Impaired loans with an associated allowance for unpaid principal balance in 2013?
Answer: Home equity