NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) options.
These shares were excluded since they have an anti-dilutive effect because their option exercise prices are greater than the average market price of the common shares.
The diluted share base excluded an insignificant amount of incremental shares for the year ended May 31, 2006.
No additional securities were outstanding that could potentially dilute basic earnings per share that were not included in the computation of diluted earnings per share.
The following table sets forth the computation of basic and diluted earnings per share for the years ended May 31, 2008, 2007 and 2006:
## Table 0 ##
Stock awards and options—We adopted Statement of Financial Accounting Standards No.123 (revised 2004): Share-based Payment (“FAS 123R”) on June 1, 2006.
We elected to adopt the modified prospective method described in FAS 123R which specifies that compensation expense for options granted prior to the effective date be recognized in the consolidated statements of income over the remaining vesting period of those options, and that compensation expense for options granted subsequent to the effective date be recognized in the consolidated statements of income over the vesting period of those options.
In addition, in accordance with our use of the modified prospective method, prior period amounts have not been restated.
Prior to our adoption of FAS 123R, we accounted for options under the recognition and measurement principles of Accounting Principles Board Opinion No.25: Accounting for Stock Issued to Employees (“APB 25”) and related interpretations.
We continue to use the Black-Scholes valuation model to calculate the fair value of share-based awards.
Refer to Note 9 for additional discussion regarding details of our share-based employee compensation plans and the adoption of FAS 123R.
New accounting pronouncements—In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No.157, Fair Value Measurements (“FAS 157”).
This statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements.
Companies are required to implement FAS 157 for the first financial statements issued for fiscal years beginning after November 15, 2007 for financial assets and liabilities, as well as for any other assets and liabilities that are carried at fair value on a recurring basis.
In November 2007, the Financial Accounting Standards Board granted a one year deferral for the implementation of FAS 157 for non-financial assets and liabilities.
The adoption of FAS 157 on June 1, 2008 is not expected to have a material impact on our consolidated balance sheet or consolidated statement of income, but the implementation of FAS 157 will require additional disclosures.
In February 2007, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No.159, The Fair Value Option for Financial Assets and Financial Liabilities — Including an
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Amendment of FASB Statement No.115 (“FAS 159”).
This statement permits us to choose to measure many financial instruments and certain other items at fair value.
Upon adoption of FAS 159 on June 1, 2008, we did not elect the fair value option for any financial instrument we do not currently report at fair value.
In December 2007, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No.141 (Revised) Business Combinations (“FAS 141R”).
This statement establishes principles and requirements for how we recognize and measure in our financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree.
In addition, this standard establishes principles and requirements for how we recognize and measure the goodwill acquired in the business combination or gain from a bargain purchase, and how we determine what information to disclose to enable financial statement users to evaluate the nature and financial effects of the business combination.
FAS 141R will become effective for us for business combinations in which the acquisition date is on or after June 1, 2009.
In December 2007, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No.160, Noncontrolling Interests in Consolidated Financial Statements (“FAS 160”).
This statement applies to the accounting for noncontrolling interests (currently referred to as minority interest) in a subsidiary and for the deconsolidation of a subsidiary.
FAS 160 will become effective for us on June 1, 2009.
As further described in Notes 13 and 16, we have minority interest that includes redemption provisions that are not solely within our control, commonly referred to as a redeemable minority interest.
At the March 12, 2008 meeting of the FASB Emerging Issues Task Force (“EITF”), certain revisions occurred to EITF Topic No.
D-98, Classification and Measurement of Redeemable Securities (“Topic D-98”).
These revisions clarified that Topic D-98 applies to redeemable minority interests and requires that its provision be applied no later than the effective date of FAS 160.
While we are still evaluating the impact on our consolidated financial statements of FAS 160, we have determined that, upon adoption of this standard and in conjunction with the provisions of Topic D-98, an adjustment for the then fair value of redeemable minority interests will be required.
This adjustment will ultimately increase the carrying value of redeemable minority interests to the redemption value with a corresponding charge to equity.
Under Topic D-98, we will have a choice of either accreting redeemable minority interest to its redemption value over the redemption period or recognizing changes in the redemption value immediately as they occur.
We are currently evaluating the recognition and measurement provisions of Topic D-98, and we have not yet concluded which measurement method we will apply.
NOTE 2—BUSINESS AND INTANGIBLE ASSET ACQUISITIONS In the years ended May 31, 2008, 2007 and 2006, we acquired the following businesses:
## Table 1 ##
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) These acquisitions have been recorded using the purchase method of accounting, and accordingly, the purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair value as of the date of acquisition.
The operating results of each acquisition are included in our consolidated statements of income from the dates of each acquisition.
Fiscal 2008 During fiscal 2008, we acquired a portfolio of merchants that process Discover transactions and the rights to process Discover transactions for our existing and new merchants.
As a result of this acquisition, we will now process Discover transactions similarly to how we currently process Visa and MasterCard transactions.
The purpose of this acquisition was to offer merchants a single point of contact for Discover, Visa and MasterCard card processing.
During fiscal 2008, we acquired a majority of the assets of Euroenvios Money Transfer, S. A.  and Euroenvios Conecta, S. L. , which we collectively refer to as LFS Spain.
LFS Spain consisted of two privatelyheld corporations engaged in money transmittal and ancillary services from Spain to settlement locations primarily in Latin America.
The purpose of the acquisition was to further our strategy of expanding our customer base and market share by opening additional branch locations.
During fiscal 2008, we acquired a series of money transfer branch locations in the United States.
The purpose of these acquisitions was to increase the market presence of our DolEx-branded money transfer offering.
The following table summarizes the preliminary purchase price allocations of these business acquisitions (in thousands):
## Table 2 ##
The customer-related intangible assets have amortization periods of up to 14 years.
The contract-based intangible assets have amortization periods of 3 to 10 years.
These business acquisitions were not significant to our consolidated financial statements and accordingly, we have not provided pro forma information relating to these acquisitions.
In addition, during fiscal 2008, we acquired a customer list and long-term merchant referral agreement in our Canadian merchant services channel for $1.7 million.
The value assigned to the customer list of $0.1 million was expensed immediately.
The remaining value was assigned to the merchant referral agreement and is being amortized on a straight-line basis over its useful life of 10 years.
GLOBAL PAYMENTS INC.  CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
## Table 3 ##
See Notes to Consolidated Financial Statements.

<table><tr><td></td><td> 2008</td><td> 2007</td><td> 2006</td></tr><tr><td></td><td colspan="3"> (in thousands, except per share data)</td></tr><tr><td><i>Basic EPS:</i></td><td></td><td></td><td></td></tr><tr><td>Net income available to common shareholders</td><td>$162,754</td><td>$142,985</td><td>$125,524</td></tr><tr><td>Basic weighted average shares outstanding</td><td>79,518</td><td>80,229</td><td>78,874</td></tr><tr><td>Earnings per share</td><td>$2.05</td><td>$1.78</td><td>$1.59</td></tr><tr><td><i>Diluted EPS:</i></td><td></td><td></td><td></td></tr><tr><td>Net income available to common shareholders</td><td>$162,754</td><td>$142,985</td><td>$125,524</td></tr><tr><td>Basic weighted average shares outstanding</td><td>79,518</td><td>80,229</td><td>78,874</td></tr><tr><td>Plus: dilutive effect of stock options and restricted stock awards</td><td>1,461</td><td>1,593</td><td>3,275</td></tr><tr><td>Diluted weighted average shares outstanding</td><td>80,979</td><td>81,822</td><td>82,149</td></tr><tr><td>Earnings per share</td><td>$2.01</td><td>$1.75</td><td>$1.53</td></tr></table>
<table><tr><td> Business</td><td> Date Acquired</td><td> Percentage Ownership</td></tr><tr><td> <i></i> <i>Fiscal 2008</i><i></i> </td><td></td><td></td></tr><tr><td>Discover merchant portfolio</td><td>Various</td><td>100%</td></tr><tr><td>LFS Spain</td><td>April 15, 2008</td><td>100%</td></tr><tr><td>Money transfer branch locations</td><td>Various</td><td>100%</td></tr><tr><td>  <i>Fiscal 2007</i> </td><td></td><td></td></tr><tr><td>HSBC Asia-Pacific merchant acquiring business</td><td>July 24, 2006</td><td>56%</td></tr><tr><td>Diginet d.o.o.</td><td>November 14, 2006</td><td>100%</td></tr><tr><td>Money transfer branch locations</td><td>Various</td><td>100%</td></tr><tr><td>  <i>Fiscal 2006</i> </td><td></td><td></td></tr><tr><td>Costamar money transfer branch locations</td><td>Various</td><td>100%</td></tr></table>
<table><tr><td></td><td>Total</td></tr><tr><td>Goodwill</td><td>$13,536</td></tr><tr><td>Customer-related intangible assets</td><td>4,091</td></tr><tr><td>Contract-based intangible assets</td><td>1,031</td></tr><tr><td>Property and equipment</td><td>267</td></tr><tr><td>Other current assets</td><td>502</td></tr><tr><td>Total assets acquired</td><td>19,427</td></tr><tr><td>Current liabilities</td><td>-2,347</td></tr><tr><td>Minority interest in equity of subsidiary</td><td>-486</td></tr><tr><td>Net assets acquired</td><td>$16,594</td></tr></table>
<table><tr><td></td><td colspan="2">Year EndedDecember 31,</td><td rowspan="2">Seven MonthsEndedDecember 31, 2016</td><td rowspan="2">Year EndedMay 31, 2016</td></tr><tr><td></td><td>2018</td><td>2017</td></tr><tr><td>Cash flows from operating activities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>$484,667</td><td>$494,070</td><td>$137,683</td><td>$290,217</td></tr><tr><td>Adjustments to reconcile net income to net cash provided by operating activities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Depreciation and amortization of property and equipment</td><td>145,128</td><td>113,273</td><td>53,242</td><td>74,192</td></tr><tr><td>Amortization of acquired intangibles</td><td>377,685</td><td>337,878</td><td>194,329</td><td>113,689</td></tr><tr><td>Share-based compensation expense</td><td>57,826</td><td>39,095</td><td>18,707</td><td>30,809</td></tr><tr><td>Provision for operating losses and bad debts</td><td>43,237</td><td>48,443</td><td>24,074</td><td>27,202</td></tr><tr><td>Amortization of capitalized customer acquisition costs</td><td>51,541</td><td>45,098</td><td>14,982</td><td>1,776</td></tr><tr><td>Deferred income taxes</td><td>-1,451</td><td>-250,670</td><td>-33,523</td><td>-18,162</td></tr><tr><td>Gain on sale of investments</td><td>—</td><td>—</td><td>-41,150</td><td>—</td></tr><tr><td>Other, net</td><td>-8,025</td><td>44,070</td><td>32,718</td><td>15,370</td></tr><tr><td>Changes in operating assets and liabilities, net of the effects of business combinations:</td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts receivable</td><td>-33,386</td><td>-14,096</td><td>2,189</td><td>-14,542</td></tr><tr><td>Settlement processing assets and obligations, net</td><td>83,478</td><td>-361,673</td><td>35,599</td><td>218,061</td></tr><tr><td>Prepaid expenses and other assets</td><td>-160,800</td><td>-129,427</td><td>-44,164</td><td>-64,216</td></tr><tr><td>Accounts payable and other liabilities</td><td>66,182</td><td>146,327</td><td>121,140</td><td>-81,506</td></tr><tr><td>Net cash provided by operating activities</td><td>1,106,082</td><td>512,388</td><td>515,826</td><td>592,890</td></tr><tr><td>Cash flows from investing activities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Business combinations and other acquisitions, net of cash acquired</td><td>-1,259,692</td><td>-562,688</td><td>-33,865</td><td>-2,034,406</td></tr><tr><td>Capital expenditures</td><td>-213,290</td><td>-181,905</td><td>-88,913</td><td>-91,591</td></tr><tr><td>Net proceeds from sale of investments</td><td>—</td><td>—</td><td>37,717</td><td>—</td></tr><tr><td>Net proceeds from sales of property and equipment</td><td>—</td><td>37,565</td><td>—</td><td>—</td></tr><tr><td>Other, net</td><td>-3,305</td><td>-28,997</td><td>-1,622</td><td>-1,251</td></tr><tr><td>Net cash used in investing activities</td><td>-1,476,287</td><td>-736,025</td><td>-86,683</td><td>-2,127,248</td></tr><tr><td>Cash flows from financing activities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Net proceeds from (repayments of) settlement lines of credit</td><td>70,783</td><td>221,532</td><td>20,582</td><td>-206,009</td></tr><tr><td>Proceeds from long-term debt</td><td>2,774,214</td><td>1,994,324</td><td>1,299,000</td><td>6,078,230</td></tr><tr><td>Repayments of long-term debt</td><td>-2,304,314</td><td>-1,781,541</td><td>-1,381,161</td><td>-3,691,608</td></tr><tr><td>Payment of debt issuance costs</td><td>-16,345</td><td>-9,520</td><td>-9,279</td><td>-63,382</td></tr><tr><td>Repurchase of common stock</td><td>-208,198</td><td>-34,811</td><td>-178,165</td><td>-135,954</td></tr><tr><td>Proceeds from stock issued under share-based compensation plans</td><td>14,318</td><td>10,115</td><td>6,093</td><td>8,480</td></tr><tr><td>Common stock repurchased - share-based compensation plans</td><td>-31,510</td><td>-31,761</td><td>-20,390</td><td>-12,236</td></tr><tr><td>Purchase of subsidiary shares from noncontrolling interest</td><td>—</td><td>—</td><td>—</td><td>-7,550</td></tr><tr><td>Proceeds from sale of subsidiary shares to noncontrolling interest</td><td>—</td><td>—</td><td>—</td><td>16,374</td></tr><tr><td>Distributions to noncontrolling interests</td><td>-5,686</td><td>-9,301</td><td>-12,365</td><td>-23,308</td></tr><tr><td>Dividends paid</td><td>-6,332</td><td>-6,732</td><td>-3,069</td><td>-5,439</td></tr><tr><td>Net cash provided by (used in) financing activities</td><td>286,930</td><td>352,305</td><td>-278,754</td><td>1,957,598</td></tr><tr><td>Effect of exchange rate changes on cash</td><td>-41,702</td><td>44,408</td><td>-32,338</td><td>-29,251</td></tr><tr><td>Increase (decrease) in cash and cash equivalents</td><td>-124,977</td><td>173,076</td><td>118,051</td><td>393,989</td></tr><tr><td>Cash and cash equivalents, beginning of the period</td><td>1,335,855</td><td>1,162,779</td><td>1,044,728</td><td>650,739</td></tr><tr><td>Cash and cash equivalents, end of the period</td><td>$1,210,878</td><td>$1,335,855</td><td>$1,162,779</td><td>$1,044,728</td></tr></table>

Question: In the year with the most Net income, what is the growth rate of Amortization of acquired intangibles?
Answer: 0.09694