NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Rent expense on all operating leases for fiscal 2003, 2002 and 2001 was $7.8 million, $7.6 million and $4.7 million, respectively.
Future minimum lease payments for all noncancelable leases at May 31, 2003 were as follows:
## Table 0 ##
Legal The Company currently processes card transactions for Air Canada, the single largest airline in Canada.
Revenue from this relationship represents less than 1% of the Company’s consolidated revenue.
On April 1, 2003, Air Canada filed for and obtained protection from the court under the Companies’ Creditors Arrangement Act, which generally allows a company to reorganize while it continues normal operations with the assistance of a court?appointed Monitor.
The court order provides for a general stay that precludes its creditors and others from taking any action against Air Canada.
The purpose of the stay is to provide Air Canada with relief designed to stabilize operations and business relationships with customers, vendors, employees and creditors.
The court order also provides that Air Canada shall honor all airline tickets in the usual and ordinary course of business.
In the event that Air Canada’s restructuring is not successful and it is liquidated, there will likely be limited assets available from which to pay creditor claims.
If the restructuring is not successful and any of Air Canada’s liability for deferred ticket revenues is unfunded and such charges are properly reversed by VISA and MasterCard cardholders, the Company may be liable for such reversed charges under the chargeback rules of these card associations; for more details, refer to Reserve for operating losses under Note 1 in the Notes to Consolidated Financial Statements appearing elsewhere in this report.
According to the Eighth Report of the Monitor dated July 31, 2003, deferred ticket revenues for Air Canada as of June 30, 2003, representing advance ticket sales collected, were approximately $566 million Canadian, or $420 million U.
S, based on then existing exchange rates.
In conjunction with the acquisition of the merchant acquiring business of CIBC in March 2001, CIBC agreed to reimburse Global Payments by the amount, if any, that Air Canada’s VISA chargebacks and credit losses for any 12 month period exceed twice the level of VISA chargebacks and credit losses experienced during the one?year period ending October 31, 1999.
This reimbursement obligation is scheduled to expire on March 20, 2004.
Based on an affidavit of an Air Canada officer, 80% of Air Canada customers elect to pay using credit cards and, of those credit card users, 29.3% use VISA cards and 8.4% use MasterCard cards.
Therefore, based on the information contained in that affidavit, the information contained in Eighth Report of the Monitor, and taking into consideration CIBC’s reimbursement obligations for Air Canada’s chargebacks and credit losses, our maximum potential chargeback liability exposure relative to Air Canada as of June 30, 2003 is $38?$48 million Canadian, or $28?$35 million U. S. , based on existing exchange rates.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Earnings per share—Basic earnings per share is computed by dividing reported earnings available to common shareholders by weighted average shares outstanding during the period.
Earnings available to common shareholders are the same as reported net income for all periods presented.
Diluted earnings per share is computed by dividing reported earnings available to common shareholders by weighted average shares outstanding during the period and the impact of securities that, if exercised, would have a dilutive effect on earnings per share.
All options with an exercise price less than the average market share price for the period generally are assumed to have a dilutive effect on earning per share.
The dilutive effect of stock options and restricted share grants was 1.4 million, 0.9 million shares and 1.4 million shares in fiscal 2004, 2003, and 2002, respectively.
The diluted share base for the years ended May 31, 2004 and 2003 excludes incremental shares of 0.1 million and 0.7 million, respectively, related to employee stock options.
These shares were excluded due to their anti-dilutive effect as a result of their option exercise prices being greater than the average market price of the common shares.
No shares had an anti-dilutive effect in fiscal 2002.
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, 2004, 2003 and 2002:
## Table 1 ##
Effective March 1, 2003, Global Payments adopted Statements of Financial Accounting Standard No.148, “Accounting for Stock-Based Compensation—Transition and Disclosure” (“SFAS No.148”).
SFAS No.148 addresses alternative methods of transition for a voluntary change to the fair value based method of accounting for stock-based employee compensation.
In addition, SFAS No.148 amends the disclosure requirements of Statements of Financial Accounting Standard No.123, “Accounting for Stock-Based Compensation” (“SFAS No.123”) to require prominent disclosure in both annual and interim financial statements about the method of accounting for stock-based employee compensation and the effect of the method used on reported results.
At May 31, 2004, the Company has two stock-based employee compensation plans, which are described more fully in Note 9.
The Company accounts for these plans under the recognition and measurement principles of APB Opinion No.25, “Accounting for Stock Issued to Employees,” and related interpretations.
Employee
Future minimum lease payments for all non-cancelable operating leases at May 31, 2013 were as follows:
## Table 2 ##
Legal We are party to a number of claims and lawsuits incidental to our business.
In our opinion, the liabilities, if any, which may ultimately result from the outcome of such matters, individually or in the aggregate, are not expected to have a material adverse impact on our financial position, liquidity or results of operations.
Operating Taxes We define operating taxes as taxes that are unrelated to income taxes, such as sales, property, value-add and other business taxes.
During the course of operations, we must interpret the meaning of various operating tax matters in the United States and in the foreign jurisdictions in which we do business.
Taxing authorities in those various jurisdictions may arrive at different interpretations of applicable tax laws and regulations as they relate to such operating tax matters, which could result in the payment of additional taxes in those jurisdictions.
As of May 31, 2013 and 2012, we did not have liabilities for contingencies related to operating tax items based on management’s best estimate given our history with similar matters and interpretations of current laws and regulations.
BIN/ICA Agreements We have entered into sponsorship or depository and processing agreements with certain banks.
These agreements allow us to use the banks’ identification numbers, referred to as Bank Identification Number (“BIN”) for Visa transactions and Interbank Card Association (“ICA”) number for MasterCard transactions, to clear credit card transactions through Visa and MasterCard.
Certain of such agreements contain financial covenants, and we were in compliance with all such covenants as of May 31, 2013.
Our Canadian Visa sponsorship, which was originally obtained through a Canadian financial institution, expired in March 2011.
We have filed an application with the Office of the Superintendent of Financial Institutions Canada (“OSFI”) for the formation of a wholly owned loan company in Canada which would serve as our financial institution sponsor.
On December 12, 2012, the loan company received a restricted Order to Commence and Carry on Business from OSFI which will enable the loan company to become a direct Visa member at such time that Global Payments concludes the appropriate BIN transfer process with Visa.
In March 2011, we obtained temporary direct participation in the Visa Canada system, while the loan company application was pending.
We anticipate that the BIN transfer process with Visa will be completed by September 30, 2013.
Foreign currencies — We have significant operations in a number of foreign subsidiaries whose functional currency is the local currency.
The assets and liabilities of subsidiaries whose functional currency is a foreign currency are translated into the reporting currency at the period-end rate of exchange.
Income statement items are translated at the weighted-average rates prevailing during the period.
The resulting translation adjustment is recorded as a component of other comprehensive income and is included in accumulated comprehensive income within equity in our consolidated balance sheets.
Gains and losses on transactions denominated in currencies other than the functional currency are generally included in determining net income for the period.
For the years ended December 31, 2018 and 2017, the 2016 fiscal transition period and the year ended May 31, 2016, our transaction gains and losses were insignificant.
Transaction gains and losses on intercompany balances of a long-term investment nature are recorded as a component of other comprehensive income and included in accumulated comprehensive income within equity in our consolidated balance sheets.
Earnings per share — Basic earnings per share (“EPS”) is computed by dividing reported net income attributable to Global Payments by the weighted-average number of shares outstanding during the period.
Earnings available to common shareholders is the same as reported net income attributable to Global Payments for all periods presented.
Diluted EPS is computed by dividing net income attributable to Global Payments by the weighted-average number of shares outstanding during the period, including the effect of share-based awards that would have a dilutive effect on earnings per share.
All stock options with an exercise price lower than the average market share price of our common stock for the period are assumed to have a dilutive effect on EPS.
There were no stock options that would have an antidilutive effect on the computation of diluted EPS for the years ended December 31, 2018 and 2017, the 2016 fiscal transition period or for the year ended May 31, 2016.
The following table sets forth the computation of the diluted weighted-average number of shares outstanding for all periods presented:

<table><tr><td></td><td> Capital Leases </td><td> Operating Leases </td></tr><tr><td></td><td colspan="2"> (In thousands)</td></tr><tr><td>2004</td><td>$1,848</td><td>$7,643</td></tr><tr><td>2005</td><td>1,461</td><td>5,660</td></tr><tr><td>2006</td><td>1,461</td><td>4,897</td></tr><tr><td>2007</td><td>772</td><td>4,156</td></tr><tr><td>2008</td><td>—</td><td>4,141</td></tr><tr><td>Thereafter</td><td>—</td><td>11,533</td></tr><tr><td>Total future minimum lease payments</td><td>5,542</td><td>$38,030</td></tr><tr><td>Less: amount representing interest</td><td>835</td><td></td></tr><tr><td>Present value of net minimum lease payments</td><td>4,707</td><td></td></tr><tr><td>Less: current portion</td><td>1,456</td><td></td></tr><tr><td>Long-term obligations under capital leases at May 31, 2003</td><td>$3,251</td><td></td></tr></table>
<table><tr><td></td><td colspan="3"> 2004 </td><td colspan="3"> 2003 </td><td colspan="3">2002</td></tr><tr><td></td><td> Income </td><td> Shares </td><td> Per Share </td><td> Income </td><td> Shares </td><td> Per Share </td><td>Income</td><td> Shares </td><td>Per share</td></tr><tr><td></td><td colspan="9">(in thousands, except per share data)</td></tr><tr><td>Basic earnings per share:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income before cumulative effect of a change in accounting principle</td><td>$62,443</td><td>37,533</td><td>$1.66</td><td>$53,300</td><td>36,957</td><td>$1.44</td><td>$39,839</td><td>36,589</td><td>$1.09</td></tr><tr><td>Cumulative effect of a change in accounting principle</td><td>—</td><td>37,533</td><td>—</td><td>—</td><td>36,957</td><td>—</td><td>-15,999</td><td>36,589</td><td>-0.44</td></tr><tr><td>Net income available to common shareholders</td><td>$62,443</td><td>37,533</td><td>$1.66</td><td>$53,300</td><td>36,957</td><td>$1.44</td><td>$23,840</td><td>36,589</td><td>$0.65</td></tr><tr><td>Diluted earnings per share:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income before cumulative effect of a change in accounting principle</td><td>$62,443</td><td>38,955</td><td>$1.60</td><td>$53,300</td><td>37,824</td><td>$1.41</td><td>$39,839</td><td>38,009</td><td>$1.05</td></tr><tr><td>Cumulative effect of a change in accounting principle</td><td>—</td><td>38,955</td><td>—</td><td>—</td><td>37,824</td><td>—</td><td>-15,999</td><td>38,009</td><td>-0.42</td></tr><tr><td>Net income available to common shareholders</td><td>$62,443</td><td>38,955</td><td>$1.60</td><td>$53,300</td><td>37,824</td><td>$1.41</td><td>$23,840</td><td>38,009</td><td>$0.63</td></tr></table>
<table><tr><td>2014</td><td>$11,057</td></tr><tr><td>2015</td><td>8,985</td></tr><tr><td>2016</td><td>7,378</td></tr><tr><td>2017</td><td>6,700</td></tr><tr><td>2018</td><td>6,164</td></tr><tr><td>Thereafter</td><td>16,812</td></tr><tr><td>Total future minimum lease payments</td><td>$57,096</td></tr></table>

Question: what percentage of lease payments will be paid out in the first year?
Answer: 0.19366