Table 46 - Selected Quarterly Financial Information (1) (dollar amounts in thousands, except per share amounts)
## Table 0 ##
Table 49 - Selected Quarterly Capital Data (1)
## Table 1 ##
(1) Comparisons for presented periods are impacted by a number of factors.
Refer to the Significant Items section for additional discussion regarding these items.
(2) For all quarterly periods presented above, the impact of the convertible preferred stock issued in April of 2008 was excluded from the diluted share calculation because the result would have been higher than basic earnings per common share (antidilutive) for the periods.
(3) Deferred tax liability related to other intangible assets is calculated assuming a 35% tax rate.
(4) High and low stock prices are intra-day quotes obtained from Bloomberg.
(5) Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity.
Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill.
Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 35% tax rate.
(6) Noninterest expense less amortization of intangibles and goodwill impairment divided by the sum of FTE net interest income and noninterest income excluding securities gains (losses).
(7) Presented on a FTE basis assuming a 35% tax rate.
(8) Tangible common equity (total common equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets).
Other intangible assets are net of deferred tax, and calculated assuming a 35% tax rate.
(9) Tangible equity (total equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets).
Other intangible assets are net of deferred tax, and calculated assuming a 35% tax rate.
(10) On January 1, 2015, we became subject to the Basel III capital requirements and the standardized approach for calculating risk-weighted assets in accordance with subpart D of the final capital rule.
(11) Ratios are calculated on the Basel I basis.
ADDITIONAL DISCLOSURES Forward-Looking Statements This report, including MD&A, contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements, which are not historical facts and are subject to numerous assumptions, risks, and uncertainties.
Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements.
Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations.
The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; uncertainty in U. S.  fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services implementing our “Fair Play” banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street
divestiture of our Arrow and Moores businesses, and an unfavorable sales mix of international plumbing products, which, in aggregate, decreased sales by two percent.
Net sales for 2016 were positively affected by increased sales volume of plumbing products, paints and other coating products and builders' hardware.
Net sales for 2016 were also positively affected by favorable sales mix of cabinets and windows, and net selling price increases of North American windows and North American and international plumbing products.
Net sales for 2016 were negatively affected by lower sales volume of cabinets and lower net selling prices of paints and other coating products.
Our gross profit margins were 32.2 percent, 34.2 percent and 33.4 percent in 2018, 2017 and 2016, respectively.
The 2018 gross profit margin was negatively impacted by an increase in commodity costs, the recognition of the inventory step up adjustment established as a part of the the acquisition of Kichler, an increase in other expenses (such as logistics costs and salaries) and unfavorable sales mix.
These negative impacts were partially offset by an increase in net selling prices, the benefits associated with cost savings initiatives, and increased sales volume.
The 2017 gross profit margin was positively impacted by increased sales volume, a more favorable relationship between net selling prices and commodity costs, and cost savings initiatives.
Selling, general and administrative expenses as a percent of sales were 17.7 percent in 2018 compared with 18.6 percent in 2017 and 18.7 percent in 2016.
The decrease in selling, general and administrative expenses, as a percentage of sales, was driven by leverage of fixed expenses, due primarily to increased sales volume, and improved cost control.
The following table reconciles reported operating profit to operating profit, as adjusted to exclude certain items, dollars in millions:
## Table 2 ##
Operating profit margin in 2018 was negatively affected by an increase in commodity costs, the recognition of the inventory step up adjustment established as a part of the the acquisition of Kichler and an increase in other expenses (such as logistics costs, salaries and ERP costs).
These negative impacts were partially offset by increased net selling prices, benefits associated with cost savings initiatives and increased sales volume.
Operating profit margin in 2017 was positively impacted by increased sales volume, cost savings initiatives, and a more favorable relationship between net selling prices and commodity costs.
Operating profit margin in 2017 was negatively impacted by an increase in strategic growth investments and certain other expenses, including stock-based compensation, health insurance costs, trade show costs and increased head count.
Due to the recently-announced increase in tariffs on imported materials from China, and assuming tariffs rise to 25 percent in 2019, we could be exposed to approximately $150 million of potential annual direct cost increases.
We will work to mitigate the impact of these tariffs through a combination of price increases, supplier negotiations, supply chain repositioning and other internal productivity measures.
Other Income (Expense), Net Other, net, for 2018 included $14 million of net periodic pension and post-retirement benefit cost and $8 million of realized foreign currency losses.
These expenses were partially offset by $3 million of earnings related to equity method investments and $1 million related to distributions from private equity funds.
Other, net, for 2017 included $26 million related to periodic pension and post-retirement benefit costs, $13 million net loss related to the divestitures of Moores and Arrow and $2 million related to the impairment of a private equity fund, partially offset by $3 million related to distributions from private equity funds and $1 million of earnings related to equity method investments.

<table><tr><td></td><td colspan="4">Three months ended</td></tr><tr><td></td><td>December 31, 2016</td><td>September 30, 2016</td><td>June 30, 2016</td><td>March 31, 2016</td></tr><tr><td>Interest income</td><td>$814,858</td><td>$694,346</td><td>$565,658</td><td>$557,251</td></tr><tr><td>Interest expense</td><td>79,877</td><td>68,956</td><td>59,777</td><td>54,185</td></tr><tr><td>Net interest income</td><td>734,981</td><td>625,390</td><td>505,881</td><td>503,066</td></tr><tr><td>Provision for credit losses</td><td>74,906</td><td>63,805</td><td>24,509</td><td>27,582</td></tr><tr><td>Net interest income after provision for credit losses</td><td>660,075</td><td>561,585</td><td>481,372</td><td>475,484</td></tr><tr><td>Total noninterest income</td><td>334,337</td><td>302,415</td><td>271,112</td><td>241,867</td></tr><tr><td>Total noninterest expense</td><td>681,497</td><td>712,247</td><td>523,661</td><td>491,080</td></tr><tr><td>Income before income taxes</td><td>312,915</td><td>151,753</td><td>228,823</td><td>226,271</td></tr><tr><td>Provision for income taxes</td><td>73,952</td><td>24,749</td><td>54,283</td><td>54,957</td></tr><tr><td>Net income</td><td>238,963</td><td>127,004</td><td>174,540</td><td>171,314</td></tr><tr><td>Dividends on preferred shares</td><td>18,865</td><td>18,537</td><td>19,874</td><td>7,998</td></tr><tr><td>Net income applicable to common shares</td><td>$220,098</td><td>$108,467</td><td>$154,666</td><td>$163,316</td></tr><tr><td>Common shares outstanding</td><td></td><td></td><td></td><td></td></tr><tr><td>Average—basic</td><td>1,085,253</td><td>938,578</td><td>798,167</td><td>795,755</td></tr><tr><td>Average—diluted-2</td><td>1,104,358</td><td>952,081</td><td>810,371</td><td>808,349</td></tr><tr><td>Ending</td><td>1,085,688</td><td>1,084,783</td><td>799,154</td><td>796,689</td></tr><tr><td>Book value per common share</td><td>$8.51</td><td>$8.59</td><td>$8.18</td><td>$8.01</td></tr><tr><td>Tangible book value per common share-3</td><td>6.43</td><td>6.48</td><td>7.29</td><td>7.12</td></tr><tr><td>Per common share</td><td></td><td></td><td></td><td></td></tr><tr><td>Net income—basic</td><td>$0.20</td><td>$0.12</td><td>$0.19</td><td>$0.21</td></tr><tr><td>Net income—diluted</td><td>0.20</td><td>0.11</td><td>0.19</td><td>0.20</td></tr><tr><td>Cash dividends declared</td><td>0.08</td><td>0.07</td><td>0.07</td><td>0.07</td></tr><tr><td>Common stock price, per share</td><td></td><td></td><td></td><td></td></tr><tr><td>High-4</td><td>$13.64</td><td>$10.11</td><td>$10.65</td><td>$10.81</td></tr><tr><td>Low-4</td><td>9.57</td><td>8.23</td><td>8.05</td><td>7.83</td></tr><tr><td>Close</td><td>13.22</td><td>9.86</td><td>8.94</td><td>9.54</td></tr><tr><td>Average closing price</td><td>11.63</td><td>9.52</td><td>9.83</td><td>9.22</td></tr><tr><td>Return on average total assets</td><td>0.95%</td><td>0.58%</td><td>0.96%</td><td>0.96%</td></tr><tr><td>Return on average common shareholders’ equity</td><td>9.4</td><td>5.4</td><td>9.6</td><td>10.4</td></tr><tr><td>Return on average tangible common shareholders’ equity-5</td><td>12.9</td><td>7.0</td><td>11.0</td><td>11.9</td></tr><tr><td>Efficiency ratio-6</td><td>61.6</td><td>75.0</td><td>66.1</td><td>64.6</td></tr><tr><td>Effective tax rate</td><td>23.6</td><td>16.3</td><td>23.7</td><td>24.3</td></tr><tr><td>Margin analysis-as a % of average earning assets-7</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest income-7</td><td>3.60%</td><td>3.52%</td><td>3.41%</td><td>3.44%</td></tr><tr><td>Interest expense</td><td>0.35</td><td>0.34</td><td>0.35</td><td>0.33</td></tr><tr><td>Net interest margin-7</td><td>3.25%</td><td>3.18%</td><td>3.06%</td><td>3.11%</td></tr><tr><td>Revenue—FTE</td><td></td><td></td><td></td><td></td></tr><tr><td>Net interest income</td><td>$734,981</td><td>$625,390</td><td>$505,881</td><td>$503,066</td></tr><tr><td>FTE adjustment</td><td>12,560</td><td>10,598</td><td>10,091</td><td>9,159</td></tr><tr><td>Net interest income-7</td><td>747,541</td><td>635,988</td><td>515,972</td><td>512,225</td></tr><tr><td>Noninterest income</td><td>334,337</td><td>302,415</td><td>271,112</td><td>241,867</td></tr><tr><td>Total revenue-7</td><td>$1,081,878</td><td>$938,403</td><td>$787,084</td><td>$754,092</td></tr></table>
<table><tr><td></td><td colspan="4">2015</td></tr><tr><td>Capital adequacy</td><td>December 31,</td><td>September 30,</td><td>June 30,</td><td>March 31,</td></tr><tr><td>Total risk-weighted assets-11</td><td>$58,420</td><td>$57,839</td><td>$57,850</td><td>$57,840</td></tr><tr><td>Tier 1 leverage ratio-11</td><td>8.79%</td><td>8.85%</td><td>8.98%</td><td>9.04%</td></tr><tr><td>Tier 1 risk-based capital ratio-11</td><td>9.79</td><td>9.72</td><td>9.65</td><td>9.51</td></tr><tr><td>Total risk-based capital ratio-11</td><td>10.53</td><td>10.49</td><td>10.41</td><td>10.22</td></tr><tr><td>Tier 1 common risk-based capital ratio-11</td><td>12.64</td><td>12.70</td><td>12.62</td><td>12.48</td></tr><tr><td>Tangible common equity / tangible asset ratio-8</td><td>7.81</td><td>7.89</td><td>7.91</td><td>7.95</td></tr><tr><td>Tangible equity / tangible asset ratio-9</td><td>8.36</td><td>8.44</td><td>8.48</td><td>8.53</td></tr><tr><td>Tangible common equity / risk-weighted assets ratio-11</td><td>9.41</td><td>9.48</td><td>9.32</td><td>9.25</td></tr></table>
<table><tr><td></td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Operating profit, as reported</td><td>$1,211</td><td>$1,194</td><td>$1,087</td></tr><tr><td>Rationalization charges</td><td>14</td><td>4</td><td>22</td></tr><tr><td>Kichler inventory step up adjustment</td><td>40</td><td>—</td><td>—</td></tr><tr><td>Operating profit, as adjusted</td><td>$1,265</td><td>$1,198</td><td>$1,109</td></tr><tr><td>Operating profit margins, as reported</td><td>14.5%</td><td>15.6%</td><td>14.8%</td></tr><tr><td>Operating profit margins, as adjusted</td><td>15.1%</td><td>15.7%</td><td>15.1%</td></tr></table>

Question: what was the percentage growth in the operating profit as reported from 2017 to 2018
Answer: 0.01424