gran ted , mo dified, or settled on or after Janu ary 1, 2003.
Aw a rds u n der th e Comp any’s stock o ptio n plan s vest over p erio ds ran gin g fro m o n e to th ree years.
Th ere f o re, th e co st related to stock-based emp loyee co mp en sation fo r emplo yee sto ck o ption s includ ed in th e d eter mination o f n et in co me fo r th e years end ed Decemb er 31, 2005, 2004 and 2 003 is less than th at which would have been recogn ized if the fair value b as ed metho d h ad b een app lied to all award s sin ce the origin al effective d ate of SFAS No.123.
Th e Comp any will ad op t the p rovision s o f SFAS 123(R), “Share Based Paymen t,” usin g th e mo difie d p rosp ective transitio n metho d o n Jan uar y 1, 2006.
Th e Co mp an y do es no t exp ect the ad op tio n of SFAS 123( R) to h ave a material imp act on its fin an cial p osition or resu lts o f op eration s. However, the ad op tio n o f SFAS1 23(R)will ch ange th e ser v i c e p eriod for, an d timin g of, th e reco gnitio n o f comp en sation cost related to re t i rement eligib ility, which will g en erally result in accelerated expen se recogn ition b y th e Co mp an y for its stock based co mpen satio n pro grams.
Th e Co mpan y cu rre n t l y re c o rd s co mpens atio n cost over th e vesting perio d, r e g a rdless of eligibility for re t i rement (see Note 8, “Commitmen ts an d Co ntin gen cies,” for a d iscussion of th e Comp an y’s re t i remen t p lan).
If th e Co mpan y h ad re c o rd ed compen sation co st based on re t i remen t eligibility, th e in cr eas e to co mpen satio n cost du rin g th e year en ded Decemb er 31 , 2005 wou ld n ot h ave been mater ial.
The following table illustrates the effect on net income available to common stockholders and earnings per share if the fair value based method had been applied to all outstanding and unvested awards in each period based on the fair market value as determined on the date of grant:
## Table 0 ##
Variable Interest Entities under FIN 46 The Company adopted the final provisions of FIN 46 as of January 1, 2004, which resulted in the consolidation of one entity during 2004 from which the Company held a participating mortgage note.
As a result, the Company recognized a cumulative effect of change in accounting principle in January 2004 in the amount of $4,547, which increased earnings per common share—diluted by $0.06.
The Company did not hold an equity interest in this entity, and therefor e 100% of the entity’s net income or loss was recognized by the Company as minority interest in consolidated partnerships on the Consolidated Statements of Operations and Other Compr ehensive Income.
In October 2004, the Company received payment in full of the outstanding mortgage note.
Upon note repayment, the Company did not continue to hold a variable interest in this entity and therefore the Company discontinued consolidating the entity under the pr ovisions of FIN 46.
Related interest income for the year ended December 31, 2003 of $3,168 is included in interest expense, net, in the accompanying Consolidated Statements of Operations and Other Comprehensive Income.
Related interest income in the year ended December 31, 2004 has been eliminated in consolidation.
Discontinued Operations The Company follows SFAS No.144, “Accounting for the Impairment or Disposal of Long-Lived Assets” which requires that the assets and liabilities and the results of operations of any communities which have been sold, or otherwise qualify as held for sale, be presented as discontinued operations in the Company’s Consolidated Financial Statements in both current and prior years presented.
The community specific components of net income that are presented as discontinued operations include net operating income, depreciation expense, minority interest expense and interest expense.
In addition, the net gain or loss (including any impairment loss) on the eventual disposal of communities held for sale will be presented as discontinued operations when recognized.
A change in pr esentation for discontinued operations will not have any impact on the Company’s financial condition or results of operations.
Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell, and are presented separately in the
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) indirectly wholly-owned by the Company, and therefore the revenues and expenses, and assets and liabilities of these four communities were consolidated in the Company’s results of operations and financial position.
However, upon admittance of the outside investors in March 2005, the Company deconsolidated the revenue and expenses, and assets and liabilities of these four communities and accounts for its 15.2% equity interest in the Fund under the equity method of accounting.
Although the Company holds less than a 20% equity interest in the Fund, the Company accounts for the Fund under the equity method due to its significant influence over the Fund.
The Company received net proceeds of $87,948 as reimbursement for acquiring and warehousing these communities.
The Company receives asset management fees, property management fees and redevelopment fees, as well as a promoted inter est if certain thresholds are met (which were not achieved in 2005).
As of December 31, 2005, the Fund owns the following communities, subject to certain mortgage debt.
In addition, as of December 31, 2005, the Fund has $37,100 outstanding under its variable rate credit facility, which matures in January 2008.
The Company has not guaranteed the debt, nor does it have any obligation to fund this debt should the Fund be unable to do so.  ?
Avalon at Redo nd o Beach , a 105 apartment-ho me commun ity located in Lo sAn geles, Californ ia.
Aso f December 31, 2005, Avalo n at Red on do Beach has $16,765 in 4.8% fixed rate deb t o utstan din g, which matu res in Octo ber 2011; ?
Avalon Lakeside, a 204 apartment-home community located in Chicago, Illinois.
As of December 31, 2005, Avalon Lakeside has $7,960 in 6.9% fixed rate debt outstanding, which matures in February 2028 (but can be prepaid after Februar y 2008 without penalty); ?
Avalon Columbia, a 170 apartment-home community located in Baltimore, Maryland.
As of December 31, 2005, Avalon Columbia has $16,575 in 5.3% fixed rate debt outstanding, which matures in April 2012; ?
Ravenswood at the Park, a 400 apartment-home community located in Chicago, Illinois.
As of December 31, 2005, Ravenswood at the Park has $31,500 in 5.0% fixed rate debt outstanding, which matures in July 2012; ?
Avalon at Poplar Creek, a 196 apartment-home community located in Chicago, Illinois.
As of December 31, 2005, Avalon at Poplar Cr eek has $16,500 in 4.8% fixed rate debt outstanding, which matures in October 2012; ?
Fuller Martel, an 82 apartment-home community located in Los Angeles, California; ?
Civic Center Place, a 192 apartment-home community located in Norwalk, California.
As of December 31, 2005, Civic Center Place has $23,806 in 5.3% fixed rate debt outstanding, which matures in August 2013; and ?
Paseo Park, a 134 apartment-home community located in Fremont, California.
In addition, as part of the formation of the Fund, the Company has provided to one of the limited partners a guarantee.
The guarantee provides that, if, upon final liquidation of the Fund, the total amount of all distributions to that partner during the life of the Fund (whether from operating cash flow or property sales) does not equal the total capital contributions made by that partner, then the Company will pay the partner an amount equal to the shortfall, but in no event more than 10% of the total capital contributions made by the partner (maximum of approximately $1,700 as of December 31, 2005).
The Company has not recorded a liability related to this guarantee as of December 31, 2005, as the fair value of the real estate assets owned by the Fund is considered adequate to cover such payment under a liquidation scenario.
The following is a combined summary of the financial position of the entities accounted for using the equity method, as of the dates presented:
## Table 1 ##
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
## Table 2 ##
(1) Does not include gross real estate assets for discontinued operations of $101,372, $295,655 and $432,997 as of December 31, 2005, 2004 and 2003 respectively.
(2) Revenue represents third-party management, accounting and developer fees and miscellaneous income which are not allocated to a reportable segment.10.
Stock-Based Compensation Plans The Company has a stock incentive plan (the “1994 Plan”), which was amended and restated on December 8, 2004.
Individuals who are eligible to participate in the 1994 Plan include officers, other associates, outside directors and other key persons of the Company and its subsidiaries who are r esponsible for or contribute to the management, growth or profitability of the Company and its subsidiaries.
The 1994 Plan authorizes (i) the grant of stock options that qualify as incentive stock
(5) We occupy approximately 350,000 square feet of the One North End Building.
(6) This property is owned by Board of Trade Investment Company (BOTIC).
KCBT maintains a 51% controlling interest in BOTIC.
We also lease other office space around the world and have also partnered with major global telecommunications carriers in connection with our telecommunications hubs whereby we place data cabinets within the carriers’ existing secured data centers.
We believe our facilities are adequate for our current operations and that additional space can be obtained if needed.
ITEM 3.
LEGAL PROCEEDINGS See “Legal and Regulatory Matters” in Note 14.
Contingencies to the Consolidated Financial ITEM 4.
MINE SAFETY DISCLOSURES Not applicable.
cabinets within the carriers’ existing secured data centers.
We believe our facilities are adequate for our current operations and that additional space can be obtained if needed.
Statements beginning on page 91 for CME Group’s legal proceedings disclosure which is incorporated herein by reference.
PART II ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Class A Common Stock Our Class A common stock is currently listed on NASDAQ under the ticker symbol “CME.
” As of February 13, 2013, there were approximately 3,106 holders of record of our Class A common stock.
In May 2012, the company’s board of directors declared a five-for-one split of its Class A common stock effected by way of a stock dividend to its Class A and Class B shareholders.
The stock split was effective July 20, 2012 for all shareholders of record on July 10, 2012.
As a result of the stock split, all amounts related to shares and per share amounts have been retroactively restated.
The following table sets forth the high and low sales prices per share of our Class A common stock on a quarterly basis, as reported on NASDAQ.

<table><tr><td></td><td></td><td colspan="3">For the year ended</td></tr><tr><td></td><td></td><td>12-31-05</td><td>12-31-04</td><td>12-31-03</td></tr><tr><td colspan="2">Net income available to common stockholders, as reported</td><td>$313,678</td><td>$211,045</td><td>$260,781</td></tr><tr><td>Add:</td><td>Actual compensation expense recorded under fair valuebased method, net of related tax effects</td><td>2,133</td><td>867</td><td>246</td></tr><tr><td>Deduct:</td><td>Total compensation expense determined under fair valuebased method, net of related tax effects</td><td>-2,245</td><td>-1,834</td><td>-2,335</td></tr><tr><td></td><td>Pro forma net income available to common stockholders</td><td>$313,566</td><td>$210,078</td><td>$258,692</td></tr><tr><td></td><td>Earnings per share:</td><td></td><td></td><td></td></tr><tr><td></td><td>Basic — as reported</td><td>$4.30</td><td>$2.95</td><td>$3.80</td></tr><tr><td></td><td>Basic — pro forma</td><td>$4.30</td><td>$2.94</td><td>$3.77</td></tr><tr><td></td><td>Diluted — as reported</td><td>$4.21</td><td>$2.92</td><td>$3.73</td></tr><tr><td></td><td>Diluted — pro forma</td><td>$4.21</td><td>$2.91</td><td>$3.70</td></tr></table>
<table><tr><td></td><td>12-31-05</td><td>12-31-04</td></tr><tr><td>Assets:</td><td></td><td></td></tr><tr><td>Real estate, net</td><td>$491,919</td><td>$221,236</td></tr><tr><td>Other assets</td><td>86,247</td><td>86,821</td></tr><tr><td>Total assets</td><td>$578,166</td><td>$308,057</td></tr><tr><td>Liabilities and partners’ equity:</td><td></td><td></td></tr><tr><td>Mortgage notes payable and credit facility</td><td>$349,260</td><td>$139,500</td></tr><tr><td>Other liabilities</td><td>27,497</td><td>32,579</td></tr><tr><td>Partners’ equity</td><td>201,409</td><td>135,978</td></tr><tr><td>Total liabilities and partners’ equity</td><td>$578,166</td><td>$308,057</td></tr></table>
<table><tr><td></td><td>Total revenue</td><td>NOI</td><td>% NOI change from prior year</td><td>Gross real estate -1</td></tr><tr><td>For the year ended December 31, 2005</td><td></td><td></td><td></td><td></td></tr><tr><td>Established</td><td></td><td></td><td></td><td></td></tr><tr><td>Northeast</td><td>$167,636</td><td>$111,734</td><td>3.5%</td><td>$1,062,981</td></tr><tr><td>Mid-Atlantic</td><td>68,575</td><td>48,613</td><td>3.9%</td><td>387,801</td></tr><tr><td>Midwest</td><td>11,113</td><td>6,627</td><td>7.1%</td><td>91,755</td></tr><tr><td>Pacific Northwest</td><td>30,080</td><td>19,312</td><td>8.0%</td><td>315,331</td></tr><tr><td>Northern California</td><td>146,432</td><td>99,769</td><td>3.5%</td><td>1,489,363</td></tr><tr><td>Southern California</td><td>48,800</td><td>35,319</td><td>6.7%</td><td>331,315</td></tr><tr><td>Total Established</td><td>472,636</td><td>321,374</td><td>4.2%</td><td>3,678,546</td></tr><tr><td>Other Stabilized</td><td>77,552</td><td>50,621</td><td>n/a</td><td>653,399</td></tr><tr><td>Development / Redevelopment</td><td>116,144</td><td>73,149</td><td>n/a</td><td>1,259,371</td></tr><tr><td>Land Held for Future Development</td><td>n/a</td><td>n/a</td><td>n/a</td><td>188,414</td></tr><tr><td>Non-allocated -2</td><td>4,348</td><td>n/a</td><td>n/a</td><td>22,066</td></tr><tr><td>Total</td><td>$670,680</td><td>$445,144</td><td>10.1%</td><td>$5,801,796</td></tr><tr><td>For the year ended December 31, 2004</td><td></td><td></td><td></td><td></td></tr><tr><td>Established</td><td></td><td></td><td></td><td></td></tr><tr><td>Northeast</td><td>$135,059</td><td>$89,547</td><td>-2.5%</td><td>$722,482</td></tr><tr><td>Mid-Atlantic</td><td>51,390</td><td>36,316</td><td>-0.2%</td><td>273,774</td></tr><tr><td>Midwest</td><td>10,734</td><td>6,188</td><td>6.8%</td><td>91,121</td></tr><tr><td>Pacific Northwest</td><td>28,836</td><td>17,874</td><td>1.1%</td><td>314,717</td></tr><tr><td>Northern California</td><td>126,196</td><td>87,067</td><td>-5.9%</td><td>1,270,848</td></tr><tr><td>Southern California</td><td>56,124</td><td>39,634</td><td>1.8%</td><td>401,204</td></tr><tr><td>Total Established</td><td>408,339</td><td>276,626</td><td>-1.2%</td><td>3,074,146</td></tr><tr><td>Other Stabilized</td><td>111,894</td><td>71,744</td><td>n/a</td><td>1,068,859</td></tr><tr><td>Development / Redevelopment</td><td>93,096</td><td>55,967</td><td>n/a</td><td>1,074,733</td></tr><tr><td>Land Held for Future Development</td><td>n/a</td><td>n/a</td><td>n/a</td><td>156,350</td></tr><tr><td>Non-allocated -2</td><td>515</td><td>n/a</td><td>n/a</td><td>27,401</td></tr><tr><td>Total</td><td>$613,844</td><td>$404,337</td><td>9.7%</td><td>$5,401,489</td></tr><tr><td>For the year ended December 31, 2003</td><td></td><td></td><td></td><td></td></tr><tr><td>Established</td><td></td><td></td><td></td><td></td></tr><tr><td>Northeast</td><td>$136,132</td><td>$89,383</td><td>-9.2%</td><td>$767,035</td></tr><tr><td>Mid-Atlantic</td><td>57,014</td><td>40,159</td><td>-4.5%</td><td>307,777</td></tr><tr><td>Midwest</td><td>16,141</td><td>8,553</td><td>-16.7%</td><td>140,631</td></tr><tr><td>Pacific Northwest</td><td>24,410</td><td>15,015</td><td>-12.1%</td><td>264,760</td></tr><tr><td>Northern California</td><td>126,484</td><td>89,878</td><td>-11.9%</td><td>1,219,242</td></tr><tr><td>Southern California</td><td>41,051</td><td>28,851</td><td>-20.4%</td><td>290,192</td></tr><tr><td>Total Established</td><td>401,232</td><td>271,839</td><td>-11.2%</td><td>2,989,637</td></tr><tr><td>Other Stabilized</td><td>77,370</td><td>52,152</td><td>n/a</td><td>706,601</td></tr><tr><td>Development / Redevelopment</td><td>77,714</td><td>44,563</td><td>n/a</td><td>1,197,218</td></tr><tr><td>Land Held for Future Development</td><td>n/a</td><td>n/a</td><td>n/a</td><td>81,358</td></tr><tr><td>Non-allocated -2</td><td>1,197</td><td>n/a</td><td>n/a</td><td>23,946</td></tr><tr><td>Total</td><td>$557,513</td><td>$368,554</td><td>-0.2%</td><td>$4,998,760</td></tr></table>

Question: What is the proportion of Midwest to the total in 2005?
Answer: 0.02351