(18) QUARTERLY DATA-UNAUDITED ($ in thousands, except per share data):
## Table 0 ##
(19) NEW ACCOUNTING PRONOUNCEMENTS: In December 2007, the FASB issued SFAS No.141 (revised 2007), “Business Combinations” (SFAS No.141R) and SFAS No.160, “Noncontrolling Interests in Consolidated Financial Statements” (“SFAS No.160”).
SFAS 141R establishes principles and requirements for how an acquirer recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, any noncontrolling interest in the acquiree and the goodwill acquired.
SFAS No.141R also establishes disclosure requirements to enable the evaluation of the nature and financial effects of the business combination.
SFAS No.160 clarifies the classification of noncontrolling interests in the financial statements and the accounting for and reporting of transactions between the reporting entity and holders of such noncontrolling interests.
SFAS No.141R and SFAS No.160 are effective for financial statements issued for fiscal years beginning after December 15, 2008 and impact the accounting for acquisitions completed after January 1, 2009.
The adoption of SFAS No.141R will likely have an impact on the Company’s consolidated financial position and results of operations; however, the magnitude of that impact is dependent on the frequency and relative size of the acquisitions completed by the Company.
In general, more frequent acquisition activity and relatively larger acquisitions will have a more significant impact.
The adoption of SFAS No.160 on the Company’s consolidated financial position and results of operations is not expected to be significant.
In September 2006, the FASB issued SFAS No.157, “Fair Value Measurements” (SFAS No.157).
SFAS No.157 provides guidance for using fair value to measure assets and liabilities.
It also responds to investors’ requests for expanded information about the extent to which companies measure assets and liabilities at fair value, the
OFF-BALANCE SHEET ARRANGEMENTS The following table sets forth, by period due or year of expected expiration, as applicable, a summary of off-balance sheet commercial commitments of the Company.
## Table 1 ##
Standby letters of credit and performance bonds are generally issued to secure the Company’s obligations under short-term contracts to purchase raw materials and components for manufacture and for performance under specific manufacturing agreements.
Guarantees are generally issued in connection with certain transactions with vendors, suppliers, and financing counterparties and governmental entities.
In connection with five acquisitions, the Company has entered into agreements with the respective sellers to pay certain amounts in the future as additional purchase price.
The Company enters into these types of arrangements to help bridge differences of opinion that the Company and the sellers may have over the appropriate value of the acquired business.
The Company could pay nothing in the aggregate pursuant to these agreements, or a maximum of up to $72.4 million over the next 15 years depending on the performance of the respective businesses during the specified performance period.
Other Off-Balance-Sheet Arrangements The Company has from time to time divested certain of its businesses and assets.
In connection with these divestitures, the Company often provides representations, warranties and/or indemnities to cover various risks and unknown liabilities, such as claims for damages arising out of the use of products or relating to intellectual property matters, commercial disputes, environmental matters or tax matters.
The Company cannot estimate the potential liability from such representations, warranties and indemnities because they relate to unknown conditions.
However, the Company does not believe that the liabilities relating to these representations, warranties and indemnities will have a material adverse effect on the Company’s financial position, results of operations or liquidity.
Due to the Company’s downsizing of certain operations pursuant to acquisitions, restructuring plans or otherwise, certain properties leased by the Company have been sublet to third parties.
In the event any of these third parties vacates any of these premises, the Company would be legally obligated under master lease arrangements.
The Company believes that the financial risk of default by such sub-lessors is individually and in the aggregate not material to the Company’s financial position, results of operations or liquidity.
The Company’s Certificate of Incorporation requires it to indemnify to the full extent authorized or permitted by law any person made, or threatened to be made a party to any action or proceeding by reason of his or her service as a director or officer of the Company, or by reason of serving at the request of the Company as a director or officer of any other entity, subject to limited exceptions.
Danaher’s Amended and Restated By-laws provide for similar indemnification rights.
In addition, Danaher intends to execute with each of its directors and executive officers an indemnification agreement with Danaher which will provide for substantially similar indemnification rights and under which Danaher will agree to pay expenses in advance of the final disposition of any such indemnifiable proceeding.
While the Company maintains insurance for this type of liability, a significant deductible applies to this coverage and any such liability could exceed the amount of the insurance coverage.
REPUBLIC SERVICES, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) In December 2008, the board of directors amended and restated the Republic Services, Inc.  2006 Incentive Stock Plan (formerly known as the Allied Waste Industries, Inc.  2006 Incentive Stock Plan (the 2006 Plan)).
Allied’s shareholders approved the 2006 Plan in May 2006.
The 2006 Plan was amended and restated in December 2008 to reflect Republic as the new sponsor of the Plan, and that any references to shares of common stock are to shares of common stock of Republic, and to adjust outstanding awards and the number of shares available under the Plan to reflect the Allied acquisition.
The 2006 Plan, as amended and restated, provided for the grant of nonqualified stock options, incentive stock options, shares of restricted stock, shares of phantom stock, stock bonuses, restricted stock units, stock appreciation rights, performance awards, dividend equivalents, cash awards, or other stock-based awards.
Awards granted under the 2006 Plan prior to December 5, 2008 became fully vested and nonforfeitable upon the closing of the Allied acquisition.
No further awards will be made under the 2006 Plan.
Stock Options We use a lattice binomial option-pricing model to value our stock option grants.
We recognize compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award, or to the employee’s retirement eligible date, if earlier.
Expected volatility is based on the weighted average of the most recent one year volatility and a historical rolling average volatility of our stock over the expected life of the option.
The risk-free interest rate is based on Federal Reserve rates in effect for bonds with maturity dates equal to the expected term of the option.
We use historical data to estimate future option exercises, forfeitures (at 3.0% for each of the periods presented) and expected life of the options.
When appropriate, separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes.
The weighted-average estimated fair values of stock options granted during the years ended December 31, 2014, 2013 and 2012 were $5.74, $5.27 and $4.77 per option, respectively, which were calculated using the following weighted-average assumptions:
## Table 2 ##

<table><tr><td></td><td colspan="4"> 2008</td></tr><tr><td></td><td> 1st Quarter</td><td> 2nd Quarter</td><td> 3rd Quarter</td><td> 4th Quarter</td></tr><tr><td>Net sales</td><td>$3,028,874</td><td>$3,283,895</td><td>$3,208,181</td><td>$3,176,506</td></tr><tr><td>Gross profit</td><td>1,417,716</td><td>1,560,299</td><td>1,510,570</td><td>1,451,609</td></tr><tr><td>Operating profit</td><td>413,222</td><td>510,464</td><td>522,140</td><td>423,651</td></tr><tr><td>Net earnings</td><td>276,505</td><td>363,448</td><td>371,992</td><td>305,686</td></tr><tr><td>Earnings per share:</td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$0.87</td><td>$1.14</td><td>$1.16</td><td>$0.96</td></tr><tr><td>Diluted</td><td>$0.83</td><td>$1.09</td><td>$1.11</td><td>$0.92</td></tr><tr><td></td><td colspan="4"> 2007</td></tr><tr><td></td><td> 1st Quarter</td><td> 2nd Quarter</td><td> 3rd Quarter</td><td> 4th Quarter</td></tr><tr><td>Net sales</td><td>$2,521,704</td><td>$2,631,885</td><td>$2,731,151</td><td>$3,141,177</td></tr><tr><td>Gross profit</td><td>1,139,903</td><td>1,201,251</td><td>1,249,211</td><td>1,450,530</td></tr><tr><td>Operating profit</td><td>370,117</td><td>442,888</td><td>462,934</td><td>464,770</td></tr><tr><td>Earnings from continuing operations</td><td>251,616</td><td>307,656</td><td>334,501</td><td>320,225</td></tr><tr><td>Net earnings</td><td>254,804</td><td>311,154</td><td>483,721</td><td>320,225</td></tr><tr><td>Earnings per share from continuing operations:</td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$0.80</td><td>$1.00</td><td>$1.08</td><td>$1.02</td></tr><tr><td>Diluted</td><td>$0.77</td><td>$0.95</td><td>$1.03</td><td>$0.97</td></tr><tr><td>Earnings per share:</td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$0.81</td><td>$1.01</td><td>$1.56</td><td>$1.02</td></tr><tr><td>Diluted</td><td>$0.78</td><td>$0.96</td><td>$1.48</td><td>$0.97</td></tr></table>
<table><tr><td></td><td colspan="5"> Amount of Commitment Expiration per Period</td></tr><tr><td></td><td> Total Amounts Committed</td><td> Less Than  One Year</td><td> 1-3 Years</td><td> 4-5 Years</td><td> More Than  5 Years</td></tr><tr><td></td><td colspan="5"> ($ in millions)</td></tr><tr><td>Standby Letters of Credit and Performance Bonds</td><td>$255.1</td><td>$120.9</td><td>$85.5</td><td>$17.1</td><td>$31.6</td></tr><tr><td>Guarantees</td><td>172.1</td><td>84.9</td><td>5.3</td><td>1.3</td><td>80.6</td></tr><tr><td>Contingent Acquisition Consideration</td><td>72.4</td><td>40.1</td><td>7.6</td><td>5.1</td><td>19.6</td></tr><tr><td>Total</td><td>$499.6</td><td>$245.9</td><td>$98.4</td><td>$23.5</td><td>$131.8</td></tr></table>
<table><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Expected volatility</td><td>27.5%</td><td>28.9%</td><td>27.8%</td></tr><tr><td>Risk-free interest rate</td><td>1.4%</td><td>0.7%</td><td>0.8%</td></tr><tr><td>Dividend yield</td><td>3.2%</td><td>3.2%</td><td>3.2%</td></tr><tr><td>Expected life (in years)</td><td>4.6</td><td>4.5</td><td>4.5</td></tr><tr><td>Contractual life (in years)</td><td>7.0</td><td>7.0</td><td>7.0</td></tr></table>

Question: In what year is Net earnings greater than 480000?
Answer: 2007