NOTE 13 Shareholders’ Equity Common Stock
## Table 0 ##
(1) In 2018, and through February 26, 2019.
The cash dividends paid per share of common stock were $0.54, $0.39 and $0.25 for 2018, 2017 and 2016, respectively.
The following table summarizes common stock repurchases during 2018, 2017 and 2016.
## Table 1 ##
) Represents reductions to shareholders’ equity due to common stock repurchases.
On June 28, 2018, following the non-objection of the Board of Governors of the Federal Reserve System (Federal Reserve) to the Corporation’s 2018 Comprehensive Capital Analysis and Review (CCAR) capital plan, the Board of Directors (Board) authorized the repurchase of approximately $20.6 billion in common stock from July 1, 2018 through June 30, 2019, which includes approximately $600 million in repurchases to offset shares awarded under equitybased compensation plans during the same period.
The common stock repurchase authorization includes both common stock and warrants.
During 2018, the Corporation repurchased $20.1 billion of common stock in connection with the 2018 and 2017 CCAR capital plans and pursuant to a December 5, 2017 authorization to repurchase an additional $5.0 billion in common stock.
At December 31, 2018, the Corporation had warrants outstanding and exercisable to purchase 121 million shares of common stock.
These warrants, substantially all of which were exercised on or before the expiration date of January 16, 2019, were originally issued in connection with a preferred stock issuance to the U. S.  Department of the Treasury in 2009 and were listed on the New York Stock Exchange.
On August 24, 2017, the holders of the Corporation’s Series T 6% Non-cumulative preferred stock (Series T) exercised warrants to acquire 700 million shares of the Corporation’s common stock.
The carrying value of the preferred stock was $2.9 billion and, upon conversion, was recorded as additional paid-in capital.
For more information, see Note 15 – Earnings Per Common Share.
In connection with employee stock plans, in 2018, the Corporation issued 75 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 29 million shares of its common stock.
At December 31, 2018, the Corporation had reserved 781 million unissued shares of common stock for future issuances under employee stock plans, common stock warrants, convertible notes and preferred stock.
Preferred Stock The cash dividends declared on preferred stock were $1.5 billion, $1.6 billion and $1.7 billion for 2018, 2017 and 2016, respectively.
On March 15, 2018, the Corporation issued 94,000 shares of 5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series FF for $2.35 billion.
On May 16, 2018, the Corporation issued 54,000 shares of 6.000% Fixed Rate Non-Cumulative Preferred Stock, Series GG for $1.35 billion.
On July 24, 2018, the Corporation issued 34,160 shares of 5.875% Non-Cumulative Preferred Stock, Series HH for $854 million.
In 2018, the Corporation fully redeemed Series D, Series I, Series K, Series M and Series 3 preferred stock for a total of $4.5 billion.
All series of preferred stock in the Preferred Stock Summary table have a par value of $0.01 per share, are not subject to the operation of a sinking fund, have no participation rights, and with the exception of the Series L Preferred Stock, are not convertible.
The holders of the Series B Preferred Stock and Series 1 through 5 Preferred Stock have general voting rights and vote together with the common stock.
The holders of the other series included in the table have no general voting rights.
All outstanding series of preferred stock of the Corporation have preference over the Corporation’s common stock with respect to the payment of dividends and distribution of the Corporation’s assets in the event of a liquidation or dissolution.
With the exception of the Series B, F, G and T Preferred Stock, if any dividend payable on these series is in arrears for three or more semi-annual or six or more quarterly dividend periods, as applicable (whether consecutive or not), the holders of these series and any other class or series of preferred stock ranking equally as to payment of dividends and upon which equivalent voting rights have been conferred and are exercisable (voting as a single class) will be entitled to vote for the election of two additional directors.
These voting rights terminate when the Corporation has paid in full dividends on these series for at least two semi-annual or four quarterly dividend periods, as applicable, following the dividend arrearage.
The 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (Series L Preferred Stock) does not have early redemption/call rights.
Each share of the Series L Preferred Stock may be converted at any time, at the option of the holder, into 20 shares of the Corporation’s common stock plus cash in lieu of fractional shares.
The Corporation may cause some or all of the Series L Preferred Stock, at its option, at any time or from time to time, to be converted into shares of common stock at the thenapplicable conversion rate if, for 20 trading days during any period of 30 consecutive trading days, the closing price of common stock exceeds 130 percent of the then-applicable conversion price of the Series L Preferred Stock.
If a conversion of Series L Preferred Stock occurs at the option of the holder, subsequent to a dividend record date but prior to the dividend payment date, the Corporation will still pay any accrued dividends payable.
The table on the following page presents a summary of perpetual preferred stock outstanding at December 31, 2018.
## Table 2 ##
(1) Estimated at the segment level only.
(2) In segments and businesses where the total of liabilities and equity exceeds assets, we allocate assets from All Other to match the segments’ and businesses’ liabilities and allocated shareholders’ equity.
As a result, total earning assets and total assets of the businesses may not equal total Consumer Banking.
Consumer Banking, which is comprised of Deposits and Consumer Lending, offers a diversified range of credit, banking and investment products and services to consumers and small businesses.
Deposits and Consumer Lending include the net impact of migrating customers and their related deposit, brokerage asset and loan balances between Deposits, Consumer Lending and GWIM, as well as other client-managed businesses.
Our customers and clients have access to a coast to coast network including financial centers in 34 states and the District of Columbia.
Our network includes approximately 4,300 financial centers, approximately 16,300 ATMs, nationwide call centers, and leading digital banking platforms with more than 36 million active users, including over 26 million active mobile users.
Consumer Banking Results Net income for Consumer Banking increased $3.8 billion to $12.0 billion in 2018 compared to 2017 primarily driven by higher pretax income and lower income tax expense from the reduction in the federal income tax rate.
The increase in pretax income was driven by higher revenue and lower noninterest expense, partially offset by higher provision for credit losses.
Net interest income increased $2.8 billion to $27.1 billion primarily due to the beneficial impact of an increase in investable assets as a result of an increase in deposits, as well as higher interest rates, pricing discipline and loan growth.
Noninterest income increased $186 million to $10.4 billion driven by higher card income, partially offset by lower mortgage banking income, which is included in all other income.
The provision for credit losses increased $139 million to $3.7 billion driven by portfolio seasoning and loan growth in the U. S.  credit card portfolio.
Noninterest expense decreased $82 million to $17.7 billion driven by operating efficiencies and lower litigation and FDIC expense.
These decreases were partially offset by investments in digital capabilities and business growth, including primary sales professionals, combined with investments in new financial centers and renovations.
The return on average allocated capital was 33 percent, up from 22 percent, driven by higher net income.
For more information on capital allocated to the business segments, see Business Segment Operations on page 45.
Deposits Deposits includes the results of consumer deposit activities which consist of a comprehensive range of products provided to consumers and small businesses.
Our deposit products include traditional savings accounts, money market savings accounts, CDs and IRAs, and noninterest- and interest-bearing checking accounts, as well as investment accounts and products.
Net interest income is allocated to the deposit products using our funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics.
Deposits generates fees such as account service fees, nonsufficient funds fees, overdraft charges and ATM fees, as well as investment and brokerage fees from Merrill Edge accounts.
Merrill Edge is an integrated investing and banking service targeted at customers with less than $250,000 in investable assets.
Merrill
Entergy New Orleans, Inc.  Management's Financial Discussion and Analysis 249 Entergy New Orleans' receivables from the money pool were as follows as of December 31 for each of the following years:
## Table 3 ##
Money pool activity provided $0.4 million of Entergy New Orleans' operating cash flow in 2004, provided $1.7 million in 2003, and provided $5.7 million in 2002.
See Note 4 to the domestic utility companies and System Energy financial statements for a description of the money pool.
Investing Activities Net cash used in investing activities decreased $15.5 million in 2004 primarily due to capital expenditures related to a turbine inspection project at a fossil plant in 2003 and decreased customer service spending.
Net cash used in investing activities increased $23.2 million in 2003 compared to 2002 primarily due to the maturity of $14.9 million of other temporary investments in 2002 and increased construction expenditures due to increased customer service spending.
Financing Activities Net cash used in financing activities increased $7.0 million in 2004 primarily due to the costs and expenses related to refinancing $75 million of long-term debt in 2004 and an increase of $2.2 million in common stock dividends paid.
Net cash used in financing activities increased $1.5 million in 2003 primarily due to additional common stock dividends paid of $2.2 million.
In July 2003, Entergy New Orleans issued $30 million of 3.875% Series First Mortgage Bonds due August 2008 and $70 million of 5.25% Series First Mortgage Bonds due August 2013.
The proceeds from these issuances were used to redeem, prior to maturity, $30 million of 7% Series First Mortgage Bonds due July 2008, $40 million of 8% Series bonds due March 2006, and $30 million of 6.65% Series First Mortgage Bonds due March 2004.
The issuances and redemptions are not shown on the cash flow statement because the proceeds from the issuances were placed in a trust for use in the redemptions and never held as cash by Entergy New Orleans.
See Note 5 to the domestic utility companies and System Energy financial statements for details on longterm debt.
Uses of Capital Entergy New Orleans requires capital resources for: ?
construction and other capital investments; ?
debt and preferred stock maturities; ?
working capital purposes, including the financing of fuel and purchased power costs; and ?
dividend and interest payments.

<table><tr><td>Declaration Date</td><td>Record Date</td><td>Payment Date</td><td>Dividend Per Share</td></tr><tr><td>January 30, 2019</td><td>March 1, 2019</td><td>March 29, 2019</td><td>$0.15</td></tr><tr><td>October 24, 2018</td><td>December 7, 2018</td><td>December 28, 2018</td><td>0.15</td></tr><tr><td>July 26, 2018</td><td>September 7, 2018</td><td>September 28, 2018</td><td>0.15</td></tr><tr><td>April 25, 2018</td><td>June 1, 2018</td><td>June 29, 2018</td><td>0.12</td></tr><tr><td>January 31, 2018</td><td>March 2, 2018</td><td>March 30, 2018</td><td>0.12</td></tr></table>
<table><tr><td>(in millions)</td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Total share repurchases, including CCAR capital plan repurchases</td><td>676</td><td>509</td><td>333</td></tr><tr><td>Purchase price of shares repurchased and retired<sup>-1</sup></td><td></td><td></td><td></td></tr><tr><td>CCAR capital plan repurchases</td><td>$16,754</td><td>$9,347</td><td>$4,312</td></tr><tr><td>Other authorized repurchases</td><td>3,340</td><td>3,467</td><td>800</td></tr><tr><td>Total shares repurchased</td><td>$20,094</td><td>$12,814</td><td>$5,112</td></tr></table>
<table><tr><td></td><td colspan="2">Deposits</td><td colspan="2">Consumer Lending</td><td colspan="2">Total Consumer Banking</td><td></td></tr><tr><td>(Dollars in millions)</td><td>2018</td><td>2017</td><td>2018</td><td>2017</td><td>2018</td><td>2017</td><td>% Change</td></tr><tr><td>Net interest income</td><td>$16,024</td><td>$13,353</td><td>$11,099</td><td>$10,954</td><td>$27,123</td><td>$24,307</td><td>12%</td></tr><tr><td>Noninterest income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Card income</td><td>8</td><td>8</td><td>5,281</td><td>5,062</td><td>5,289</td><td>5,070</td><td>4</td></tr><tr><td>Service charges</td><td>4,298</td><td>4,265</td><td>2</td><td>1</td><td>4,300</td><td>4,266</td><td>1</td></tr><tr><td>All other income</td><td>430</td><td>391</td><td>381</td><td>487</td><td>811</td><td>878</td><td>-8</td></tr><tr><td>Total noninterest income</td><td>4,736</td><td>4,664</td><td>5,664</td><td>5,550</td><td>10,400</td><td>10,214</td><td>2</td></tr><tr><td>Total revenue, net of interest expense</td><td>20,760</td><td>18,017</td><td>16,763</td><td>16,504</td><td>37,523</td><td>34,521</td><td>9</td></tr><tr><td>Provision for credit losses</td><td>195</td><td>201</td><td>3,469</td><td>3,324</td><td>3,664</td><td>3,525</td><td>4</td></tr><tr><td>Noninterest expense</td><td>10,522</td><td>10,388</td><td>7,191</td><td>7,407</td><td>17,713</td><td>17,795</td><td>—</td></tr><tr><td>Income before income taxes</td><td>10,043</td><td>7,428</td><td>6,103</td><td>5,773</td><td>16,146</td><td>13,201</td><td>22</td></tr><tr><td>Income tax expense</td><td>2,561</td><td>2,813</td><td>1,556</td><td>2,186</td><td>4,117</td><td>4,999</td><td>-18</td></tr><tr><td>Net income</td><td>$7,482</td><td>$4,615</td><td>$4,547</td><td>$3,587</td><td>$12,029</td><td>$8,202</td><td>47</td></tr><tr><td>Effective tax rate<sup>-1</sup></td><td></td><td></td><td></td><td></td><td>25.5%</td><td>37.9%</td><td></td></tr><tr><td>Net interest yield</td><td>2.35%</td><td>2.05%</td><td>3.97%</td><td>4.18%</td><td>3.78</td><td>3.54</td><td></td></tr><tr><td>Return on average allocated capital</td><td>62</td><td>38</td><td>18</td><td>14</td><td>33</td><td>22</td><td></td></tr><tr><td>Efficiency ratio</td><td>50.68</td><td>57.66</td><td>42.90</td><td>44.88</td><td>47.20</td><td>51.55</td><td></td></tr><tr><td>Balance Sheet</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans and leases</td><td>$5,233</td><td>$5,084</td><td>$278,574</td><td>$260,974</td><td>$283,807</td><td>$266,058</td><td>7%</td></tr><tr><td>Total earning assets<sup>-2</sup></td><td>682,600</td><td>651,963</td><td>279,217</td><td>261,802</td><td>717,197</td><td>686,612</td><td>4</td></tr><tr><td>Total assets<sup>-2</sup></td><td>710,925</td><td>679,306</td><td>290,068</td><td>273,253</td><td>756,373</td><td>725,406</td><td>4</td></tr><tr><td>Total deposits</td><td>678,640</td><td>646,930</td><td>5,533</td><td>6,390</td><td>684,173</td><td>653,320</td><td>5</td></tr><tr><td>Allocated capital</td><td>12,000</td><td>12,000</td><td>25,000</td><td>25,000</td><td>37,000</td><td>37,000</td><td>—</td></tr><tr><td>Year end</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans and leases</td><td>$5,470</td><td>$5,143</td><td>$288,865</td><td>$275,330</td><td>$294,335</td><td>$280,473</td><td>5%</td></tr><tr><td>Total earning assets<sup>-2</sup></td><td>694,676</td><td>675,485</td><td>289,249</td><td>275,742</td><td>728,817</td><td>709,832</td><td>3</td></tr><tr><td>Total assets<sup>-2</sup></td><td>724,015</td><td>703,330</td><td>299,970</td><td>287,390</td><td>768,877</td><td>749,325</td><td>3</td></tr><tr><td>Total deposits</td><td>691,666</td><td>670,802</td><td>4,480</td><td>5,728</td><td>696,146</td><td>676,530</td><td>3</td></tr></table>
<table><tr><td>2004</td><td>2003</td><td>2002</td><td>2001</td></tr><tr><td>(In Thousands)</td></tr><tr><td>$1,413</td><td>$1,783</td><td>$3,500</td><td>$9,208</td></tr></table>

Question: what is the net cash flow from money pool activity for entergy new orleans' operating cash flow in the last three years?
Answer: 7.8