The calculation of earnings per common share and diluted earnings per common share for 2004, 2003 and 2002 is presented below.
See Note 1 of the Consolidated Financial Statements for a discussion on the calculation of earnings per common share.
## Table 0 ##
(1) For 2004, 2003 and 2002, average options to purchase 10 million, 19 million and 45 million shares, respectively, were outstanding but not included in the computation of earnings per common share because they were antidilutive.
(2) Includes incremental shares from assumed conversions of convertible preferred stock, restricted stock units, restricted stock shares and stock options.
Note 14 Regulatory Requirements and Restrictions The Board of Governors of the Federal Reserve System (FRB) requires the Corporation’s banking subsidiaries to maintain reserve balances based on a percentage of certain deposits.
Average daily reserve balances required by the FRB were $6.9 billion and $4.1 billion for 2004 and 2003, respectively.
Currency and coin residing in branches and cash vaults (vault cash) are used to partially satisfy the reserve requirement.
The average daily reserve balances, in excess of vault cash, held with the Federal Reserve Bank amounted to $70 million and $317 million for 2004 and 2003, respectively.
The primary source of funds for cash distributions by the Corporation to its shareholders is dividends received from its banking subsidiaries.
Bank of America, N. A.  and Fleet National Bank declared and paid dividends of $5.9 billion and $1.3 billion, respectively, for 2004 to the parent.
In 2005, Bank of America, N. A.  and Fleet National Bank can declare and pay dividends to the parent of $4.7 billion and $790 million plus an additional amount equal to their net profits for 2005, as defined by statute, up to the date of any such dividend declaration.
The other subsidiary national banks can initiate aggregate dividend payments in 2005 of $2.6 billion plus an additional amount equal to their net profits for 2005, as defined by statute, up to the date of any such dividend declaration.
The amount of dividends that each subsidiary bank may declare in a calendar year without approval by the OCC is the subsidiary bank’s net profits for that year combined with its net retained profits, as defined, for the preceding two years.
The FRB, the OCC and the Federal Deposit Insurance Corporation (collectively, the Agencies) have issued regulatory capital guidelines for U. S.  banking organizations.
Failure to meet the capital requirements can initiate certain mandatory and discretionary actions by regulators that could have a material effect on the Corporation’s financial statements.
At December 31, 2004 and 2003, the Corporation and Bank of America, N. A.  were classified as well-capitalized under this regulatory framework.
At December 31, 2004, Fleet National Bank was classified as well-capitalized under this regulatory framework.
There have been no conditions or events since December 31, 2004 that management believes have changed the Corporation’s, Bank of America, N. A.
’s or Fleet National Bank’s capital classifications.
## Table 1 ##
The strategy for GCSBB is to attract, retain and deepen customer relationships.
We achieve this strategy through our ability to offer a wide range of products and services through a franchise that stretches coast to coast through 32 states and the District of Columbia.
We also provide credit card products to customers in Canada, Ireland, Spain and the United Kingdom.
In the U. S. , we serve approximately 59 million consumer and small business relationships utilizing our network of 6,149 banking centers, 18,753 domestic branded ATMs, and telephone and Internet channels.
Within GCSBB, there are three primary businesses: Deposits, Card Services, and Consumer Real Estate.
In addition, ALM/Other includes the results of ALM activities and other consumer-related businesses (e. g. , insurance).
GCSBB, specifically Card Services, is presented on a managed basis.
For a reconciliation of managed GCSBB to held GCSBB, see Note 22 – Business Segment Information to the Consolidated Financial Statements.
During 2007, Visa Inc.  filed a registration statement with the SEC with respect to a proposed IPO.
Subject to market conditions and other factors, Visa Inc.  expects the IPO to occur in the first half of 2008.
We expect to record a gain associated with the IPO.
In addition, we expect that a portion of the proceeds from the IPO will be used by Visa Inc.  to fund liabilities arising from litigation which would allow us to record an offset to the litigation liabilities that we recorded in the fourth quarter of 2007 as discussed below.
Net income decreased $1.9 billion, or 17 percent, to $9.4 billion compared to 2006 as increases in noninterest income and net interest income were more than offset by increases in provision for credit losses and noninterest expense.
Net interest income increased $612 million, or two percent, to $28.8 billion due to the impacts of organic growth and the LaSalle acquisition on average loans and leases, and deposits compared to 2006.
Noninterest income increased $2.1 billion, or 13 percent, to $18.9 billion compared to the same period in 2006, mainly due to increases in card income, service charges and mortgage banking income.
Provision for credit losses increased $4.4 billion, or 51 percent, to $12.9 billion compared to 2006.
This increase primarily resulted from a $3.2 billion increase in Card Services and a $978 million increase in Consumer Real Estate.
For further discussion of the increase in provision for credit losses related to Card Services and Consumer Real Estate, see their respective discussions.
Noninterest expense increased $1.7 billion, or nine percent, to $20.1 billion largely due to increases in personnel-related expenses, Visarelated litigation costs, equally allocated to Card Services and Treasury Services on a management accounting basis, and technology related costs.
For additional information on Visa-related litigation, see Note 13 – Commitments and Contingencies to the Consolidated Financial Statements.
Deposits Deposits provides a comprehensive range of products to consumers and small businesses.
Our products include traditional savings accounts, money market savings accounts, CDs and IRAs, and noninterest and interest-bearing checking accounts.
Debit card results are also included in Deposits.
Deposit products provide a relatively stable source of funding and liquidity.
We earn net interest spread revenues from investing this liquidity in earning assets through client-facing lending activity and our ALM activities.
The revenue is allocated to the deposit products using our funds transfer pricing process which takes into account the interest rates and maturity characteristics of the deposits.
Deposits also generate fees such as account service fees, non-sufficient fund fees, overdraft charges and ATM fees, while debit cards generate merchant interchange fees based on purchase volume.
Excluding accounts obtained through acquisitions, we added approximately 2.3 million net new retail checking accounts in 2007.
These additions resulted from continued improvement in sales and service results in the Banking Center Channel and Online, and the success of such products as Keep the ChangeTM, Risk Free CDs, Balance Rewards and Affinity.
We continue to migrate qualifying affluent customers and their related deposit balances from GCSBB to GWIM.
In 2007, a total of $11.4 billion of deposits were migrated from GCSBB to GWIM compared to $10.7 billion in 2006.
After migration, the associated net interest income, service charges and noninterest expense are recorded in GWIM.
Net income increased $364 million, or seven percent, to $5.2 billion compared to 2006 as an increase in noninterest income was partially offset by an increase in noninterest expense.
Net interest income remained relatively flat at $9.4 billion compared to 2006 as the addition of LaSalle and higher deposit spreads resulting from disciplined pricing were offset by the impact of lower balances.
Average deposits decreased $3.2 billion, or one percent, largely due to the migration of customer relationships and related balances to GWIM, partially offset by the acquisition of LaSalle.
The increase in noninterest income was driven by higher service charges of $665 million, or 12 percent, primarily as a result of new demand deposit account growth and the addition of LaSalle.
Additionally, debit card revenue growth of $248 million, or 13 percent, was due to a higher number of checking accounts, increased usage, the addition of LaSalle and market penetration (i. e. , increase in the number of existing account holders with debit cards).
Noninterest expense increased $323 million, or four percent, to $9.1 billion compared to 2006, primarily due to the addition of LaSalle, and to higher account and transaction volumes.
Card Services Card Services, which excludes the results of debit cards (included in Deposits), provides a broad offering of products, including U. S.  Consumer and Business Card, Unsecured Lending, and International Card.
We offer a variety of co-branded and affinity credit card products and have become the leading issuer of credit cards through endorsed marketing in the U. S.  and Europe.
During 2007, Merchant Services was transferred to Treasury Services within GCIB.
Previously their results were reported in Card Services.
Prior period amounts have been reclassified.
The shares of the series of preferred stock previously discussed are not subject to the operation of a sinking fund and have no participation rights.
With the exception of the Series L Preferred Stock, the shares of the series of preferred stock in the previous table are not convertible.
The holders of these series have no general voting rights.
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 (or, in the case of the Series N Preferred Stock, upon payment of all accrued and unpaid dividends).
In October 2008, in connection with the TARP Capital Purchase Program, established as part of the Emergency Economic Stabilization Act of 2008, the Corporation issued to the U. S.  Treasury 600 thousand shares of Series N Preferred Stock as presented in the previous table.
The Series N Preferred Stock has a call feature after three years.
In connection with this investment, the Corporation also issued to the U. S.  Treasury 10-year warrants to purchase approximately 73.1 million shares of Bank of America Corporation common stock at an exercise price of $30.79 per share.
Upon the request of the U. S.  Treasury, at any time, the Corporation has agreed to enter into a deposit arrangement pursuant to which the Series N Preferred Stock may be deposited and depositary shares, representing 1/25th of a share of Series N Preferred Stock, may be issued.
The Corporation has agreed to register the Series N Preferred Stock, the warrants, the shares of common stock underlying the warrants and the depositary shares, if any, for resale under the Securities Act of 1933.
As required under the TARP Capital Purchase Program in connection with the sale of the Series N Preferred Stock to the U. S.  Treasury, dividend payments on, and repurchases of, the Corporation’s outstanding preferred and common stock are subject to certain restrictions.
For as long as any Series N Preferred Stock is outstanding, no dividends may be declared or paid on the Corporation’s outstanding preferred and common stock until all accrued and unpaid dividends on Series N Preferred Stock are fully paid.
In addition, the U. S.  Treasury’s consent is required for any increase in dividends declared on shares of common stock before the third anniversary of the issuance of the Series N Preferred Stock unless the Series N Preferred Stock is redeemed by the Corporation or transferred in whole by the U. S.  Treasury.
Further, the U. S.  Treasury’s consent is required for any repurchase of any equity securities or trust preferred securities except for repurchases of Series N Preferred Stock or repurchases of common shares in connection with benefit plans consistent with past practice before the third anniversary of the issuance of the Series N Preferred Stock unless redeemed by the Corporation or transferred in whole by the U. S.  Treasury.
On July 14, 2006, the Corporation redeemed its 6.75% Perpetual Preferred Stock with a stated value of $250 per share.
The 382.5 thousand shares, or $96 million, outstanding of preferred stock were redeemed at the stated value of $250 per share, plus accrued and unpaid dividends.
On July 3, 2006, the Corporation redeemed its Fixed/Adjustable Rate Cumulative Preferred Stock with a stated value of $250 per share.
The 700 thousand shares, or $175 million, outstanding of preferred stock were redeemed at the stated value of $250 per share, plus accrued and unpaid dividends.
All preferred stock outstanding has 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.
Except in certain circumstances, the holders of preferred stock have no voting rights.
During 2008, 2007 and 2006 the aggregate dividends declared on preferred stock were $1.3 billion, $182 million and $22 million respectively.
In addition, in January 2009, the Corporation declared aggregate dividends on preferred stock of $909 million, including $145 million related to preferred stock exchanged in connection with the Merrill Lynch acquisition.
Accumulated OCI The following table presents the changes in accumulated OCI for 2008, 2007 and 2006, net-of-tax.
## Table 2 ##
(1) In 2008, 2007 and 2006, the Corporation reclassified net realized losses into earnings on the sales and other-than-temporary impairments of AFS debt securities of $1.4 billion, $137 million and $279 million, net-of-tax, respectively, and net realized (gains) losses on the sales and other-than-temporary impairments of AFS marketable equity securities of $377 million, $(284) million, and $(499) million, net-of-tax, respectively.
(2) The amounts included in accumulated OCI for terminated interest rate derivative contracts were losses of $3.4 billion, $3.8 billion and $3.2 billion, net-of-tax, at December 31, 2008, 2007 and 2006, respectively.
(3) For more information, see Note 16 – Employee Benefit Plans to the Consolidated Financial Statements.
(4) For 2008, the net change in fair value recorded in accumulated OCI represented $3.8 billion in losses associated with the Corporation’s foreign currency translation adjustments on its net investment in consolidated foreign operations partially offset by gains of $2.8 billion on the related foreign currency exchange hedging results.
(5) Securities include the fair value adjustment of $4.8 billion and $8.4 billion, net-of-tax, related to the Corporation’s investment in CCB at December 31, 2008 and 2007.
(6) Included in this line item are amounts related to derivatives used in cash flow hedge relationships.
These amounts are reclassified into earnings in the same period or periods during which the hedged forecasted transactions affect earnings.
This line item also includes (gains) losses on AFS debt and marketable equity securities and impairment charges.
These amounts are reclassified into earnings upon sale of the related security or when the other-than-temporary impairment charge is recognized.
Entering 2006, earnings in the first quarter are expected to improve compared with the 2005 fourth quarter due principally to higher average price realizations, reflecting announced price increases.
Product demand for the first quarter should be seasonally slow, but is expected to strengthen as the year progresses, supported by continued economic growth in North America, Asia and Eastern Europe.
Average prices should also improve in 2006 as price increases announced in late 2005 and early 2006 for uncoated freesheet paper and pulp continue to be realized.
Operating rates are expected to improve as a result of industry-wide capacity reductions in 2005.
Although energy and raw material costs remain high, there has been some decline in both natural gas and delivered wood costs, with further moderation expected later in 2006.
We will continue to focus on further improvements in our global manufacturing operations, implementation of supply chain enhancements and reductions in overhead costs during 2006.
Industrial Packaging Demand for Industrial Packaging products is closely correlated with non-durable industrial goods production in the United States, as well as with demand for processed foods, poultry, meat and agricultural products.
In addition to prices and volumes, major factors affecting the profitability of Industrial Packaging are raw material and energy costs, manufacturing efficiency and product mix.
Industrial Packaging’s net sales for 2005 increased 2% compared with 2004, and were 18% higher than in 2003, reflecting the inclusion of International Paper Distribution Limited (formerly International Paper Pacific Millennium Limited) beginning in August 2005.
Operating profits in 2005 were 39% lower than in 2004 and 13% lower than in 2003.
Sales volume increases ($24 million), improved price realizations ($66 million), and strong mill operating performance ($27 million) were not enough to offset the effects of increased raw material costs ($103 million), higher market related downtime costs ($50 million), higher converting operating costs ($22 million), and unfavorable mix and other costs ($67 million).
Additionally, the May 2005 sale of our Industrial Papers business resulted in a $25 million lower earnings contribution from this business in 2005.
The segment took 370,000 tons of downtime in 2005, including 230,000 tons of lack-of-order downtime to balance internal supply with customer demand, compared to a total of 170,000 tons in 2004, which included 5,000 tons of lack-of-order downtime.
## Table 3 ##
Containerboard’s net sales totaled $895 million in 2005, $951 million in 2004 and $815 million in 2003.
Soft market conditions and declining customer demand at the end of the first quarter led to lower average sales prices during the second and third quarters.
Beginning in the fourth quarter, prices recovered as a result of increased customer demand and a rationalization of supply.
Full year sales volumes trailed 2004 levels early in the year, reflecting the weak market conditions in the first half of 2005.
However, volumes rebounded in the second half of the year, and finished the year ahead of 2004 levels.
Operating profits decreased 38% from 2004, but were flat with 2003.
The favorable impacts of increased sales volumes, higher average sales prices and improved mill operating performance were not enough to offset the impact of higher wood, energy and other raw material costs and increased lack-of-order downtime.
Implementation of the new supply chain operating model in our containerboard mills during 2005 resulted in increased operating efficiency and cost savings.
Specialty Papers in 2005 included the Kraft Paper business for the full year and the Industrial Papers business for five months prior to its sale in May 2005.
Net sales totaled $468 million in 2005, $723 million in 2004 and $690 million in 2003.
Operating profits in 2005 were down 23% compared with 2004 and 54% compared with 2003, reflecting the lower contribution from Industrial Papers.
U. S.  Converting Operations net sales for 2005 were $2.6 billion compared with $2.3 billion in 2004 and $1.9 billion in 2003.
Sales volumes were up 10% in 2005 compared with 2004, mainly due to the acquisition of Box USA in July 2004.
Average sales prices in 2005 began the year above 2004 levels, but softened in the second half of the year.
Operating profits in 2005 decreased 46% and 4% from 2004 and 2003 levels, respectively, primarily due to increased linerboard, freight and energy costs.
European Container sales for 2005 were $883 million compared with $865 million in 2004 and $801 million in 2003.
Operating profits declined 19% and 13% compared with 2004 and 2003, respectively.
The increase in sales in 2005 reflected a slight increase in demand over 2004, but this was not sufficient to offset the negative earnings effect of increased operating costs, unfavorable foreign exchange rates and a reduction in average sales prices.
The Moroccan box plant acquisition, which was completed in October 2005, favorably impacted fourth-quarter results.
Industrial Packaging’s sales in 2005 included $104 million from International Paper Distribution Limited, our Asian box and containerboard business, subsequent to the acquisition of an additional 50% interest in August 2005.

<table><tr><td> (Dollars in millions, except per share information; shares in thousands)</td><td>2004</td><td>2003</td><td>2002</td></tr><tr><td> Earnings per common share</td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>$14,143</td><td>$10,810</td><td>$9,249</td></tr><tr><td>Preferred stock dividends</td><td>-16</td><td>-4</td><td>-5</td></tr><tr><td>Net income available to common shareholders</td><td>$14,127</td><td>$10,806</td><td>$9,244</td></tr><tr><td>Average common shares issued and outstanding</td><td>3,758,507</td><td>2,973,407</td><td>3,040,085</td></tr><tr><td> Earnings per common share</td><td>$3.76</td><td>$3.63</td><td>$3.04</td></tr><tr><td> Diluted earnings per common share</td><td></td><td></td><td></td></tr><tr><td>Net income available to common shareholders</td><td>$14,127</td><td>$10,806</td><td>$9,244</td></tr><tr><td>Convertible preferred stock dividends</td><td>2</td><td>4</td><td>5</td></tr><tr><td>Net income available to common shareholders and assumed conversions</td><td>$14,129</td><td>$10,810</td><td>$9,249</td></tr><tr><td>Average common shares issued and outstanding</td><td>3,758,507</td><td>2,973,407</td><td>3,040,085</td></tr><tr><td>Dilutive potential common shares<sup>-1, 2</sup></td><td>65,436</td><td>56,949</td><td>90,850</td></tr><tr><td>Total diluted average common shares issued and outstanding</td><td>3,823,943</td><td>3,030,356</td><td>3,130,935</td></tr><tr><td> Diluted earnings per common share</td><td>$3.69</td><td>$3.57</td><td>$2.95</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31</td><td colspan="2"> Average Balance</td></tr><tr><td>(Dollars in millions)</td><td> 2007</td><td>2006</td><td> 2007</td><td>2006</td></tr><tr><td>Total loans and leases</td><td>$359,946</td><td>$307,661</td><td>$327,810</td><td>$288,131</td></tr><tr><td>Total earning assets<sup>-1</sup></td><td>383,384</td><td>343,338</td><td>353,591</td><td>344,013</td></tr><tr><td>Total assets<sup>-1</sup></td><td>442,987</td><td>399,373</td><td>408,034</td><td>396,559</td></tr><tr><td>Total deposits</td><td>344,850</td><td>329,195</td><td>328,918</td><td>332,242</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td>Securities -1</td><td>Derivatives -2</td><td>Employee Benefit Plans -3</td><td>Foreign Currency -4</td><td>Total</td></tr><tr><td> Balance, December 31, 2007</td><td>$6,536</td><td>$-4,402</td><td>$-1,301</td><td>$296</td><td>$1,129</td></tr><tr><td>Net change in fair value recorded in accumulated OCI<sup>-5</sup></td><td>-10,354</td><td>104</td><td>-3,387</td><td>-1,000</td><td>-14,637</td></tr><tr><td>Net realized losses reclassified into earnings<sup>-6</sup></td><td>1,797</td><td>840</td><td>46</td><td>–</td><td>2,683</td></tr><tr><td> Balance, December 31, 2008</td><td>$-2,021</td><td>$-3,458</td><td>$-4,642</td><td>$-704</td><td>$-10,825</td></tr><tr><td> Balance, December 31, 2006</td><td>$-2,733</td><td>$-3,697</td><td>$-1,428</td><td>$147</td><td>$-7,711</td></tr><tr><td>Net change in fair value recorded in accumulated OCI<sup>-5</sup></td><td>9,416</td><td>-1,252</td><td>4</td><td>142</td><td>8,310</td></tr><tr><td>Net realized (gains) losses reclassified into earnings<sup>(6)</sup></td><td>-147</td><td>547</td><td>123</td><td>7</td><td>530</td></tr><tr><td> Balance, December 31, 2007</td><td>$6,536</td><td>$-4,402</td><td>$-1,301</td><td>$296</td><td>$1,129</td></tr><tr><td> Balance, December 31, 2005</td><td>$-2,978</td><td>$-4,338</td><td>$-118</td><td>$-122</td><td>$-7,556</td></tr><tr><td>Net change in fair value recorded in accumulated OCI</td><td>465</td><td>534</td><td>-1,310</td><td>219</td><td>-92</td></tr><tr><td>Net realized (gains) losses reclassified into earnings<sup>(6)</sup></td><td>-220</td><td>107</td><td>–</td><td>50</td><td>-63</td></tr><tr><td> Balance, December 31, 2006</td><td>$-2,733</td><td>$-3,697</td><td>$-1,428</td><td>$147</td><td>$-7,711</td></tr></table>
<table><tr><td><i></i> <i>In millions</i><i></i></td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td>Sales</td><td>$4,935</td><td>$4,830</td><td>$4,170</td></tr><tr><td>Operating Profit</td><td>$230</td><td>$380</td><td>$264</td></tr></table>

Question: containerboards net sales represented what percentage of industrial packaging sales in 2005?
Answer: 0.18136