In 2017, the company granted 440,076 shares of restricted Class A common stock and 7,568 shares of restricted stock units.
Restricted common stock and restricted stock units generally have a vesting period of two to four years.
The fair value related to these grants was $58.7 million, which is recognized as compensation expense on an accelerated basis over the vesting period.
Dividends are accrued on restricted Class A common stock and restricted stock units and are paid once the restricted stock vests.
In 2017, the company also granted 203,298 performance shares.
The fair value related to these grants was $25.3 million, which is recognized as compensation expense on an accelerated and straight-lined basis over the vesting period.
The vesting of these shares is contingent on meeting stated performance or market conditions.
The following table summarizes restricted stock, restricted stock units, and performance shares activity for 2017:
## Table 0 ##
The total fair value of restricted stock, restricted stock units, and performance shares that vested during 2017, 2016 and 2015 was $66.0 million, $59.8 million and $43.3 million, respectively.
Under the ESPP, eligible employees may acquire shares of Class A common stock using after-tax payroll deductions made during consecutive offering periods of approximately six months in duration.
Shares are purchased at the end of each offering period at a price of 90% of the closing price of the Class A common stock as reported on the NASDAQ Global Select Market.
Compensation expense is recognized on the dates of purchase for the discount from the closing price.
In 2017, 2016 and 2015, a total of 19,936, 19,858 and 19,756 shares, respectively, of Class A common stock were issued to participating employees.
These shares are subject to a six-month holding period.
Annual expense of $0.3 million for the purchase discount was recognized in 2017, and $0.2 million was recognized in both 2016 and 2015.
Non-executive directors receive an annual award of Class A common stock with a value equal to $100,000.
Non-executive directors may also elect to receive some or all of the cash portion of their annual stipend, up to $60,000, in shares of stock based on the closing price at the date of distribution.
As a result, 19,736 shares, 26,439 shares and 25,853 shares of Class A common stock were issued to non-executive directors during 2017, 2016 and 2015, respectively.
These shares are not subject to any vesting restrictions.
Expense of $2.5 million, $2.4 million and $2.5 million related to these stock-based payments was recognized for the years ended December 31, 2017, 2016 and 2015, respectively.
Income Taxes The Company utilizes the asset and liability approach defined in SFAS No.109, “Accounting for Income Taxes”, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement amounts and the tax bases of assets and liabilities.
Earnings per Share (“EPS”) Basic EPS is calculated by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding.
Diluted EPS is similar to basic EPS, but adjusts for the effect of the potential issuance of common shares by application of the treasury stock method.
Reclassifications Certain revisions and reclassifications have been made to the consolidated financial statements of the prior years to conform to the current year presentation.
As a result, Financial Service Fees revenue and Investment Advisory Fees expense increased by approximately $12.8 million and $11.2 million, respectively, for the years ended September 30, 2006 and 2005.
These revisions did not impact the Company’s net income for the years ended September 30, 2006 and 2005.
The Company also reclassified certain amounts from cash to segregated assets and reverse repurchase agreements on its 2006 and 2005 Consolidated Statements of Financial Condition and related cash flow activity on its 2006 and 2005 Consolidated Statements of Cash Flows.
For fiscal year 2006, $176.8 million was reclassified from cash to segregated assets and $72.5 million was reclassified from cash to securities purchased under agreements to resell.
For fiscal year 2005, $146.4 million was reclassified from cash to segregated assets and $137.3 million was reclassified from cash to securities purchased under agreements to resell.
These revisions did not impact the Company’s net income for the years ended September 30, 2006 and 2005.
In the quarter ended September 30, 2007, a new segment was established: Proprietary Capital.
The components of this segment were previously included in the Asset Management and Other segments.
Reclassifications have been made in the segment disclosure for previous years to conform to this presentation.
Additional information is provided in Note 22 below.
NOTE 2 – TRADING INSTRUMENTS AND TRADING INSTRUMENTS SOLD BUT NOT YET PURCHASED:
## Table 1 ##
Mortgage backed securities of $48.9 million and $77.1 million at September 30, 2007 and September 30, 2006, respectively, are included in Corporate Obligations and Agencies in the table above.
Mortgage backed securities sold but not yet purchased of $60.8 million and $34 million at September 30, 2007 and September 30, 2006, respectively, are included in Agencies in the table above.
Net unrealized (losses) gains related to open trading positions at September 30, 2007, September 30, 2006, and September 30, 2005 were $(726,000), $4,387,000, and $(1,257,000), respectively.
NOTE 3 - AVAILABLE FOR SALE SECURITIES: Available for sale securities are comprised primarily of CMOs, mortgage related debt, and certain equity securities of the Company's non-broker-dealer subsidiaries, principally RJBank.
There were proceeds from the sale of available for sale securities of $81,000 for the year ended September 30, 2007, $252,000 for the year ended September 30, 2006 and $9,250,000 for the year ended September 30, 2005.
The realized gains and losses related to the sale of available for sale securities were immaterial to the consolidated financial statements for all years presented.
NOTE 15 - CAPITAL TRANSACTIONS: The following table presents information on a monthly basis for purchases of the Company’s stock for the quarter ended September 30, 2007:
## Table 2 ##
(1) The Company does not have a formal stock repurchase plan.
Shares are repurchased at the discretion of management pursuant to prior authorization from the Board of Directors.
On May 20, 2004, the Board of Directors authorized purchases of up to $75 million.
Since that date 461,500 shares have been repurchased for a total of $9.6 million, leaving $65.4 million available to repurchase shares.
Historically the Company has considered such purchases when the price of its stock approaches 1.5 times book value or when employees surrender shares as payment for option exercises.
The decision to repurchase shares is subject to cash availability and other factors.
During 2007 and 2006, 69,986 and 189,664 shares were repurchased at an average price of $31.54 and $28.97, respectively.
During the three months ended December 31, 2006, 42,618 shares were purchased for the trust fund that was established and funded to acquire Company common stock in the open market to be used to settle restricted stock units granted as a retention vehicle for certain employees of the Company’s wholly owned Canadian subsidiary (see Note 17 below for more information on this trust fund).
With the exception of the shares purchased through this trust fund, the Company only purchased shares during the balance of the year that were surrendered by employees as a payment for option exercises.
NOTE 16 - OTHER COMPREHENSIVE INCOME: The activity in other comprehensive income and related tax effects are as follows:
## Table 3 ##
The components of accumulated other comprehensive income, net of income taxes:
## Table 4 ##
NOTE 17 - EMPLOYEE BENEFIT PLANS: The Company's profit sharing plan and employee stock ownership plan provide certain death, disability or retirement benefits for all employees who meet certain service requirements.
The plans are noncontributory.
Contributions by the Company, if any, are determined annually by the Company’s Board of Directors on a discretionary basis and are recognized as compensation cost throughout the year.
Benefits become fully vested after seven years of qualified service.
All shares owned by the ESOP are included in earnings per share calculations.
Cash dividends paid to the ESOP are reflected as a reduction of
RAYMOND JAMES FINANCIAL, INC.  AND SUBSIDIARIES Management's Discussion and Analysis 41 periods where equity markets improve, assets under administration and client activity generally increase, thereby having a favorable impact on net revenues.
We also earn certain servicing fees, such as omnibus and education and marketing support (“EMS”) fees from mutual fund and annuity companies whose products we distribute, and from banks to which we sweep client cash in the RJBDP.
Such fees are included in “Account and service fees.
” Servicing fees earned by mutual fund and annuity companies are generally based on the level of assets or number of positions in such programs.
Fees earned from our RJBDP are generally based on client cash balances in the program, as well as the level of short-term interest rates relative to interest paid to clients on balances in the RJBDP.
Net interest revenue in the PCG segment is generated by interest earnings on margin loans provided to clients and on cash segregated pursuant to regulations, less interest paid on client cash balances.
Higher client cash balances generally lead to increased interest income, depending on spreads realized in our client interest program.
For more information on client cash balances, see our previous discussion of interest-earning assets and interest-bearing liabilities in the Net interest analysis section of this MD&A.
For an overview of our PCG segment operations, refer to the information presented in Item 1 “Business” of this Form 10-K.  Operating results
## Table 5 ##

<table><tr><td></td><td>Number of Shares</td><td>WeightedAverageGrant DateFair Value</td></tr><tr><td>Outstanding at December 31, 2016</td><td>1,820,578</td><td>$98</td></tr><tr><td>Granted</td><td>650,942</td><td>129</td></tr><tr><td>Vested</td><td>-510,590</td><td>87</td></tr><tr><td>Cancelled</td><td>-401,699</td><td>95</td></tr><tr><td>Outstanding at December 31, 2017</td><td>1,559,231</td><td>116</td></tr></table>
<table><tr><td></td><td colspan="2">September 30, 2007</td><td colspan="2">September 30, 2006</td></tr><tr><td></td><td>Trading Instruments</td><td>Instruments Sold but Not Yet Purchased</td><td>Trading Instruments</td><td>Instruments Sold but Not Yet Purchased</td></tr><tr><td></td><td colspan="4">(in 000's)</td></tr><tr><td>Marketable:</td><td></td><td></td><td></td><td></td></tr><tr><td>Municipal Obligations</td><td>$ 200,024</td><td>$ 54</td><td>$ 192,028</td><td>$ 5</td></tr><tr><td>Corporate Obligations</td><td>56,069</td><td>952</td><td>134,431</td><td>968</td></tr><tr><td>Government Obligations</td><td>83,322</td><td>45,275</td><td>37,793</td><td>31,636</td></tr><tr><td>Agencies</td><td>47,123</td><td>60,829</td><td>68,380</td><td>34,023</td></tr><tr><td>Total Debt Securities</td><td>386,538</td><td>107,110</td><td>432,632</td><td>66,632</td></tr><tr><td>Derivative Contracts</td><td>30,603</td><td>8,445</td><td>20,904</td><td>8,309</td></tr><tr><td>Equity Securities</td><td>46,913</td><td>34,174</td><td>29,532</td><td>19,068</td></tr><tr><td>Other Securities</td><td>3,707</td><td>-</td><td>2,703</td><td>-</td></tr><tr><td>Total</td><td>$ 467,761</td><td>$ 149,729</td><td>$ 485,771</td><td>$ 94,009</td></tr></table>
<table><tr><td>Period</td><td>Number of Shares Purchased -1</td><td>Average Price Per Share</td></tr><tr><td>July 1, 2007 – July 31, 2007</td><td>-</td><td>$ -</td></tr><tr><td>August 1, 2007 – August 31, 2007</td><td>-</td><td>-</td></tr><tr><td>September 1, 2007 – September 30, 2007</td><td>1,548</td><td>33.64</td></tr><tr><td>Total</td><td>1,548</td><td>$33.64</td></tr></table>
<table><tr><td></td><td>September 30, 2007</td><td>September 30, 2006</td><td>September 30, 2005</td></tr><tr><td></td><td colspan="3">(in 000's)</td></tr><tr><td>Net Unrealized (Loss) Gain on Available for Sale Securities, Net of</td><td></td><td></td><td></td></tr><tr><td>Tax Effect Of -$1,217 in 2007, $129 in 2006, and $51 in 2005</td><td>$ -2,150</td><td>$ 217</td><td>$ 79</td></tr><tr><td>Net Unrealized Gain on Interest Rate Swaps Accounted for as Cash Flow</td><td></td><td></td><td></td></tr><tr><td>Hedges, Net of Tax Effect of $0 in 2007, $28 in 2006, and</td><td></td><td></td><td></td></tr><tr><td>$566 in 2005</td><td>-</td><td>44</td><td>882</td></tr><tr><td>Net Change in Currency Translations, Net of Tax Effect of $11,463 in</td><td></td><td></td><td></td></tr><tr><td>2007, $1,312 in 2006, and $3,078 in 2005</td><td>20,246</td><td>2,202</td><td>4,796</td></tr><tr><td>Other Comprehensive Income</td><td>$ 18,096</td><td>$ 2,463</td><td>$ 5,757</td></tr></table>
<table><tr><td></td><td>September 30, 2007</td><td>September 30, 2006</td></tr><tr><td></td><td colspan="2">(in 000's)</td></tr><tr><td>Net Unrealized (Loss) Gain on Securities Available for Sale, Net of Tax Effect of ($998) in 2007</td><td></td><td></td></tr><tr><td>and $245 in 2006</td><td>$ -1,747</td><td>$ 403</td></tr><tr><td>Net Currency Translations, Net of Tax Effect of $18,593 in 2007 and $7,285 in 2006</td><td>31,938</td><td>11,692</td></tr><tr><td>Accumulated Other Comprehensive Income</td><td>$ 30,191</td><td>$ 12,095</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended September 30,</td><td colspan="2">% change</td></tr><tr><td>$ in thousands</td><td>2018</td><td>2017</td><td>2016</td><td>2018 vs. 2017</td><td>2017 vs. 2016</td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities commissions and fees:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fee-based accounts</td><td>$2,540,336</td><td>$2,040,839</td><td>$1,589,124</td><td>24%</td><td>28%</td></tr><tr><td>Mutual funds</td><td>641,603</td><td>646,614</td><td>631,102</td><td>-1%</td><td>2%</td></tr><tr><td>Insurance and annuity products</td><td>413,591</td><td>385,493</td><td>377,329</td><td>7%</td><td>2%</td></tr><tr><td>Equity products</td><td>325,514</td><td>303,015</td><td>240,855</td><td>7%</td><td>26%</td></tr><tr><td>Fixed income products</td><td>112,509</td><td>118,062</td><td>95,908</td><td>-5%</td><td>23%</td></tr><tr><td>New issue sales credits</td><td>47,200</td><td>72,281</td><td>44,088</td><td>-35%</td><td>64%</td></tr><tr><td>Subtotal securities commissions and fees</td><td>4,080,753</td><td>3,566,304</td><td>2,978,406</td><td>14%</td><td>20%</td></tr><tr><td>Interest income</td><td>193,105</td><td>152,711</td><td>107,281</td><td>26%</td><td>42%</td></tr><tr><td>Account and service fees:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mutual fund and annuity service fees</td><td>331,543</td><td>290,661</td><td>255,405</td><td>14%</td><td>14%</td></tr><tr><td>RJBDP fees - third-party banks</td><td>262,424</td><td>202,049</td><td>92,315</td><td>30%</td><td>119%</td></tr><tr><td>Affiliate deposit account servicing fees from RJ Bank</td><td>91,720</td><td>67,981</td><td>43,145</td><td>35%</td><td>58%</td></tr><tr><td>Client account and service fees</td><td>95,794</td><td>98,500</td><td>95,010</td><td>-3%</td><td>4%</td></tr><tr><td>Client transaction fees and other</td><td>22,658</td><td>25,103</td><td>23,156</td><td>-10%</td><td>8%</td></tr><tr><td>Subtotal account and service fees</td><td>804,139</td><td>684,294</td><td>509,031</td><td>18%</td><td>34%</td></tr><tr><td>Other</td><td>42,834</td><td>34,279</td><td>32,000</td><td>25%</td><td>7%</td></tr><tr><td>Total revenues</td><td>5,120,831</td><td>4,437,588</td><td>3,626,718</td><td>15%</td><td>22%</td></tr><tr><td>Interest expense</td><td>-27,801</td><td>-15,955</td><td>-10,239</td><td>74%</td><td>56%</td></tr><tr><td>Net revenues</td><td>5,093,030</td><td>4,421,633</td><td>3,616,479</td><td>15%</td><td>22%</td></tr><tr><td>Non-interest expenses:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales commissions</td><td>3,050,539</td><td>2,653,287</td><td>2,193,099</td><td>15%</td><td>21%</td></tr><tr><td>Admin & incentive compensation and benefit costs</td><td>835,662</td><td>713,043</td><td>595,541</td><td>17%</td><td>20%</td></tr><tr><td>Communications and information processing</td><td>234,300</td><td>193,902</td><td>166,507</td><td>21%</td><td>16%</td></tr><tr><td>Occupancy and equipment costs</td><td>154,020</td><td>146,394</td><td>125,555</td><td>5%</td><td>17%</td></tr><tr><td>Business development</td><td>115,056</td><td>98,138</td><td>88,535</td><td>17%</td><td>11%</td></tr><tr><td>Jay Peak matter</td><td>—</td><td>130,000</td><td>20,000</td><td>-100%</td><td>550%</td></tr><tr><td>Other</td><td>127,359</td><td>113,919</td><td>86,678</td><td>12%</td><td>31%</td></tr><tr><td>Total non-interest expenses</td><td>4,516,936</td><td>4,048,683</td><td>3,275,915</td><td>12%</td><td>24%</td></tr><tr><td>Pre-tax income</td><td>$576,094</td><td>$372,950</td><td>$340,564</td><td>54%</td><td>10%</td></tr></table>

Question: what is the ratio of perfomance shares as a percent of the total number of granted shares?
Answer: 0.31231