table of contents marketaxess holdings inc .notes to consolidated financial statements 2014 ( continued ) ( in thousands , except share and per share amounts ) the combined aggregate amount of redemption requirements for the senior preferred shares was as follows : shares of series b convertible preferred stock were convertible into common stock on a 3.33-for-one basis and only in connection with an initial public offering of the company 2019s stock .dividends on the series b convertible preferred stock accrued at the rate of 8% ( 8 % ) per annum and were subordinate to dividend payments on the senior preferred shares .shares of series b convertible preferred stock had a liquidation preference equal to the original issue price plus all cumulative accrued but unpaid dividends .the liquidation preference was subordinate to that of the senior preferred shares .cumulative accrued but unpaid dividends were forfeited upon conversion of shares of series b convertible preferred stock into common stock .as such , the company did not accrue dividends , as liquidation of the shares of series b convertible preferred stock was not anticipated .as of december 31 , 2004 , the company had 110000000 authorized shares of common stock and 10000000 authorized shares of non-voting common stock .as of december 31 , 2003 , the company had 120000000 authorized shares of common stock and 450060 authorized shares of non-voting common stock .common stock entitles the holder to one vote per share of common stock held .non-voting common stock is convertible on a one-for-one basis into shares of common stock at any time subject to a limitation on conversion to the extent such conversion would result in a stockholder , together with its affiliates , owning more than 9.99% ( 9.99 % ) of the outstanding shares of common stock .on march 30 , 2004 , the company 2019s board of directors authorized , and on november 1 , 2004 the company effectuated , a one-for-three reverse stock split of shares of common stock and non-voting common stock to be effective prior to the closing of the company 2019s initial public offering .all references in these financial statements to the number of shares of common stock and non-voting common stock of the company , securities convertible or exercisable therefor and per share amounts have been restated for all periods presented to reflect the effect of the common stock reverse stock split .in 2004 and 2003 , the company had 1939734 shares and 1937141 shares , respectively , of common stock that were issued to employees .included in these amounts , in 2001 , the company awarded 64001 shares and 289581 shares to employees at $ .003 and $ 3.60 , respectively , per share .the common stock subscribed was issued in 2001 in exchange for three-year promissory notes ( 64001 shares ) and eleven-year promissory notes ( 289581 shares ) , which bear interest at the applicable federal rate and are collateralized by the subscribed shares .the promissory note due in 2004 was repaid on january 15 , 2005 .compensation expense in relation to the excess of the fair value of such awards over the amount paid will be recorded over the vesting period .the awards vest over a period of either one and one-half or three years and are restricted as to transferability based on the vesting schedule set forth in the award agreement .the eleven-year promissory notes ( 289581 shares ) were entered into in connection with the loans of approximately $ 1042 made to the company 2019s chief executive officer in 2001 .these loans were made prior to the passage of the sarbanes-oxley act of 2002. .
[['year ended december 31,', 'as of december 31 , 2004', 'as of december 31 , 2003'], ['2005', '$ 2014', '$ 177973']]
convertible preferred stock 9 .stockholders 2019 equity ( deficit ) common stock restricted common stock and common stock subscribed .

Question: as of december 31 , 2004 , what percentage of common stock outstanding were non-voting shares?
Answer: 8.3%