other-than-temporary impairments on investment securities .in april 2009 , the fasb revised the authoritative guidance for the recognition and presentation of other-than-temporary impairments .this new guidance amends the recognition guidance for other-than-temporary impairments of debt securities and expands the financial statement disclosures for other-than-temporary impairments on debt and equity securities .for available for sale debt securities that the company has no intent to sell and more likely than not will not be required to sell prior to recovery , only the credit loss component of the impairment would be recognized in earnings , while the rest of the fair value loss would be recognized in accumulated other comprehensive income ( loss ) .the company adopted this guidance effective april 1 , 2009 .upon adoption the company recognized a cumulative-effect adjustment increase in retained earnings ( deficit ) and decrease in accumulated other comprehensive income ( loss ) as follows : ( dollars in thousands ) .
[['cumulative-effect adjustment gross', '$ 65658'], ['tax', '-8346 ( 8346 )'], ['cumulative-effect adjustment net', '$ 57312']]
measurement of fair value in inactive markets .in april 2009 , the fasb revised the authoritative guidance for fair value measurements and disclosures , which reaffirms that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions .it also reaffirms the need to use judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive .there was no impact to the company 2019s financial statements upon adoption .fair value disclosures about pension plan assets .in december 2008 , the fasb revised the authoritative guidance for employers 2019 disclosures about pension plan assets .this new guidance requires additional disclosures about the components of plan assets , investment strategies for plan assets and significant concentrations of risk within plan assets .the company , in conjunction with fair value measurement of plan assets , separated plan assets into the three fair value hierarchy levels and provided a roll forward of the changes in fair value of plan assets classified as level 3 in the 2009 annual consolidated financial statements .these disclosures had no effect on the company 2019s accounting for plan benefits and obligations .revisions to earnings per share calculation .in june 2008 , the fasb revised the authoritative guidance for earnings per share for determining whether instruments granted in share-based payment transactions are participating securities .this new guidance requires unvested share-based payment awards that contain non- forfeitable rights to dividends be considered as a separate class of common stock and included in the earnings per share calculation using the two-class method .the company 2019s restricted share awards meet this definition and are therefore included in the basic earnings per share calculation .additional disclosures for derivative instruments .in march 2008 , the fasb issued authoritative guidance for derivative instruments and hedging activities , which requires enhanced disclosures on derivative instruments and hedged items .on january 1 , 2009 , the company adopted the additional disclosure for the equity index put options .no comparative information for periods prior to the effective date was required .this guidance had no impact on how the company records its derivatives. .

Question: following the adoption of the new guidence on the other-than-temporary impairments on investment securities what was the tax rate on the gross cumulative-effect adjustment
Answer: 12.7%