PART II ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The following table presents reported quarterly high and low per share sale prices of our common stock on the NYSE for the years 2015 and 2014.
## Table 0 ##
On February 19, 2016, the closing price of our common stock was $87.32 per share as reported on the NYSE.
As of February 19, 2016, we had 423,897,556 outstanding shares of common stock and 159 registered holders.
Dividends As a REIT, we must annually distribute to our stockholders an amount equal to at least 90% of our REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain).
Generally, we have distributed and expect to continue to distribute all or substantially all of our REIT taxable income after taking into consideration our utilization of net operating losses (“NOLs”).
We have two series of preferred stock outstanding, 5.25% Mandatory Convertible Preferred Stock, Series A, issued in May 2014 (the “Series A Preferred Stock”), with a dividend rate of 5.25%, and the 5.50% Mandatory Convertible Preferred Stock, Series B (the “Series B Preferred Stock”), issued in March 2015, with a dividend rate of 5.50%.
Dividends are payable quarterly in arrears, subject to declaration by our Board of Directors.
The amount, timing and frequency of future distributions will be at the sole discretion of our Board of Directors and will be dependent upon various factors, a number of which may be beyond our control, including our financial condition and operating cash flows, the amount required to maintain our qualification for taxation as a REIT and reduce any income and excise taxes that we otherwise would be required to pay, limitations on distributions in our existing and future debt and preferred equity instruments, our ability to utilize NOLs to offset our distribution requirements, limitations on our ability to fund distributions using cash generated through our TRSs and other factors that our Board of Directors may deem relevant.
We have distributed an aggregate of approximately $2.3 billion to our common stockholders, including the dividend paid in January 2016, primarily subject to taxation as ordinary income.
During the year ended December 31, 2015, we declared the following cash distributions:
Our total non-U.
S.  exposure was $232.6 billion at December 31, 2011, a decrease of $29.4 billion from December 31, 2010.
Our non-U.
S.  exposure remained concentrated in Europe which accounted for $115.9 billion, or 50 percent, of total non-U.
S.  exposure.
The European exposure was mostly in Western Europe and was distributed across a variety of industries.
The decrease of $32.2 billion in Europe was primarily driven by our efforts to reduce risk in countries affected by the ongoing debt crisis in the Eurozone.
Select European countries are further detailed in Table 54.
Asia Pacific was our second largest non-U.
S.  exposure at $74.6 billion, or 32 percent.
The $1.3 billion increase in Asia Pacific was driven by increases in securities and local exposure in Japan and increases in the emerging markets, predominately in local exposure, loans and securities offset by the sale of CCB shares.
For more information on our CCB investment, see Note 5 – Securities to the Consolidated Financial Statements.
Latin America accounted for $17.4 billion, or seven percent, of total non-U.
S.  exposure.
The $2.6 billion increase in Latin America was primarily driven by an increase in Brazil in securities and local country exposure.
Middle East and Africa increased $926 million to $4.6 billion, representing two percent of total non-U.
S.  exposure.
Other non-U.
S.  exposure was $20.1 billion at December 31, 2011, a decrease of $2.1 billion in 2011 resulting primarily from a decrease in local exposure as a result of the sale of our Canadian consumer card business.
For more information on our Asia Pacific and Latin America exposure, see non-U.
S.  exposure to selected countries defined as emerging markets on page 100.
Table 52 presents countries where total cross-border exposure exceeded one percent of our total assets.
At December 31, 2011, the United Kingdom and Japan were the only countries where total cross-border exposure exceeded one percent of our total assets.
At December 31, 2011, Canada and France had total cross-border exposure of $16.9 billion and $16.1 billion representing 0.79 percent and 0.75 percent of total assets.
Canada and France were the only other countries that had total cross-border exposure that exceeded 0.75 percent of our total assets at December 31, 2011.
Exposure includes cross-border claims by our non-U.
S.  offices including loans, acceptances, time deposits placed, trading account assets, securities, derivative assets, other interestearning investments and other monetary assets.
Amounts also include unused commitments, SBLCs, commercial letters of credit and formal guarantees.
Sector definitions are consistent with FFIEC reporting requirements for preparing the Country Exposure Report.
## Table 1 ##
(1) Total cross-border exposure for the United Kingdom and Japan included derivatives exposure of $5.9 billion and $3.5 billion at December 31, 2011 and $2.3 billion and $2.8 billion at December 31, 2010 which has been reduced by the amount of cash collateral applied of $9.3 billion and $1.2 billion at December 31, 2011 and $13.0 billion and $1.6 billion at December 31, 2010.
Derivative assets were collateralized by other marketable securities of $242 million and $1.7 billion at December 31, 2011 and $96 million and $743 million at December 31, 2010.
(2) At December 31, 2010, total cross-border exposure for Japan was $17.0 billion, representing 0.75 percent of total assets.
Tables 43 and 44 present commercial real estate credit quality data by non-homebuilder and homebuilder property types.
The homebuilder portfolio presented in Tables 42, 43 and 44 includes condominiums and other residential real estate.
Other property types in Tables 42, 43 and 44 primarily include special purpose, nursing/retirement homes, medical facilities and restaurants, as well as unsecured loans to borrowers whose primary business is commercial real estate.
Table 43 Commercial Real Estate Credit Quality Data
## Table 2 ##
Table 44 Commercial Real Estate Net Charge-offs and Related Ratios
## Table 3 ##
(1) Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans excluding loans accounted for under the fair value option.
At December 31, 2011, total committed non-homebuilder exposure was $53.1 billion compared to $64.2 billion at December 31, 2010, with the decrease due to exposure reductions in all non-homebuilder property types.
Non-homebuilder nonperforming loans and foreclosed properties were $3.5 billion and $4.6 billion at December 31, 2011 and 2010, which represented 9.29 percent and 10.08 percent of total nonhomebuilder loans and foreclosed properties.
Non-homebuilder utilized reservable criticized exposure decreased to $10.1 billion, or 25.34 percent of non-homebuilder utilized reservable exposure, at December 31, 2011 compared to $17.1 billion, or 35.55 percent, at December 31, 2010.
The decrease in reservable criticized exposure was driven primarily by office, shopping centers/retail and multi-family rental property types.
For the nonhomebuilder portfolio, net charge-offs decreased $862 million in 2011 due in part to resolution of criticized assets through payoffs and sales.
At December 31, 2011, we had committed homebuilder exposure of $3.9 billion compared to $6.0 billion at December 31, 2010, of which $2.4 billion and $4.3 billion were funded secured loans.
The decline in homebuilder committed exposure was due to repayments, net charge-offs, reductions in new home construction and continued risk mitigation initiatives with market conditions providing fewer origination opportunities to offset the reductions.
Homebuilder nonperforming loans and foreclosed properties decreased $970 million due to repayments, a decline in the volume of loans being downgraded to nonaccrual status and net charge-offs.
Homebuilder utilized reservable criticized exposure decreased $2.0 billion to $1.4 billion due to repayments and net charge-offs.
The nonperforming loans, leases and foreclosed properties and the utilized reservable criticized ratios for the homebuilder portfolio were 38.89 percent and 54.65 percent at December 31, 2011 compared to 42.80 percent and 74.27 percent at December 31, 2010.
Net charge-offs for the homebuilder portfolio decreased $208 million in 2011.
Capital Management During 2015, we repurchased approximately $2.4 billion of common stock, with an average price of $16.92 per share, in connection with our 2015 Comprehensive Capital Analysis and Review (CCAR) capital plan, which included a request to repurchase $4.0 billion of common stock over five quarters beginning in the second quarter of 2015, and to maintain the quarterly common stock dividend at the current rate of $0.05 per share.
Based on the conditional non-objection we received from the Federal Reserve on our 2015 CCAR submission, we were required to resubmit our CCAR capital plan by September 30, 2015 and address certain weaknesses the Federal Reserve identified in our capital planning process.
We have established plans and taken actions which addressed the identified weaknesses, and we resubmitted our CCAR capital plan on September 30, 2015.
The Federal Reserve announced that it did not object to our resubmitted CCAR capital plan on December 10, 2015.
As an Advanced approaches institution, under Basel 3, we were required to complete a qualification period (parallel run) to demonstrate compliance with the Basel 3 Advanced approaches capital framework to the satisfaction of U. S.  banking regulators.
We received approval to begin using the Advanced approaches capital framework to determine risk-based capital requirements beginning in the fourth quarter of 2015.
As previously disclosed, with the approval to exit parallel run, U. S.  banking regulators requested modifications to certain internal analytical models including the wholesale (e. g. , commercial) credit models.
All requested modifications were incorporated, which increased our risk-weighted assets, and are reflected in the risk-based ratios in the fourth quarter of 2015.
Having exited parallel run on October 1, 2015, we are required to report regulatory risk-based capital ratios and risk-weighted assets under both the Standardized and Advanced approaches.
The approach that yields the lower ratio is used to assess capital adequacy including under the Prompt Corrective Action (PCA) framework and was the Advanced approaches in the fourth quarter of 2015.
For additional information, see Capital Management on page 51.
Trust Preferred Securities On December 29, 2015, the Corporation provided notice of the redemption on January 29, 2016 of all trust preferred securities of Merrill Lynch Preferred Capital Trust III, Merrill Lynch Preferred Capital Trust IV and Merrill Lynch Preferred Capital Trust V (the Trust Preferred Securities).
In connection with the Corporation’s acquisition of Merrill Lynch & Co. , Inc.  in 2009, the Corporation recorded a discount to par value as purchase accounting adjustments associated with the Trust Preferred Securities.
The Corporation recorded a $612 million charge to net interest income related to the discount on these securities.
New Accounting Guidance on Recognition and Measurement of Financial Instruments In January 2016, the Financial Accounting Standards Board (FASB) issued new accounting guidance on recognition and measurement of financial instruments.
The Corporation has early adopted, retrospective to January 1, 2015, the provision that requires the Corporation to present unrealized gains and losses resulting from changes in the Corporation’s own credit spreads on liabilities accounted for under the fair value option (referred to as debit valuation adjustments, or DVA) in accumulated other comprehensive income (OCI).
The impact of the adoption was to reclassify, as of January 1, 2015, unrealized DVA losses of $2.0 billion pretax ($1.2 billion after tax) from retained earnings to accumulated OCI.
Further, pretax unrealized DVA gains of $301 million, $301 million and $420 million were reclassified from other income to accumulated OCI for the third, second and first quarters of 2015, respectively.
This had the effect of reducing net income as previously reported for the aforementioned quarters by $187 million, $186 million and $260 million, or approximately $0.02 per share in each quarter.
This change is reflected in consolidated results and the Global Markets segment results.
Results for 2014 were not subject to restatement under the provisions of the new accounting guidance.
Selected Financial Data Table 1 provides selected consolidated financial data for 2015 and 2014.

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2015	High	Low
Quarter ended March 31	$101.88	$93.21
Quarter ended June 30	98.64	91.99
Quarter ended September 30	101.54	86.83
Quarter ended December 31	104.12	87.23
2014	High	Low
Quarter ended March 31	$84.90	$78.38
Quarter ended June 30	90.73	80.10
Quarter ended September 30	99.90	89.05
Quarter ended December 31	106.31	90.20

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Table 52	Total Cross-border Exposure Exceeding One Percent of Total Assets-1
(Dollars in millions)	December 31	Public Sector	Banks	Private Sector	Cross-borderExposure	Exposure as aPercentage ofTotal Assets
United Kingdom	2011	$6,401	$4,424	$18,056	$28,881	1.36%
2010	101	5,544	32,354	37,999	1.68
Japan-2	2011	4,603	10,383	8,060	23,046	1.08

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Table 43	Commercial Real Estate Credit Quality Data December 31
Nonperforming Loans andForeclosed Properties-1	Utilized ReservableCriticized Exposure-2
(Dollars in millions)	2011	2010	2011	2010
Non-homebuilder
Office	$807	$1,061	$2,375	$3,956
Multi-family rental	339	500	1,604	2,940
Shopping centers/retail	561	1,000	1,378	2,837
Industrial/warehouse	521	420	1,317	1,878
Multi-use	345	483	971	1,316
Hotels/motels	173	139	716	1,191
Land and land development	530	820	749	1,420
Other	223	168	997	1,604
Total non-homebuilder	3,499	4,591	10,107	17,142
Homebuilder	993	1,963	1,418	3,376
Total commercial real estate	$4,492	$6,554	$11,525	$20,518

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Table 44	Commercial Real Estate Net Charge-offs and Related Ratios
Net Charge-offs	Net Charge-off Ratios-1
(Dollars in millions)	2011	2010	2011	2010
Non-homebuilder
Office	$126	$273	1.51%	2.49%
Multi-family rental	36	116	0.52	1.21
Shopping centers/retail	184	318	2.69	3.56
Industrial/warehouse	88	59	1.94	1.07
Multi-use	61	143	1.63	2.92
Hotels/motels	23	45	0.86	1.02
Land and land development	152	377	7.58	13.04
Other	19	220	0.33	3.14
Total non-homebuilder	689	1,551	1.67	2.86
Homebuilder	258	466	8.00	8.26
Total commercial real estate	$947	$2,017	2.13	3.37

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Question: In the year with largest amount of Office Net Charge-offs in table 3, what's the increasing rate of Office Net Charge-offs in table 3?
Answer: 0.53846