PERFORMANCE GRAPH The following graph compares the cumulative five-year total return provided shareholders on our Class A common stock relative to the cumulative total returns of the S&P 500 index and two customized peer groups.
The old peer group includes IntercontinentalExchange, Inc. , NYSE Euronext and The Nasdaq OMX Group Inc.
The new peer group is the same as the old peer group with the addition of CBOE Holdings, Inc.  which completed its initial public offering in June 2010.
An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our Class A common stock, in the peer groups and the S&P 500 index on December 31, 2005 and its relative performance is tracked through December 31, 2010.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among CME Group Inc. , the S&P 500 Index, an Old Peer Group and a New Peer Group
## Table 0 ##
*$100 invested on 12/31/05 in stock or index, including reinvestment of dividends.
Fiscal year ending December 31.
Copyright?2011 S&P, a division of The McGraw-Hill Companies Inc.  All rights reserved.
New Peer Group The stock price performance included in this graph is not necessarily indicative of future stock price performance
LENNAR CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Company has the option to satisfy the repurchases with any combination of cash and/or shares of the Company’s common stock.
The Company will have the option to redeem the Notes, in cash, at any time after the fifth anniversary for the initial issue price plus accrued yield to redemption.
The Company will pay contingent interest on the Notes during specified six-month periods beginning on April 4, 2006 if the market price of the Notes exceeds specified levels.
At November 30, 2003, the carrying value of outstanding Notes, net of unamortized original issue discount, was $261.0 million.
At November 30, 2003, the Company had mortgage notes on land and other debt bearing interest at fixed interest rates ranging from 2.9% to 25.0% with an average rate of 8.8%.
The notes are due through 2009 and are collateralized by land.
At November 30, 2003, the carrying value of the mortgage notes on land and other debt was $73.0 million.
The minimum aggregate principal maturities of senior notes and other debts payable during the five years subsequent to November 30, 2003 are as follows: 2004—$21.5 million; 2005—$45.7 million; 2006—$18.4 million; 2007—$4.0 million and 2008—$4.0 million.
The remaining principal obligations are due subsequent to November 30, 2008.
The Company’s debt arrangements contain certain financial covenants with which the Company was in compliance at November 30, 2003.8.
Financial Services The assets and liabilities related to the Company’s financial services operations were as follows:
## Table 1 ##
At November 30, 2003, the Financial Services Division had warehouse lines of credit totaling $750 million, which included a $145 million temporary increase that expired in December 2003, to fund its mortgage loan activities.
Borrowings under the facilities were $714.4 million and $489.7 million at November 30, 2003 and 2002, respectively, and were collateralized by mortgage loans and receivables on loans sold not yet funded with outstanding principal balances of $742.2 million and $523.8 million, respectively.
There are several interest rate pricing options which fluctuate with market rates.
The effective interest rate on the facilities at November 30, 2003 and 2002 was 1.7% and 2.3%, respectively.
The warehouse lines of credit mature in May 2004 ($250 million) and in October 2005 ($500 million), at which time the Division expects both facilities to be renewed.
Additionally, the line of credit maturing in May 2004 includes an incremental $100 million commitment available at each fiscal quarter-end.
At November 30, 2003 and 2002, the Division had advances under a conduit funding agreement with a major financial institution amounting to $0.6 million and $343.7 million, respectively.
Borrowings under this agreement are collateralized by mortgage loans and had an
LENNAR CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The following table summarizes information about stock options outstanding at November 30, 2003 (adjusted for the January 2004 two-for-one stock split):
## Table 2 ##
Employee Stock Ownership/401(k) Plan Prior to 1998, the Employee Stock Ownership/401(k) Plan (the “Plan”) provided shares of stock to employees who had completed one year of continuous service with the Company.
During 1998, the Plan was amended to exclude any new shares from being provided to employees.
All prior year contributions to employees actively employed on or after October 1, 1998 vested at a rate of 20% per year over a five year period.
All active participants in the Plan whose employment terminated prior to October 1, 1998 vested based upon the Plan that was active prior to their termination of employment.
Under the 401(k) portion of the Plan, contributions made by employees can be invested in a variety of mutual funds or proprietary funds provided by the Plan trustee.
The Company may also make contributions for the benefit of employees.
The Company records as compensation expense an amount which approximates the vesting of the contributions to the Employee Stock Ownership portion of the Plan, as well as the Company’s contribution to the 401(k) portion of the Plan.
This amount was $9.1 million in 2003, $7.0 million in 2002 and $6.5 million in 2001.13.
Deferred Compensation Plan In June 2002, the Company adopted the Lennar Corporation Nonqualified Deferred Compensation Plan (the “Deferred Compensation Plan”) that allows a selected group of members of management to defer a portion of their salaries and bonuses and up to 100% of their restricted stock.
All participant contributions to the Deferred Compensation Plan are vested.
Salaries and bonuses that are deferred under the Deferred Compensation Plan are credited with earnings or losses based on investment decisions made by the participants.
The cash contributions to the Deferred Compensation Plan are invested by the Company in various investment securities that are classified as trading.
Restricted stock is deferred under the Deferred Compensation Plan by surrendering the restricted stock in exchange for the right to receive in the future a number of shares equal to the number of restricted shares that are surrendered.
The surrender is reflected as a reduction in stockholders’ equity equal to the value of the restricted stock when it was issued, with an offsetting increase in stockholders’ equity to reflect a deferral of the compensation expense related to the surrendered restricted stock.
Changes in the value of the shares that will be issued in the future are not reflected in the financial statements.
As of November 30, 2003, approximately 534,000 Class A shares and 53,400 Class B shares of restricted stock (adjusted for the April 2003 10% Class B stock distribution and January 2004 two-for-one stock split) had been surrendered in exchange for rights under the Deferred Compensation Plan, resulting in a reduction in stockholders’ equity of $4.9 million fully offset by an increase in stockholders’ equity to reflect the deferral of compensation in that amount.
Shares that the Company is obligated to issue in the future under the Deferred Compensation Plan are treated as outstanding shares in both the Company’s basic and diluted earnings per share calculations for the years ended November 30, 2003 and 2002.
LENNAR CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 14.
Financial Instruments The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at November 30, 2003 and 2002, using available market information and what the Company believes to be appropriate valuation methodologies.
Considerable judgment is required in interpreting market data to develop the estimates of fair value.
Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.
The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts.
The table excludes cash, receivables and accounts payable, which had fair values approximating their carrying values.
## Table 3 ##
The following methods and assumptions are used by the Company in estimating fair values: Homebuilding—Investments classified as trading (included in other assets): The fair value is based on quoted market prices.
Senior notes and other debts payable: The fair value of fixed rate borrowings is based on quoted market prices.
Variable rate borrowings are tied to market indices and therefore approximate fair value.
Interest rate swaps: The fair value is based on dealer quotations and generally represents an estimate of the amount the Company would pay or receive to terminate the agreement at the reporting date.
Financial services—The fair values are based on quoted market prices, if available.
The fair values for instruments which do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information.
The Company utilizes interest rate swap agreements to manage interest costs and hedge against risks associated with changing interest rates.
Counterparties to these agreements are major financial institutions.
Credit loss from counterparty non-performance is not anticipated.
A majority of the Company’s available variable rate borrowings are based on the London Interbank Offered Rate (“LIBOR”) index.
At November 30, 2003, the

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2006	2007	2008	2009	2010
CME Group Inc.	$139.48	$188.81	$58.66	$96.37	$93.73
S&P 500	115.80	122.16	76.96	97.33	111.99
Old Peer Group	155.58	190.78	72.25	76.11	87.61
New Peer Group	155.58	190.78	72.25	76.11	87.61

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November 30,
2003	2002
(In thousands)
Assets:
Cash and receivables, net	$301,530	239,893
Mortgage loans held for sale, net	542,507	708,304
Mortgage loans, net	30,451	30,341
Title plants	18,215	15,586
Investment securities	28,022	22,379
Goodwill, net	43,503	34,002
Other	46,670	35,422
Limited-purpose finance subsidiaries	5,812	9,202
$1,016,710	1,095,129
Liabilities:
Notes and other debts payable	$734,657	853,416
Other	132,797	108,770
Limited-purpose finance subsidiaries	5,812	9,202
$873,266	971,388

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Options Outstanding	Options Exercisable
Range of Per Share Exercise Prices	Number Outstanding at November 30, 2003	Weighted Average Remaining Contractual Life	Weighted Average Per Share Exercise Price	Number Outstanding at November 30, 2003	Weighted Average Per Share Exercise Price
$ 4.02—$ 5.19	66,176	2.7 years	$4.80	31,126	$4.88
$ 7.02—$ 8.38	1,022,714	4.3 years	$7.58	290,114	$7.67
$ 9.25—$12.88	379,944	4.0 years	$9.88	64,244	$9.92
$14.93—$18.88	1,179,736	7.2 years	$16.70	275,448	$16.75
$21.10—$26.32	3,843,448	5.4 years	$24.91	84,404	$24.06
$27.84—$43.16	168,950	4.6 years	$35.73	—	$—

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November 30,
2003	2002
Carrying Amount	Fair Value	Carrying Amount	Fair Value
(In thousands)
ASSETS
Homebuilding:
Investments—trading	$6,859	6,859	—	—
Financial services:
Mortgage loans held for sale, net	$542,507	542,507	708,304	708,304
Mortgage loans, net	30,451	29,355	30,341	29,666
Investments held-to-maturity	28,022	28,021	22,379	22,412
Limited-purpose finance subsidiaries—collateral for bonds and notes payable	5,812	6,129	9,202	9,703
LIABILITIES
Homebuilding:
Senior notes and other debts payable	$1,552,217	1,878,830	1,585,309	1,779,705
Financial services:
Notes and other debts payable	$734,657	734,657	853,416	853,416
Limited-purpose finance subsidiaries—bonds and notes payable	5,812	6,129	9,202	9,703
OTHER FINANCIAL INSTRUMENTS
Homebuilding:
Interest rate swaps	$-33,696	-33,696	-39,256	-39,256
Financial services assets (liabilities):
Commitments to originate loans	$-229	-229	-717	-717
Forward commitments to sell loans and option contracts	-1,120	-1,120	1,430	1,430

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Question: what was the percentual return for s&p 500 in the first year?
Answer: 15.8